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Kotak Mahindra General Insurance Company

Kotak Mahindra General Insurance Company Limited is 100 % subsidiary of Kotak Mahindra Bank. The Kotak Mahindra group was established in 1985 as a financial services company and it was in February 2003 when Kotak Mahindra Finance Ltd. became an authorized banking institution upon receiving banking license from Reserve Bank of India.

Kotak Mahindra Finance was the first non banking financial company in the country to receive banking license. Since then the Kotak group has been broadening its scope of financial services in India and in November 2015 the Kotak group established Kotak Mahindra General Insurance Company with an initial capital of Rs 135 crores after it was granted license of registration by the Insurance Regulatory Development Authority.

Initially insurance products were distributed through the Kotak Mahindra branch outlets and the merged ING Vysya’s branches and eventually the group started expanding insurance channels to include agencies and online modes.

The Kotak Mahindra insurance company offers general insurance products that cover a broad customer segment and geography. It has been the endeavor of the company to offer value based differentiated general insurance products so as to address varied general insurance requirements of the diverse population. Its digital infrastructure based on state of art technology ensures seamless processes.

Company Performance

It has been barely one and a half years since the establishment of insurance wing of Kotak group yet its commitment to best serve the insurance sector is just more than obvious. Kotak Mahindra General Insurance Company reported the highest incurred claims settlement ratio, that of 347. 6 % in 2015-16, among all other general insurance companies.

Incurred claims ratio is calculated by dividing the net earned premium by claims incurred. In 2015-16 Kotak Mahindra insurance’s net earned premium was Rs 6 lakhs whereas claims incurred was 21 lakhs, so the incurred claims ratio works out to be 347.6%. Since it was the inception year, the amount of claims settled was far greater than amount of premiums collected, but since the company is committed to settle authentic claims, all the authentic claims were settled within a time period of less than six months.

As per the top management of the company the company has adopted a three pronged strategy which includes achieving steady growth by underwriting quality risks, maximizing volumes and maintaining a tab on costs, in the inception period the company has not aimed to chase premium growths and industry ranks.

The financial statistics of Kotak Mahindra General Insurance shows promise, as per latest reports the key financial statistics are as follows:

Key Advantages & Features

Kotak Mahindra General Insurance Company is a subsidiary of the well established Kotak group which is India’s premier financial services and banking institution having over three decades history of sound performance. Kotak has already established its mettle in the life insurance sector and has now introduced the general insurance company which is also showing sure signs of success and is moving towards becoming India’s leading general insurance company.

Kotak Mahindra General Insurance stands out mainly due to its customer oriented approach and commitment towards customers. The salient features of its general insurance products and services include:

  • Kotak group subsidiary
  • Approved by IRDA
  • Comprehensive range of products
  • Customized solutions
  • Covers motor, health and other insurance
  • State of art digital infrastructure
  • Seamless and streamlined processes
  • Strong management
  • Highest incurred claims ratio
  • Customer centric approach
  • Widespread geographical presence
  • Strong performance metrics

Types of Products

Kotak Mahindra General Insurance offers comprehensive solutions for motor, health and other insurance
Motor Insurance: insurance offers can be availed for private car, passenger vehicles, miscellaneous vehicles and goods vehicles.
Health Insurance: is available under two options Kotak Secure shield and Kotak Health Shield. Kotak secure shield offers cover against critical illnesses whereas Kotak health shield is a comprehensive health insurance plan for individual and family members.

Other Insurance: this is for insuring legal third party liability for physical injury or property damage and includes liability only private car, liability only goods carrier, liability only passenger and liability only miscellaneous.

Product Plan Details

A. Motor Insurance

Features

Details

 

 

Damage Cover

Covers vehicle against natural as well as man made calamities.

Personal Accident Cover

Covers driver and passengers against accidents.

Third Party Cover

Provides cover against legal third party liability for bodily injury or property damage.

Comprehensive Cover

Provides cover for all electrical as well as non electrical accessories and bi fuel systems of the vehicle

Optional Cover

Can be availed for additional premiums and includes enhanced protection features like roadside assistance, depreciation cover, consumables cover, engine protect and return to invoice

No Claim Bonus

Bonus is paid to policy holder if no claims have been issued in preceding year(s) based on own damage (OD) section of policy. % of NCB on OD Premium is 20, 25, 35, 45 and 50 for period of insurance for preceding year, preceding 2 consecutive years, preceding 3 consecutive years, preceding 4 consecutive years and preceding 5 consecutive years respectively.

Health Insurance
Kotak Secure Shield

Features

Details

 

 

Comprehensive Critical Illness Cover

Provides cover against 18 types of critical illnesses, surgical and medical procedures.

Personal Accident Benefit

Provides cover to dependents and insured in case of death or permanent disability

Child Education Benefit

Provides cover for child education in the event of death or permanent disability of insured.

Loss of job benefit

Covers against loss of job and financial liabilities

Tax benefit

Insured is eligible for tax benefits under section 80 D of the IT Act.

Free look period

15 days free look period is offered within which policy may be returned if not found satisfactory

Eligibility

Minimum and maximum entry ages 18 and 65 years respectively.

Renewal

Lifelong

Policy periods

1, 2 and 3 years.

2. Kotak Health Care

Features

Details

 

 

Three categories of Kotak Health Care
insurance plan including excel, premium and prime plans

Plans differentiated with respect to sum assured and optional cover, eligibility, individual/floater insurance and other salient features.

Free Health Check-Up

Includes: CBC, Serum, MER, Cholesterol, SGPT /SGOT, Serum Creatinine, ECG, Random Blood Sugar. Base annual sum insured and cumulative bonuses are not affected by availing free health check up facility.

Day Care Treatments

cover for over 150 specified procedures which complete within 24 hours

No-claim benefits

Up to a maximum of 50% of the Base Annual Sum Insured.

Other benefits

Ambulance cover, inpatient cover, pre and post hospitalization medical expenses cover, cashless payment, wide network of hospitals.

 

 

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