Cholamandalam Home Insurance

Cholamandalam Home Insurance Overview

Cholamandalam Ms General Insurance Company Ltd. is a joint venture between Murugappa group and Mitsui Sumitomo insurance group of Japan. Chola Ms brings a host of specially designed insurance plans such as Accident plans, engineering plans, health plans etc. The group has been extremely well in Indian market through a vast network of 113 branches and 7500 agents.

Home Insurance Plans

Having their own house is the integral part of every person. No matter how big or small, Flat or Bungalow, every person dreams about it. After all having your own house is symbol of both financial affluence and emotional safety. However one cant denied the fact that the house is prone to many potential threats like burglary, theft, fire and natural disasters like earthquake, tornados and storms.

Thus it needs care, safety and protection from any of unforeseen damages and disasters

The Cholamandalam home insurance plans are the ideal way to protect and safeguard the hard earned serene dwelling from such unexpected dangers. The home insurance plans offered by Chola Ms not only protect the house externally, but also covers the assets and valuable owned along with the structure.

Chola MS Home Insurance Package Plan

• A comprehensive home insurance plan that protects your valuable property not just on the whole but also the structure and the home contents.
• An option to protect and safeguard your complete assets along with the home. 
• Protection from burglary & housebreaking to domestic and electrical appliances, and even the structure & contents of house.
• Plan covers for self-owned houses as well as contents of rented houses.
• Low premiums & Flexibility to choose the cover as per requirement.
• Simple documentation and hassle free on-boarding process
• Dedicated customer support for all your questions and issues

Plan Coverage

• Damage to the home due to factors such as fire, earthquake, lightning, landslide, flood, cyclone, and storm, overflow/bursting of water tanks, strikes, riots, malicious acts, acts of terrorism and damage due to aircraft or any articles dropped from an aircraft.
• Damage and loss due to house break-ins or burglary
• Damage or loss of Jewellery and valuables belongings, due to accident or misfortune within India
• Accidental breakage of Plate glass.
• Mechanical or electrical breakdown of Domestic appliances.
• Total loss due to mechanical or electrical breakdown or due to an accident of Domestic electronic equipment.
•  Loss or damage to baggage during travel within India
• Personal accident cover in the event of loss of life and repatriation of mortal remains for up to four persons

Plan Exclusions

• Loss , destruction or damage caused by war, invasion , act of foreign enemy, hostilities or war like operations, civil war , mutiny etc.
• Loss or damage due to depreciation or wear and tear.
• Loss of earning, loss by delay, loss of market or consequential or indirect loss or damage of any kind or depreciation including those caused by spoilage.
• Loss, damage or destruction of the insured property due to pollution or contamination.
• Damage or loss to motor house/property s, cycles or livestock.
• Damage of loss to consumable items.
• Damage for which the supplier or the manufacturer of the property is responsible, under the Maintenance Agreement.
• Defects, flaws, partial fractures or cracks that develop over time but do not necessitate immediate stoppage, although repair or replacement of the parts might be needed at some future time.
• Deterioration, wearing away or wearing out of any item due to normal use or exposure.
• Damage due to willful gross negligence or a willful act of the plan  holder or his employee(s).
• Damage caused by faults that pre-existed the commencement of the current insurance plan  and not known to the plan  holder, regardless of whether such defects or faults were known to the company or not.
• Lettered, silvered, embossed, and curved, ornamental or any glass other than plain and of ordinary glazing quality.

 Chola Total Home Protect Plan.

• A unique tri fold insurance cover plan covering the property, valuable belongings and the family itself.
• Comprehensive protection covers for the structure of the home, valuable contents and family members against unforeseen, unfortunate events.
• Hassle free on-boarding and claim process to save most of the time spend by the plan  holder.
• Flexibility to choose Sum Insured from wide range of sum insured.
• The plan  duration is for 1 year.
• Building structure of built up area of 5000 sq feet are covered under this plan and cover is applicable only for buildings up to 30 years of age as per plan  commencement date.
• Available as three different plans – Silver , Gold and platinum
• Household Contents with consolidated value of Rs 25 lakhs are covered.
• Domestic electrical appliances of value up to 12.5 lakhs are covered under the plan for electrical appliances up to 7 years of age as per plan  commencement date.
• For silver and gold plans , maximum of 1 unit of electrical appliance can be covered , however for platinum plan option , 2 units of any electrical appliances can be covered.
• Jewellery and other valuable personal belongings up to the consolidated value of Rs 1 lakh is covered.

Plan Benefit.

• Cover for building structure: Chola MS Total Home Protect offers cover for loss or damage to the building structure due to
• Fire, lightning, implosions, explosions, strike, riots or malicious acts
• Earthquakes, shock, landslide or subsidence
• Flood, inundation, storm, typhoon, tempest, tornado, hurricane or cyclone
• Missile testing operations
• Acts of terrorism
• Cover for Contents The contents of the house can be insured against loss or damage due to:
• Fire, lightning, implosions, explosions, burglary, strike, riots or malicious acts
• Earthquakes, shock, landslide or subsidence
• Flood, inundation, storm, typhoon, tempest, tornado, hurricane or cyclone
• Missile testing operations
• Acts of terrorism
• Replacement of Domestic Electrical Appliances (such as television, washing machine, refrigerator, microwave, AC) can be covered against electrical or mechanical breakdown or fault.
• Cover for Jewellery and Valuables against burglary, theft, damage by fire, flood and earthquake. To make the process simpler No invoice or valuation certificate is required at the proposal stage.
• Any plate glass such as glass exteriors, bay window or balcony glass walls are duly covered against external damage under the plan.
• Loss of the baggage during travel within India is compensated for at the market value of the items lost, subject to the sum insured.
• Purchase Protection Cover offers automatic protection for new domestic appliances bought within the plan  duration for a period of 30 days from the purchase date. The cover is offered against damage by fire, floods, earthquake, etc. This is over and above the Contents Cover.
• Additional Rent for Alternate Accommodation: If the insured home is damaged or undergoing repairs and the plan  holder needs to stay at an alternate rented accommodation, Chola MS will bear the additional rent payable towards temporary rented accommodation.
• Family Floater Accident Hospitalization Cover: For situations where the immediate family (the plan  holder, spouse and/or two children) sustain accidental injuries that require hospitalization, the medical expenses are covered by the insurance plan .
• Personal Accident Cover: A fixed amount is offered in case of an unfortunate accident to the immediate family (the plan  holder, spouse and/or children) that results either in permanent disablement or fatality.

• Public Liability: Covers legal liability towards a third party due to damage/injury/death to the third person or their property within the insured building structure.
• Workmen's Compensation: The Workmen’s Compensation Act holds the employer responsible for compensating for injury and illness to an employee (including domestic help) within the premises of the insured building structure. The Workmen's Compensation is meant just for this type of legal liability.

Plan Exclusions

• The plan benefits shall exclude any damage, destruction or loss related to bullion, unset precious stones, curios or works of art valued at over INR 10,000, plans, drawings, manuscripts, securities, stamps, cheques, coin or paper money, documents, computer system records, business related books, explosives.
• Any Damage or loss to motor house/property s, cycles or livestock or loss to consumable items
• Damage for which the supplier or the manufacturer of the property is responsible, under the Maintenance Agreement as duly expressed under the plan scope.
• Defects, flaws, partial fractures or cracks that develop over time but do not necessitate immediate stoppage, although repair or replacement of the parts might be needed at some future time.
• Deterioration, wearing away or wearing out of any item due to normal use or exposure.
• Damage due to willful gross negligence or a willful act of the plan holder or his employee(s).
• Damage caused by faults that pre-existed the commencement of the current insurance plan  and not known to the plan  holder, regardless of whether such defects or faults were known to the company or not.
• Damage or loss during transport by any carrier under contract of loading and unloading.
• Lettered, silvered, embossed, and curved, ornamental or any glass other than plain and of ordinary glazing quality.

General Terms and conditions of the Cholamandalam Home insurance plans.

• Notice shall be given in writing to the Company immediately upon the occurrence of any accident and in the event of any claim. Every letter claim writ summons and/or process shall be forwarded to the Company immediately on receipt by the insured.
• Notice shall also be given in writing to the Company immediately the insured shall have knowledge of any impending Prosecution Inquest or Fatal Inquiry in respect of any accident which may give rise to a claim under this Plan.
• No admission, offer, promise, payment, or indemnity shall be made or given by or on behalf of the insured without the written consent of the Company which shall be entitled if it so desires to take over and conduct in the name of the insured the defense or settlement of any claim or to prosecute in the name of the insured for its own benefit any claim for indemnity or otherwise and shall have full discretion in the conduct of any proceedings or in the settlement of any claim and the insured shall give all such information and assistance as the Company may require.
•  If the Company shall make any payment in settlement of any claim and such payment includes any amount not covered by this Plan the insured shall repay to the Company the amount not so covered.
• The insured shall take all reasonable steps to maintain the insured property in efficient condition and the company shall have at all times free and full access to examine the insured house/property or any part thereof.
• The Company may cancel the plan  by sending seven days notice by recorded delivery to the insured at insured’s last known address and in such event will return to the insured the premium paid less the pro rata portion thereof for the period the plan  has been in force or the
• Return of the premium by the company will be subject to retention of the minimum premium of Rs.100/- (or Rs.25/- in respect of house/property s specifically designed/modified for use by blind/handicapped/mentally challenged persons). Where the ownership of the house/property is transferred, the plan cannot be cancelled unless evidence that the house/property is insured elsewhere is produced.
• If at the time of occurrence of an event that gives rise to any claim under this plan there is in existence any other insurance covering the same liability, the Company shall not be liable to pay or contribute more than its ratable proportion of any compensation, cost or expense.
• If any dispute or difference shall arise as to the quantum to be paid under this plan (liability being otherwise admitted), such difference shall independent of all other questions be referred to the decision of a sole arbitrator to be appointed in writing by the parties to the dispute or if they cannot agree upon a single arbitrator within 30 days of any party invoking Arbitration, the same shall be referred to a panel of three arbitrators comprising two arbitrators one to be appointed by each of the parties to the dispute / difference, and a third arbitrator to be appointed by such two arbitrators who shall act as the presiding arbitrator and Arbitration shall be conducted under and in accordance with the provisions of the Arbitration and Conciliation Act, 1996.
•  The due observance and fulfillment of the terms, conditions and endorsement of this Plan  in so far as they relate to anything to be done or complied with by the insured and the truth of the statements and answers in the said proposal shall be conditions precedent to any liability of the Company to make any payment under this Plan .
•  In the event of the death of the sole insured, this plan will not immediately lapse but will remain valid for a period of three months from the date of the death of insured or until the expiry of this plan (whichever is earlier). During the said period, legal heir(s) of the insured to whom the custody and use of the Motor House/property  passes may apply to have this Plan  transferred to the name(s) of the heir(s) or obtain a new insurance plan  for House/property .
• For cases where such legal heir(s) desire(s) to apply for transfer of this plan or obtain a new plan for the house/property such heir(s) should make an application to the Company accordingly within the aforesaid period. All such applications should be accompanied by:-

1. Death Certificate in respect of the insured
2. Proof of title to the house/property
3. Original Plan.

Cholamandalam Home Insurance - FAQs

1. How to pay premium? What are the modes of payment available?

You can pay your insurance premium in THREE ways

Direct Bank Debit (Auto Debit): You can avail the auto debit facility/directly transfer the cash to the Cholamandalam MS General Insurancebank account. You will get a discount in your premiums, too.

Online Payment: Pay your premium online using your Debit/Credit card on the e-Portal

Mobile Payment: Recently the insurer has launched mobile application to pay car insurance premium.

2. How can I check my policy status for Cholamandalam home insurance?

Existing policyholders can log into the insurer’s website with their valid login details to check the policy status.

New users must create their account first and then can check their policy status. It just takes 5 minutes to register.

3. What is the policy renewal process for Cholamandalam home insurance?

Online or mobile registered users can directly renew their policy on the go. However for others, they must visit any of the nearest branches in the city to fill up the renewal form and attach a cheque of premium amount.

Process for online users

Step 1: Please login with your login ID and password on the e-Portal

Step 2: Choose mode of Payment- Debit/Credit card, Net Banking

Step 3: Complete payment and print the cyber receipt

4. What is the company process to settle the claim for Cholamandalam home insurance?

Cholamandalam MS General Insurance ensures claims are settled within a specific period of 30 days, provided the claims form is duly filled and the essential documents (medical reports and bills) are attached and deposited in any of the branches in the city.

5. What is the policy of cancellation process for Cholamandalam home insurance?

To cancel the policy you need to walk into any of the nearest branch offices in your city with your policy documents and a duly filled surrender form. The premium refund will be made, upon deducting the applicable charges.