The private sector life insurer Kotak Mahindra Life Insurance Company Limited (Kotak Life) has rushed into the health insurance sector and declared the launch of a new product – Kotak Health Shield – a permanently secured and comprehensive health insurance plan.
Most of the Indians feel more stressed because they are concerned about physical well-being during the COVID-19 pandemic. Increasing health treatment costs continues to be a major financial trouble to crores of Indians across many countries. To snatch the opportunity, an increasing number of insurance companies are logging into the health insurance sector.
There is a significant demand for health insurance products during this pandemic period. In the first 6 months of the Financial Year (FY) 2020-21, insurance companies have seen a tremendous hike in their business with an overall growth rate of 29 percent year-on-year (yoy). While the growth rate in retail health ranks at 41 percent year-on-year. Compared to the first quarter (Q1), the rate of growth was much stronger in the second quarter (Q2) of the Financial Year 2020-2. The independent health insurers reported 41 percent year-on-year growth in health insurance driven by 56 percent year-on-year growth in retail health insurance.
Going by the trend, Kotak Life launches an insurance policy intending to address the much required insurance cover to Indian customers. The policy is designed as such it is highly secured and affordable to the customers. The Kotak Health Shield provides various benefits like daily hospitalization cash benefit, waiver of premium on being diagnosed with minor conditions, and income assistance on being diagnosed with major conditions.
Along with the insurance cover, the plan also offers tax benefits on premium paid under Section 80 (D) of Income Tax Act, 1961. The Bollywood actoress and cancer survivor Sonali Bendre has unveiled the Kotak Health Shield as the insurance plan that covers most critical illnesses such as Cancer, Cardiac, Liver, and Neuro – all under one single product.