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Top Features From Cholamandalam Health Plans

Chola MS also offers a variety of health insurance plans which have the following key features

  1. All health plans offered by the company promise lifelong renewals without any cover ceasing age
  2. Indemnity health plans offered by the company cover the cost of hospitalisation in case of any injury or illness
  3. Fixed benefit plans are also offered by the company which pay a lump sum benefit irrespective of actual medical costs that you incur
  4. The premiums that you pay for Cholamandalam health insurance plans are allowed as a deduction under Section 80D of the Income Tax Act

Exclusions Across Cholamandalam Health Plans

Though the above-mentioned coverage benefits make Cholamandalam health insurance quite comprehensive in their scope of coverage, there are instances which are not covered by the plan. These instances are called exclusions and here is a list of common exclusions which are found in all health insurance policies offered by the company

  • Illnesses which you suffer at the time of buying the policy. These illnesses are called pre-existing illnesses and they are excluded for a specific period called the waiting period. During this period,any complications due to the illness would not be covered
  • Illnesses which occur within 30-60 days of buying the policy are not covered
  • Specific illnesses and treatments have a waiting period of two years. During this waiting period, they are not covered
  • Any type of self-inflicted injury, deliberate physical harm and/or attempted suicides are not covered
  • Injuries or illnesses which occur due to substance abuse, addiction, criminal activities, wars, nuclear perils, etc. are not covered
  • Cosmetic treatments and circumcision are not covered
  • Dental treatments are usually excluded unless they are specifically covered by the policy
  • Cost of lenses, spectacles, hearing aids, etc. are excluded from the scope of coverage
  • Mental and congenital diseases and disorders are not covered under Cholamandalam health insurance plans
  • Participation in defence activities, hazardous sports and aviation would not be covered

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The premiums paid for health insurance plans are allowed as a deduction under Section 80D of the Income Tax Act. The limit of deduction is INR 25,000 for premiums paid for yourself, your spouse and dependent children. If you get your dependent parents covered, you can claim an additional deduction of INR 25,000. The limit increases to INR 50,000 if you and/or your parents are senior citizens. Thus, a total deduction of up to INR 1 lakh can be claimed on health insurance premiums

Yes, some Cholamandalam health insurance plans allow coverage for dependent siblings too. Check the plan’s terms and conditions if you want to cover your siblings under the policy

If you buy long term health insurance plans you get freedom from annual renewals of the policy. Moreover, you can enjoy longer coverage without the fear of lapse. Lastly, Cholamandalam health insurance plans also allow attractive premium discounts if the coverage is taken for a continuous period of 2 or 3 years.
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