Kotak General Health Insurance vs Universal Sompo Health Insurance

The cost of healthcare has risen sharply due to the financial disruption caused by COVID-19. Switching from unplanned to planned hospitalization by availing a health insurance plan comes to your aid in times of a health crisis and reduces your spending. By comparing the health insurance plans offered by different insurance providers, you can get a health plan that fits your budget and needs. Here is a Kotak Health Care Insurance and Universal Sompo Health Insurance guide to get you started.

Kotak Health Care Insurance and Universal Sompo Health Insurance – Overview 

ParameterKotak Health Care InsuranceUniversal Sompo Health Insurance
Number of health insurance plans820+
E-servicesPolicy sale
Policy renewal
Claim settlement
Online consultation
24×7 customer support 
Policy sale
Policy renewal
Claim settlement
Online consultation
24×7 customer service
Claim settlement ratio97.40%90+%
Claim settlement timeCashless claims settlement at the time of dischargeCashless claim approval within 72 hours
Network Hospitals 4,000+4,000+

*Source: Insurance Regulatory and Development Authority of India (IRDAI) Annual Report 2018-19 

Health Insurance Plans: Kotak Health Care Insurance versus Universal Sompo Health Insurance

Kotak Health Care Insurance offers 8 healthcare plans that cater to individual, family and senior citizen health needs. The plans provide coverage for critical illnesses, personal accidents and COVID-19, among others.  

Universal Sompo Health Insurance offers over 20 health care plans. These plans are designed to suit individual, family, senior citizen and employer-employee needs. They provide extensive cover for critical illnesses, accidents, and COVID-19, among others. 

A comparison of three varieties of Kotak Health Care Insurance and Universal Sompo Health Insurance plans will give you a fair idea on what to look for from these health insurance providers.

Critical Illness Health Plan: 

Kotak Health Insurance offers Kotak Secure Shield – a policy that provides coverage against 18 critical illnesses including cancer, kidney failure, heart ailments, permanent paralysis, etc. The key offerings include:

  • A one-time lump-sum pay-out upon diagnosis 
  • Coverage for hospitalization expenses and allied surgical procedures 
  • Monetary benefit to family members 
  • Financial support in case of job loss due to an accident/ illness 
  • Child education benefit 

Universal Sompo Health Insurance’s Critical Illness Insurance Policy provides extensive coverage against 11 critical ailments including cancer, heart attack, organ transplant, etc. Main benefits offered include: 

  • A lump-sum payment of sum assured upon diagnosis 
  • Surgical procedure charges and treatment 
  • Option to cover 50% of charges incurred for pre-policy medical check-ups 
  • Policy issued on individual and family floater basis  

Personal Accident Health Plan: 

Kotak Health Care Insurance offers Kotak Accident Care – an insurance policy that protects you against unprecedented consequences arising out of accidents. The plan offers: 

  • Full lump-sum pay-out upon demise, permanent disablement (total & partial), and temporary total disablement arising out of an accident 
  • A daily cash allowance/reimbursement for medical expenses incurred during hospitalization 
  • Post-hospitalization lifestyle support 
  • Coverage for child education expenses 
  • Extension of coverage to ambulance expenses and funeral expenses 

Universal Sompo Health Insurance offers individual and group accident insurance policies. The former is for protecting individual and family needs. The latter is for protecting employee needs. The advantages of the plans include: 

  • Payment of entire sum assured in lump-sum upon death/permanent total disablement 
  • Part payout of the sum assured upon permanent partial disablement/temporary total disablement 
  • Coverage for loss of employment and provides child education benefit too
  • Inclusion of hospitalization expenses, ambulance and transportation charges 

Corona Kavach Health Plan: 

Due to the financial and health disruptions caused by COVID-19, the IRDAI has directed all insurance companies to take action. To ensure that quality and affordable healthcare reaches everyone insurance companies are offering COVID-19 cover in their plans. Most companies are also offering a separate Corona Kavach/ Rakshak plan. 

Both Kotak Health Care Insurance and Universal Sompo Health Insurance offer Corona Kavach. If you compare Kotak Health Care Insurance vs Universal Sompo Health Insurance, you can see that both the insurers provide almost similar coverage against COVID-19. The benefits include: 

  • Cover for pre, post and in-hospitalization expenses 
  • Inclusion of AYUSH treatment and homecare treatment 
  • Payment of a lump-sum amount on diagnoses of diseases covered
  • Policy issuance on individual and family floater basis 

This guide will help you pick a health insurance plan well-suited to your needs. For further help, contact a professional insurance expert.