Kotak Mahindra General Insurance

A wholly-owned subsidiary of Kotak Mahindra Bank, Kotak Mahindra General Insurance Company Limited was established in 2015. The company offers different types of insurance policies for its retail as well as commercial customers. One of India’s prominent financial services, Kotak Mahindra, is spread across the length and breadth of the nation with over 13 branches. With digital application and cutting-edge technology, the procedure of buying an insurance policy is no more a tedious job, on the contrary, it is a quick and easy process. Let us take a look at the various insurance products and services offered by the company:

1. Kotak Mahindra Car Insurance
2. Kotak Mahindra Two-wheeler Insurance
3. Kotak Mahindra Home Insurance

Let us look at these products closely.

Kotak Mahindra Car Insurance

When you own a car, it is your responsibility to buy an insurance cover for it. With Kotak Mahindra Car Insurance, you can save yourself and your car from financial burden. The plans are:

• Kotak Mahindra Third-Party Liability Car Insurance 
  Also called ‘act only’ insurance, this cover will protect you from any liability that occurs when your car causes an accident and causes injury or damage to the third-party. The company will pay compensation for the repair and hospitalisation charges of the third party. Third-Party Liability Car Insurance is compulsory for every car as per the Motor Vehicles Act, 1988.
• Kotak Mahindra Comprehensive Car Insurance
  Third-party insurance offers coverage only for third-party and nothing for self, however, for a broader cover, you can opt for comprehensive car insurance. The cost of repair of your car and also the third party liabilities will be covered by the company. Kotak Mahindra would cover all electric and non-electric accessories and also bi-fuel systems. The plan protect your car from damages caused due to:
  1. Accidental damages
  2. Natural disasters such as earthquake and floods
  3. Man-made Disasters such as riots and vandalism
  4. Theft, fire
• Kotak Mahindra Standalone Own-Damage Car Insurance 
  If you have third-party insurance for your car, you can opt for a standalone own-damage cover that protects your car from all the dangers of the road.
• Personal Accident Cover
  In case of accidental death or permanent disability to the owner-driver of the car,  the personal accident cover would compensate for the death/injury up to INR 15 lakhs.
• Optional Covers
  When you opt for own-damage or comprehensive insurance you can opt for a wider cover by opting for the following add-ons:
  1. Roadside Assistance
     During the policy period, you will be able to claim for four emergency assistance , when your car breaks down
  2. Depreciation Cover
     Depreciation on the replaced parts will not be borne by you
  3. Consumables Cover
     With this cover you will be able to claim for consumable items such as nuts, screws, washers, oil filters etc
  4. Engine Protect
     Internal parts of the engine including crankshafts and bearings, pins and rigs, dipstick and tube, oil pumps etc will be repaired/replaced when caused because of water ingression or leakage of lubricating oil
  5. Return to Invoice
     In case of theft or total loss of your car, you will be compensated with the invoice value of your car

Kotak Mahindra Two-Wheeler Insurance

For most Indians, their two-wheeler is their lifeline, but a two-wheeler also carries more risk of injury and damage, and that is why having it covered with the right kind of insurance is very essential. Given below are the various aspects of two-wheeler insurance.

• Kotak Mahindra Third-Party Liability Two-Wheeler Insurance 
  Third-Party insurance will protect you from any liability that occurs when your two-wheeler causes injury or damage to a third-party person or property. The company will cover the repair and hospitalisation expenses of the third party. This kind of two-wheeler insurance is compulsory for every motorised two-wheeler as per the Motor Vehicles Act, 1988 and has to be purchased for a period of 5 years, for all two-wheelers purchased after September 2018.
• Kotak Mahindra Comprehensive Two-Wheeler Insurance
  While third-party insurance offers coverage only for third-party, you have the option to go for comprehensive two-wheeler insurance that would offer a much more comprehensive cover. The company will indemnify not just the cost of repair of your two-wheeler but also the third party liabilities. Own-damage includes the damage to your two-wheeler that is caused due to:
  1. Accidental damages
  2. Natural disasters such as earthquake and floods
  3. Man-Made disasters such as riots and vandalism
  4. Theft
• Kotak Mahindra Long Term Bundled Two-Wheeler Secure
  With Kotak Mahindra, you can cover your own-damages and third-party liabilities for a period of 2 or 3 or 5 years.
• Kotak Mahindra Standalone Own-Damage Two-Wheeler Insurance 
  To increase the coverage of your two-wheeler when you have third-party insurance, you can opt to buy a standalone own-damage cover that protects you from almost all kinds of risks  of the road.
• Personal Accident Cover
  Under personal accident cover, in case the owner-rider of the two-wheeler suffers accidental death or permanent disability, there would be a compensation for the death/injury up to INR 15 lakhs. This cover can also opt for pillion riders.

Kotak Mahindra Motor Insurance

Kotak Mahindra also offers insurance for the following:

1. Miscellaneous Vehicle Insurance
2. Passenger Carrying Vehicle Insurance
3. Goods Carrying Vehicle Insurance

When it comes to looking after yourself and your family, a health insurance policy is nothing short of a necessity. With an unabated increase in the lifestyle diseases and the steady presence of COVID-19, a health insurance policy can help you deal with all such medical emergencies confidently without biting a chunk off your hard-earned savings.

Kotak Mahindra General Insurance Company Premium Payment

There are two ways in which you can pay the premium of your insurance policy:

• Online
  Paying your premium online is a piece of cake, you can visit the official website, select the plan, enter the coverage details and pay the premium through an electronic mode.
• Offline
  To pay the premium offline, you can go to a Kotak Mahindra branch office and pay the premium amount via cheque or demand draft or a credit/debit card. To locate a nearby branch click: https://www.kotakgeneralinsurance.com/network-locator/branches. The payment can also be made through a trusted company agent.

Kotak Mahindra General Insurance Company Policy Renewal Process

Timely renewal of your insurance policy is imperative if you wish to enjoy its benefits. When a policy expires, it enters the 30-day grace period, during which you must renew it. Keep in mind that a claim made during the grace period is not accepted. There are 2 ways in which the policy can be renewed:

• Online Method
  To renew an insurance policy, you can visit the website and go to ‘Renew’, or you can click: https://www.kotakgeneralinsurance.com/renewal. On this page, you will be asked to select a Product. Once you make the selection, you would have to enter your policy details. You can make the payment through an electronic medium and renew the policy.
• Offline Method
  You can go to a Kotak Mahindra branch office and pay the premium amount via cheque or demand draft or a credit/debit card. To locate a nearby branch click: https://www.kotakgeneralinsurance.com/network-locator/branches

Kotak Mahindra General Insurance Company - Renewal of Expired Policy

As discussed earlier, when an insurance policy completes the policy tenure, a 30-day Grace period begins. It is highly recommended that you renew your policy before its expiry date, as that way you would be able to enjoy the break-free cover. However, if you missed renewing the policy and it has now expired, you still have the chance to renew it.

1. Car and Two-wheeler Insurance
If your motor insurance has expired, a surveyor from the company will be sent to assess your vehicle, for which you will have to get in touch with customer care. If the renewal is approved, you will receive an intimation from the company along with guidance about the renewal procedure.

Keep it in mind that this approval is valid only for 24 hours and you must pay the premium for renewal during this time only. The amount you pay will also include the number of unpaid premiums along with the interest. Depending on the terms of your policy, you may have to pay a penalty too. Keep the following documents handy:

• Govt authorised ID proof
• Copy of previous Insurance Policy papers
• Copy of the RC
• Driver’s License

2. Health Insurance
You will have to get in touch with customer care. If the renewal is approved, you will receive an intimation from the company along with guidance about the renewal procedure. The amount you pay will also include the number of unpaid premiums along with the interest. Depending on the terms of your policy, you may have to pay a penalty too.

Kotak Mahindra General Insurance Company Claim Process

• Car and Two-Wheeler Insurance
  You have to notify the company and submit a claim intimation form with the company. This form would include details of the policy. Documents such as Registration Certificate (RC) copy, driving license, and a valid identity proof will have to be submitted. Your vehicle will be inspected within 24 hours and will then go for repair. To register a claim, visit the website or click: https://www.kotakgeneralinsurance.com/claims/claim-intimation-form
  1. Cashless Claims
     At a network garage, once the claim is approved the confirmation and settlement will be done directly by the company. You would have to pay the uncovered deductibles.
  2. Reimbursement  
     You can take your vehicle post-repair after clearing the bills. Once you submit all the relevant documents, the payment will be initiated in a week.
• Health Insurance
  1. Cashless Claim
     In case of hospitalisation, inform the company as soon as possible. In case of planned hospitalisation, inform the company at least 48 hours before you get admitted. At a network hospital, you would have to present your health card, authorisation form along with a few relevant documents. Once the claim is approved, the confirmation and settlement will be done directly by the company. You would have to pay the deductible expenses.
  2. Reimbursement Claims
     After notifying the company about the hospitalisation at care@kotak.com or 1800 266 4545, all bills and relevant documents must be submitted within 30 days of discharge. Once the verification is complete, the claim would be settled within 15 days.

Kotak Mahindra General Insurance Company Profile

Kotak Mahindra General Insurance Company is a 100% subsidiary of Kotak Mahindra Bank Ltd. A reputed and trusted company, Kotak Mahindra, offers excellent insurance solutions to its customers. It values customer service, innovation and quality above all. While offering a range of non-living insurance products, the company has been awarded various prestigious honours including:

• India Insurance Summit & Awards 2020, awarded the company as Marketer company of the year –
• Brand Equity Shark Awards 2019  – Silver, Best Consumer Insights Campaign
• India Digital Media Awards 2019 – Silver, Special Award for Gender Parity

Kotak Mahindra General Insurance Company - Customer Care Details