Features of Kotak Health Shield Plan

Health insurance plans provide protection against the diagnosis of illnesses which are numerically expanding over time. Kotak Health Shield is a fixed benefit health insurance plan which covers terminal or critical illnesses while providing financial protection against accidental death and total and permanent disability. 

Features of Kotak Health Shield Plan

The plan provides the following features to its policyholders:

1. Flexible Coverages 

The plan provides the flexibility to avail the coverage against the diagnosis of 4 major critical illnesses in the form of cancer shield, cardiac shield, livo shield, and neuro shield. There are various diseases that are covered under each shield. 

2. Coverage Extension

Kotak Health Shield offers you to extend the benefits of the plan to the spouse of the life assured under the same plan. There is no need to go through the hassle of buying an individual health plan for your significant other. The coverage and claim benefit payout provided is independent of each other but the sum assured and policy term may vary. 

3. Personal Accident Cover

This plan option covers the life assured from the uncertainties deriving due to an accident. The plan has 2 sections namely Accidental Death which provides sum assured in case of demise of the life assured and  Permanent Total & Partial Disability caused due to an accident. The benefit is in the form of a lump sum in case of death due to an accident and the payout of benefit depends upon the event of the disability. 

4. Daily Hospitalisation Cash Benefit

Kotak Health Shield plan offers the option to enhance your coverage through daily hospitalization cash benefit where a fixed amount is paid under any plan option at an additional premium. The plan offers flexibility to choose the specified daily amount from INR 2,000 per day, INR 3,000 per day, or INR 5,000 per day. 

5. Waiver of Premium Benefit 

There is an option of opting for a waiver of premium option under which all future premiums for the next 3 policy years or till the end of the policy term (whichever is earlier) will be waived off in case the life assured gets diagnosed with any of the listed minor conditions. There is no limit on the number of times this benefit can be claimed. 

6. Income Benefit

Under the Income benefit option, the insurance company pays 1% of the base sum assured which is payable to the life assured on monthly basis for the next 12 months, in case the life assured gets disable, undergoes surgery, or gets diagnosed with major stage cancer. This benefit provides financial liquidity to the dependant family members of the life assured. 

7. Wellness Benefits

The plan provides various services through wellness partners of the insurance company which aims at ensuring your safety irrespective of the payout of the benefit. The services include emergency medical evaluation, medical monitoring, medical repatriation, compassionate visit, and second medical opinion. 

8. Tax Benefits

As per section 80D of the Income Tax Act, 1961, the premiums paid under Kotak Health Shield are subject to tax exemption. You are advised to consult your tax advisors for the same.

Also, Read: Reasons To Not Quit Life Insurance Policy In Between The Policy Term

What Happens If You Lie On A Life Insurance?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.