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2 Health insurance plans you should know about

Accident cover and daily cash plans are two types of health insurance plans that can supplement your life and health insurance policies.

The needs of present day individual are different from the previous generations. Change is the only constant thing and so are the needs. One of the basic needs of the present day person is financial inclusion. Simply put, financial inclusion is the accessibility of the financial services at affordable cost. Having a savings account is considered as a yardstick for financial inclusion. While a savings account is a basic necessity, an insurance cover come a close second. Road accidents in India kill the highest number of people and leaves more people handicapped for life. The situation becomes worse when the person is the sole breadwinner in the family.

This is where accident insurance comes in the picture. Accidents come unannounced and although it is a sad and unfortunate event, an insurance cover will lessen the financial burden that comes with it. A life insurance aims to cover the risk of death while health insurance will provide for medical expenses such as hospital bills, drugs and treatment etc. While life insurance and health insurance are known to many, not many people are aware of accident cover. An accident cover is essential as many insurance companies do not provide accident cover under life insurance. Hence, it becomes essential to take an accident cover over and above life insurance and health insurance.

Here are some of the benefits of accident cover:

It covers the insured member against death because of an accident.

 It also protects against partial and total disability due to accidents which may lead to loss of income source.

Many people don’t have either health or life insurance and hence an accident cover becomes an neccessity.  

While approval of health insurance scheme takes place after a number of health check-ups, it is not so in the case of accident cover.

It is especially necessary for useful for people who are self-employed or work on contract basis as they don’t have the privilege of sick leave

Features and exclusions of accident cover:

The premium paid for the accident cover is same for all the people and premium is not charged on the basis of age, gender or lifestyle habits. Some of the high-risk jobs such as pilot may not be covered in the accident cover. Extreme sports are also sometimes excluded. So it is important to understand the nuances before taking an accident cover.

Accident insurance is cheaper than term and medical insurance. However, nearly Rs. 5 lakh- 25 lakh is total sum assured by the insurance company in case of accident cover. Hence, accident cover is not a substitute for life insurance as they provide coverage of Rs. 1 crore and above.   

Many general insurance companies provide accident cover for its customers. Kotak Group Accident Protect is one such accident cover from Kotak Group.

Features of Kotak Group Accident Protect:

It is only for customers of Kotak 811

Kotak Group Accident Protect provides insurance cover of up to Rs. 5 lakh.

It provides accidental death insurance and disablement (Total or Partial).

One can take this accident insurance policy online without filling any forms.

Another innovative product that can supplement your medical insurance is the daily cash plan. The plan provides a fixed amount for each day you are hospitalized. The plan pays a fixed amount of money towards the insured person irrespective of the actual amount of expenses. E.g. if the daily cash benefit is Rs. 1,000 per day of the hospitalisation, then the insured person will be paid Rs.1,000 even though the actual expense may be Rs. 500 or Rs.5000.

What are the benefits of daily cash plan?

Cover other additional expenses: Although health insurance covers hospitalisation expenses, there maybe other expenses that may not be covered by the health plan. This is where the daily cash plan comes into the picture and the money can be used to cover the additional cost.

Help you take care of the hospital bills: Hospitalisation is an expensive affair and the total cost incurred during hospitalisation can exceed the limits of your health plan. A daily cash plan can help you to cover up for the additional expenses.  

Minor complications: The daily cash plan can be used in case of minor complications. Instead of opting for your health plan to take care of the expenses, it would be better to opt for daily cash plan in case of minor complications. This would also help to preserve the No Claim Bonus of the health insurance plan.

No undue financial stress: For salaried and self employed people, hospitalisation can lead to loss of pay. The daily cash plan can help you to make up for the loss of pay.

Kotak Group Smart Cash is one such product exclusively for Kotak 811 customers. While Kotak Group Accident Protect gives full protection against accidents, Kotak Group Smart Cash gives daily cash benefit on hospitalisation. Kotak Group Smart Cash offers a hospital daily cash benefit of Rs. 5,000 for 30 days. Some of the other benefits of the plan include Accident Daily Cash Benefit, ICU Daily Cash Benefit and Convalescence Benefit. The Accident Daily Cash Benefit is Rs. 10,000 per day while the ICU Daily Cash Benefit is Rs. 15,000 per day. Convalescence Benefit which is payable on hospitalization for a minimum of 10 consecutive days is Rs.10,000.

Conclusion: Term and health insurance are popular insurance products and is a necessity. However, accident cover and daily cash plans are health insurance plans can supplement your existing health insurance and life insurance plans. Accident cover insures the member against accidental death, partial and total disability due to accidents which may lead to loss of income source. It is also beneficial for people with, self-employed or work on contract basis. Kotak Group Accident Protect offers insurance cover of up to Rs. 5 lakh. Cash plans can be used to supplement the health insurance coverage. The plan provides a fixed amount for each day you are hospitalized. The plan pays a fixed amount of money e.g. Rs. 5,000 per day towards the insured person irrespective of the actual amount of expenses. Kotak Group Smart Cash comes with four payout options based on different scenarios.  i.e. Hospital Daily Cash Benefit, Accident Daily Cash Benefit, ICU Daily Cash Benefit and Convalescence Benefit. So, if you are a 811 customer, you can apply for accident cover and cash plan and secure yourself and your family from any unforeseen emergencies. It can also supplement  your life and health insurance policy

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