Cholamandalam MS General Insurance Company Ltd. is a joint venture between two groups, namely Murugappa Group and Mitsui Sumitomo. Murugappa Group is recognized as one of India's leading business conglomerates, with 28 lines of business. Reputed brands like BSA, Ballmaster, Ajax, Gromor, Paramfos belong to Murugappa while Mitsui Sumitomo is a part of MS&AD, the largest insurance group in Japan.
Chola MS General Insurance Company has a diversified product portfolio, including, accident, engineering, health, liability, marine, motor, property, travel, and rural insurance for individuals and corporate.
Currently, Cholamandalam MS General Insurance has 105 branches and over 9000 agents pan India.
Cholamandalam Insurance is the third-largest general insurance provider of the public sector. Oto s one of the reliable insurance companies, which not only offers useful health insurance plans but policies for other sectors like travel, motor, rural, marine, etc. The claim settlement ration of Cholamandalam Health Insurance policies is high. In addition to this, the insurance plans provided by this health insurance provider offer both cashless and reimbursement facilities. Cholamandalam MS General Insurance has 7000+ hospitals in its network where transparent and effective claim settlement processes take place. Some efficient features to choose Cholamandalam Insurance are:
Backed with viable IT infrastructure, Cholamandalam MS General Insurance is working towards providing utmost satisfaction to customers through a wide array of insurance products.
Hospitalization expenses can burn a hole in our pocket and alter the quality of life by imposing financial restrictions. Cholamandalam Insurance plans to ensure that we can take proper care of ourselves and our family during a medical emergency. They cover an individual against hospitalization expenses with the option of including spouse, dependent children, and dependent parents with a family discount.
The Chola Healthline plan is a comprehensive policy that protects both individuals and families on a floater sum insured basis. As the primary insured party, you can include your parents, spouse, and dependent children in the family plan. If you apply for individual coverage, you can include your siblings and your in-laws also.
A comprehensive policy that provides cover for hospitalization expenses incurred by a family on a floating sum insured basis in addition to personal accident cover that works on an individual sum insured basis.
The Tax Plus Healthline Plan from Cholamandalam Insurance offers insurance against both hospitalization expenses as well as outpatient or OPD expenses. The policy is available for both individuals and families on a floater sum basis with the sum insured option ranging from Rs. 1-5 lakh.
*Tax benefit is subject to changes in tax laws
The Family Healthline Insurance floater policy from Chola MS General Insurance covers both Allopathy and Ayurvedic treatments. A single policy can cover your spouse and children and allows any insured member to claim up to the full sum insured. The policy offers a floater sum insured of up to Rs. 15 lakh.
The Individual Healthline Insurance policy covers hospitalization as well as related expenses. It also covers expenses related to pregnancy and for external healthcare aids such as spectacles or contact lenses, and hearing aids. The policy additionally insures general and eye check-ups once every two years. The sum insured is up to Rs. 10 lakh per person
The policy offers cover for additional medical expenses for both individuals and families on a floater sum basis. Chola MS General Insurance offers seven plans with various options for sum insured or deductibles. Moreover, the policy can be purchased for periods ranging from 1-3 years. No medical check-ups are necessary for up to 55 years of age.
The Critical Healthline Plan is a fixed benefit policy for critical illnesses that guards against loss of income or regular living expenses. It offers a flexible sum assured amount and is also valid for income tax exemption up to Rs. 25,000 per annum under section 80D of the Income Tax Act
*Tax benefit is subject to changes in tax laws
The Chola Hospital Cash Healthline plan pays a fixed daily allowance for every 24 hours spent in the hospital. The payout helps you to take care of miscellaneous expenses arising during the hospital stay. A lump sum amount is also paid for the period of recovery if hospitalization exceeds 20 days continually
Cholamandalam MS Health Insurance premium calculator is a tool that is available online and that helps you to get an approximate estimate of the insurance premium that you have to pay for your Cholamandalam Health Insurance policy. This calculator enables you to calculate the premium as per your needs which you can customize as well. The deciding factors of your Cholamandalam Health Insurance premium are:
The coverage that is offered in your Cholamandalam Health Insurance policy are:
The exclusions of a health insurance policy are:
Note: The aforementioned exclusions and inclusions can vary from insurance policy o insurance policy offered by Cholamandalam Insurance.
It is mandatory in India to get car insurance then why not get the best deal?
Car Insurance plan by Cholamandalam MS General Insurance provides a protective cover that offers comprehensive insurance including both third party cover and own damage cover.
The Chola Protect car insurance plan offers a complete cover for your car. It takes care of all necessary expenses including providing complete financial coverage. It also provides assistance for car emergencies, breakdowns as well as post-accident help
Commercial vehicles ply frequently, even at odd hours, and cover long distances making them more susceptible to accidents. Cholamandalam Insurance commercial vehicle insurance is the perfect cover for commercial vehicle owners to ensure that any unforeseen event is taken care of and the harm to their business is minimized.
You must have a Cholamandalam travel insurance plan as your companion on holidays, business trips, or visits to friends and family visits abroad. They provide door-to-door cover for your convenience and safety. Never travel without a travel insurance cover.
Home insurance plans by Cholamandalam MS General Insurance safeguard your home and give you a comprehensive cover to tackle all destructive situations that it might face. Fire, flood, earthquake, burglary; there are innumerable instances that can harm your house and endanger the roof above your head.
The Chola Total Home Protect policy insures your home, the valuables inside, and your family. It offers comprehensive coverage against unforeseen man-made or natural events
A comprehensive home insurance plan, the policy guards the property as a whole, the structure as well the contents of the home. It offers protection against theft or burglaries besides man-made or natural disasters
Personal accident cover is essential to secure your future financially in the event of an accident. A personal accident cover shall not only ensure top quality medical treatment but will also cater to your post-hospitalization requirements, if necessary.
The Chola Accident Protection Insurance plan covers against unfortunate incidents. It offers weekly compensation for loss of income due to the accident in addition to payouts for modification of home or vehicles, fees for private tuition, transportation of family, daily cash allowance for a hospital stay and various other benefits
It is advisable to compare all Cholamandalam General insurance plans with plans from other General insurance companies in India to choose the insurance plan that suits you the most.
Apart from social and natural perils, it covers third-party liabilities and compulsory personal accident cover of 15 lakh. There are add-on benefits available such a Return-to-invoice cover, monthly installment cover, roadside assistance service, and likewise.
There is two option to make the premium payment. You can choose to pay it online or offline at your convenience.
Cholamandalam Insurance offers its customers the option to make the payment online at the time of purchase you and renewal. Simply log in to the website, select the payment option, and pay your total premium through net banking, or by using your debit or credit card. Payment can also be made through insurance Cholamandalam MS General Insurance mobile application.
People who cannot make online payments can also go with the offline option. You can visit the nearest Cholamandalam Insurance branch and make the payment at their office. Remember to carry your policy documents along with you and one of their executives will take you through the process.
To avail of the continuous benefits of Chola MS General Insurance policies, it is important to renew all the plans in the stipulated time. If timely renewal is not done, you cannot avail of the policy benefits and your No Claim Bonus will also be nullified. To avail of continuous benefits, make sure that you renew all the plans before the expiry date.
The plans can be easily renewed online from the insurer’s website and you can save both your time and effort.
You can easily renew all the Chola MS General Insurance plans by following the process listed below:
Cholamandalam will send the policy copy on your registered email id. You can also download your policy documents online and use them for future reference.
Cholamandalam operates with 113 branches and more than 7500 agents across the country.
Its net EBITDA (earnings before interest, taxes, depreciation and amortization) depreciation at the year-end stood at Rs. 3, 035 Crore, which is up by 4 percent in comparison to Rs. 2, 921 Crore in FY 14-15. Earlier in FY 15-16, Murugappa group also had a one-time earning of Rs. 883 Crore from an earlier 14 percent stake sale in its general insurance arm – Cholamandalam MS General Insurance.
This stake sale involved 14 percent hike in the existing 26 percent stake of Mitsui Sumitomo Insurance Company- Tube Investment’s (a firm of Murugappa Group) Japanese partner in the JV, leading it to 40 percent. In the meantime, Cholamandalam Investment – the financial services unit of the company along with vehicle financial disbursements also saw 32 percent growth while home equity 14 percent. T
he improved overall performance of electro-mineral divisions and abrasives backed the Cholamandalam MS General Insurance Company to earn a 25 percent net growth in EBITDA.
On this, Murugappa Group has given a clarification regarding its withdrawal of application after the government of India stated that no such approval from FIPB is required. As none of such transactions require FIPB approval, the transactions made earlier by the subsidiary company is longer valid or applicable.
This deal has been successfully completed on March 31, 2016, and was not rolled back or cancelled earlier. At the end of Q3 of fiscal 15-16, Tube Investments had approved a stake sale of Rs. 882.67 crore. This had led to TI’s share up 17 percent. Also, the government quite recently approved seven FDI proposals, which involved Rs. 517.57 crore.
The company looks forward to establishing a new firm in the city of Amritsar for making gypsum and boards powder by crushing gypsum rocks. At the upcoming meeting, multiple companies, including Elite Screens India Pvt Ltd, Ordain Health Care Global, OneMarket India LLP, HWIC Asia Fund, and Jupiter Corporate Services would also be present seeking FIPB approval.
The Chairman of Tube Investments Group, M M Murugappa, expressed his delight on this occasion, as this is expected to strengthen the company’s relationship with Mitsui Sumitomo Insurance and further help Cholamandalam General Insurance realize its vision to make it to the top of the list of general insurers in India. Though the decision is subject to regulatory approval at this stage, both parties have high hopes that the sale will be approved by the concerned regulatory bodies and agencies.
It has also announced that it will be investing about Rs. 75 crore in equity shares of Cholamandalam Distribution Services Limited (CDSL), which is a subsidiary of the company. With this investment, the total investment made by the Company for its subsidiary will come to Rs. 117.40 crore. In addition, another investment of Rs. 8 crore will be made in White Data Systems India Pvt.
Ltd which is a majority held company. This will be for a freight aggregator start-up. An app for this start-up is also underway, which will optimise technology so as to enable the transport operators to earn more.