Chola MS General Insurance Company has been formed as a joint venture between two leading companies – the Murugappa Group and Mitsui Sumitomo Insurance Company Limited. The Murugappa Group is a leading Indian financial services company with its name established in the gold loan segment. Mitsui Sumitomo, on the other hand, is a Japan-based insurance company with multinational operations. Chola MS offers different types of general insurance policies whether it is for individuals or for corporates. Health insurance plans are also offered by the company in different variants so that they can fulfil individual coverage requirements.
Here are some facts about Chola MS which make the company a formidable insurance player in the market –
Besides other general insurance plans, Chola MS also offers a variety of health insurance plans which have the following key features –
Here are some reasons which make Cholamandalam health insurance plans ideal solutions for your health insurance needs –
Chola MS offers four types of health insurance policies which are discussed below –
Chola Healthline is a comprehensive health insurance plan which covers the actual hospitalisation costs. The plan is, therefore, an indemnity oriented health insurance plan offered by the company. The plan has an extensive scope of coverage which allows coverage for most medical costs. The salient features of the plan are as follows –
Eligibility conditions of Chola Healthline Plan
Entry age |
Adults – 18 years to 65 years Dependent children – 90 days to 26 years |
Sum insured |
INR 2 lakhs to INR 25 lakhs |
Term of the plan |
1 year to 3 years |
Pre-entrance health check-ups |
Not requireduntill 45 years of age |
Waiting period for pre-existing illnesses |
48 months |
No claim bonus |
5% increase in the sum insured after every claim-free year subject to a maximum of 25% for Value plan, 50% for Freedom and Privilege Plan. For Enrich Plan, the no claim bonus is a 50% increase in the sum insured subject to a maximum of 100% |
This is a critical illness policy which offers the payment of a fixed amount if the insured suffers from any of the covered critical illnesses. This benefit can then be used by the policyholder for meeting any type of financial requirement. The salient features of Chola MS Critical Healthline Plan are as follows –
Eligibility conditions of Chola MS Critical Healthline Plan
Entry age |
5 years to 65 years |
Sum insured |
INR 3 lakhs, INR 5 lakhs and INR 10 lakhs |
Term of the plan |
1 year |
Pre-entrance health check-ups |
Not required until 55 years of age |
This is a supplemental health insurance plan which comes with a deductible limit. If the total claims of a policy year exceed the deductible limit that you have selected, the super top-up policy would pay the exceeding claim. For instance, if the deductible limit is INR 2 lakhs and you incur two claims of INR 1 lakh and INR 1.5 lakhs in a policy year, the super top-up plan would become effective in the second claim and pay a claim of up to INR 50,000. Other features of this policy are as follows –
Entry age |
3 months to 70 years |
Sum insured |
INR 3 lakhs to INR 25 lakhs |
Deductible limit |
INR 1 lakh to INR 20 lakhs |
Term of the plan |
1 year to 3 years |
Pre-entrance health check-ups |
Not required until 55 years of age |
Waiting period for pre-existing illnesses |
Premier Plan – 48 months Supreme Plan – 36 months |
This is also a fixed benefit health insurance plan which covers hospitalisation. If you are an insured member is hospitalised for 24 hours or more, the plan would pay daily cash allowance for each day of hospitalisation. This allowance is fixed and does not depend on your medical expenses. The plan, therefore, helps you meet the incidental expenses of hospitalisation which are not covered under regular health insurance policies. The features of Hospital Cash policy are as follows –
Entry age |
Adults – 18 years to 65 years Dependent children – 90 days to 26 years. Unmarried daughters can be covered up to 36 years |
Hospital daily cash benefit |
INR 1000 to INR 3000 |
Term of the plan |
1 year to 3 years |
Pre-entrance health check-ups |
Not required until 55 years of age |
Waiting period for pre-existing illnesses |
48 months |
The health insurance plans offered by Cholamandalam have a range of coverage benefits which provide coverage for different types of medical expenses. The common coverage features which are available under Healthline and Super Top-up Plans are as follows –
Under this head, the expenses incurred on hospitalisation of 24 hours or more are covered. These expenses include room rent, doctor’s fee, anaesthetist’s fee, surgeon’s fee, ICU Room rent, cost of blood, oxygen, medicines, etc. are covered. Coverage for hospitalisation expenses is covered up to the sum insured.
This covers the expenses covered if they are incurred before hospitalisation. Such expenses incurred include doctor’s fees, consultation charges, medicines, diagnostic tests, etc.
Under this cover, expenses incurred after you are discharged from the hospital are covered. These expenses are incurred on monitoring your health and on diagnostic tests incurred on reviewing your recovery are covered.
Costs incurred on hiring an ambulance for taking you to the hospital are covered under this head
While hospitalisation cover covers the costs incurred when you are hospitalised for 24 hours or more, there are treatments which do not require hospitalisation for 24 hours. This is because of the advancement of medical technology due to which the treatments are done within a few hours. Such treatments are called daycare treatments and Cholamandalam health insurance plans cover specified or all types of daycare treatments.
Expenses incurred on harvesting an organ from a donor so that the organ can be used in your organ transplant surgery are covered under Cholamandalam health insurance plans. This coverage is available until the sum insured that you have selected.
Treatments which you are forced to take at home are called domiciliary treatments. Such treatments are covered under Cholamandalam health insurance plans if there are no vacant hospital beds or if you are in no condition to be moved to a hospital. Domiciliary treatments can either be covered for a specified amount or up to the sum insured depending on the plan that you select.
Cholamandalam health insurance plans also offer you the benefit of free health check-ups at specified policy intervals. These health check-ups are allowed up to a specified limit and help you track your health and maintain a healthy lifestyle.
The above-mentioned coverage features are the common coverage benefits which are available under both indemnity health insurance plans offered by Chola MS. Besides these coverage benefits, the following benefits can also be found in different plan variants either as inbuilt benefits or as optional covers–
AYUSH treatments involve treatments taken using Ayurveda, Unani, Siddha or Homeopathy means of medicine. These treatments are also called non-allopathic treatments and they are covered either up to the sum insured or up to a specified limit depending on the plan option that you choose.
The costs incurred on pregnancy-related treatments and childbirth is also covered under some plans. Moreover, maternity benefit covers the prenatal and post-natal care which might be required for pregnant mothers. For childbirth, both normal and Caesarean deliveries are covered. There is a limit to the coverage amount available and maternity expenses are covered after a specified waiting period.
Under this cover, the newborn baby is covered from birth to three months. If the baby suffers any medical complications, the costs incurred on the required treatments would be covered.
This offers fixed cash benefit if you or an insured member is hospitalised and the hospitalisation exceeds 24 hours. The allowance is paid per day of hospitalisation and is payable for a limited number of days in a policy period.
This is a benefit which is found in Cholamandalam health insurance plans. Under this benefit, the sum insured is refilled back to its original amount if the coverage is used up in earlier claims which occurred in the policy year. Thus, the benefit gives you the double sum insured coverage and comes in handy in case of multiple claims in a policy year.
If your hospital stay is for a long period of time, usually 10 days, the plan pays a lump sum benefit for the extended hospitalisation that you face.
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 –
When it comes to buying Cholamandalam health insurance plans, there are two ways using which you can buy the policy. They are as follows –
Under the offline mode, you can buy a policy from the company’s branch office or from an agent of Chola MS. The company has more than 135 branches in India and you can approach the nearest branch office to buy the policy that you want. Alternatively, you can contact an agent of Chola MS and buy a suitable health insurance plan from him/her. Chola MS has a network of more than 8865 advisors and you can get in touch with an agent to buy Cholamandalam health insurance plan.
Another popular mode of buying a Cholamandalam health insurance plan is the online mode. Chola MS offers the online purchase mode for its health insurance policies. To buy online, you just have to visit the company’s websitehttps://www.cholainsurance.com/ and choose the plan that you want to buy. Provide your coverage details and the premium would be calculated. You can also choose optional coverage benefits to extend the scope of coverage. When you do so, the premium would be recalculated and displayed. Pay the premium online and you would be able to buy the plan from anywhere without having to visit the company’s branch or look for the company’s agent.
Before you proceed to buy Cholamandalam health insurance plans, here are some pointers which you should remember –
Renewal of Cholamandalam health insurance plans is also simple. The online portal of the company offers you an easy and instant renewal of your policy. Just visit the company’s website and choose to renew the plan. Thereafter you would have to enter in your policy details to check your existing plan. If you want you can make changes in your existing policy and then renew. To renew you would have to pay the renewal premium online and your policy would be instantly renewed.
A health insurance policy proves useful when you face an illness or an injury and need to be hospitalised for treatments. In that case, a claim occurs in your health insurance plan. To make a claim in the policy, you should take the following steps –
To get your claims duly settled, the following documents would have to be submitted to Chola MS –
Chola MS offers a good range of health insurance plans of all kinds so that all your health insurance needs can be met. These plans offer a range of sum insured levels under different plan variants so that you can choose the coverage that you need. The premiums are low and there are different types of discounts which make the premiums more affordable. So, you can buy Cholamandalam health insurance plans without a doubt and enjoy a good scope of coverage.
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.