Cholamandalam MS General InsuranceIncurred Claim Ratio - 79*
About Chola MS General Insurance Company
Cholamandalam MS General Insurance Company Ltd. is a joint venture between two groups, namely Murugappa Group and Mitsui Sumitomo. Murugappa Group is recognised 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, the company has 105 branches and over 9000 agents pan India.
Some of the Prestigious Awards Won by Cholamandalam MS General Insurance are:
- Best insurance company award across Asia for “Health Insurer Claims Team for the year 2013” at the Claims Asia Awards 2013 held in Hong Kong
- “Innovation Leader Award 2012” by Fintelekt
- Best insurance company title for “In time Claims Settlement for the year 2011-12” in the Rashtriya Swasthya Bima Yojana (RSBY) scheme run by the Ministry of Labour & Employment, Government of India
- Awarded “Financial Insights Innovation Award” for innovation in mobile enablement – Claims Survey Process in Asian Insurance Congress held at Singapore
Backed with viable IT infrastructure, Cholamandalam MS General Insurance is working towards providing utmost satisfaction to customers through a wide array of insurance products.
Cholamandalam MS General Insurance Plans & Policy Portfolio
Chola MS Health Insurance Plans:
Hospitalization expenses can burn a hole in our pocket and alter the quality of life by imposing financial restrictions. Cholamandalam plans ensure that we can take proper care of ourselves and our family during a medical emergency. They cover an individual against hospitalisation expenses with 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 cover, you can include your siblings and your in-laws also.
A comprehensive policy that provides cover for hospitalisation 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 offers insurance against both hospitalisation 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 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 hospitalisation as well as related expenses. It also covers expense 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 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 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 hospitalisation exceeds 20 days on a continual basis
It is mandatory in India to get car insurance then why not get the best deal?
Car Insurance plan by Cholamandalam MS General Insurance provide 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 commercial vehicles 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 minimised.
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.
- Business/Leisure Travel: The Chola Overseas Travel Protection Policy is a short term travel insurance plan that comes in three variants, viz., Gold Cover, Silver Cover and Senior Citizen Plan for people in the 71-80 years age group. Benefits include door-to-door cover, multi-purpose insurance against all trips whether for business or personal reasons and much more
- Student Travel Insurance: Meant for students travelling abroad for studies, the Chola Student Travel Protection Plan offers door-to-door coverage and express claims processing. The plan comes in three variants. The economical Silver plan also provides medical insurance. The Gold and Platinum plans offer comprehensive cover with additional benefits
- Corporate Travel: The Chola Corporate Travel Days insurance policy is ideal for frequent corporate travellers. Businesses can buy the policies in their names and thereafter issue individual trip insurance for their employees
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 hospitalisation 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 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.
Chola MS Bike Insurance
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 the likewise.
Chola MS Corporate Insurance Products
- Corporate Health Insurance: The insurer provides group health insurance coverage to corporate entities covering accidental death, permanent and partial disabilities. Corporate medical plans offer security to an organization, employees and their families with a range of different plan options.
- Fire Insurance: This plan is designed to offer fire insurance cover to all the industries.
- Property Crime Insurance: This plan offers compensation to businesses for damages caused to their valuables due to burglary or natural disasters. It also covers any damage that is caused to the business property.
- Marine Insurance: Marine insurance is one of their unique products that recompenses for damages occurred to the marine cargo. The cost of marine cargo is quite exorbitant and its transportation can be tedious and may involve a lot of safety measures. With this marine insurance policy, you can sure of your cargo’s safety throughout the voyage.
- Engineering Projects: Chola MS Contractors All Risk policy and Erection All risk policy offers compensation for damages caused to the insured property during the construction process or due to collapsing of the video. It also covers natural calamities like flood, water, earthquake, cyclone, etc.
- Liability Insurance: This plan covers you and your business against any legal liabilities and its implications arising due to third-party damages.
Premium Payment Process of Cholamandalam MS General Insurance
There are two option to make the premium payment. You can choose to pay it online or offline as per your convenience.
Cholamandalam MS General Insurance Online Payment Process
Cholamandalam 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.
Cholamandalam MS General Insurance Offline Payment Process
People who cannot make online payments can also go with the offline option. You can visit the nearest Cholamandalam 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.
Cholamandalam MS General Insurance Renewal
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 the policy benefits and your No Claim Bonus will also be nullified. To avail 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:
- Visit the insurer’s website
- Go to the ‘Renew’ Online option
- Select ‘Renew Your Policy’ tab
- Register yourself by providing all the necessary details
- Choose the policy you want to buy
- Make the payment online through net banking, credit or debit card
- Your policy will be instantaneously renewed after making the payment
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.
Chola MS General Insurance Distribution Network:
Cholamandalam operates with 113 branches and more than 7500 agents across the country.
Cholamandalam General Insurance - FAQs
Q1. Are Zero-Depreciation Insurance Policies Worth it?
A zero depreciation policy is a good idea as it offers comprehensive coverage irrespective of the depreciation factor. When some damage is caused to our car or vehicle due to an accident or collision and the insurer provides full compensation for the complete amount.
Q2. Why Choose Health Insurance by Cholamandalam MS General Insurance?
Chola MS health plans cover most of the risks at an affordable cost. Their customer support team will help you throughout the claim process. Moreover, cashless treatment is available in more than 6500 hospitals. You can choose from 10 health plan options as per your requirement. Therefore, Chola MS medical insurance plans are a great option.
Q3. What does Comprehensive Student Travel Insurance Covers?
Cholamandalam comprehensive student travel insurance policy covers all the major damages such as medical expenses, dental treatment, bail bond cover, loss of passport, checked baggage loss, personal accident cover within India and abroad, sponsor protection, study interruption, and personal liabilities.
Q4. What are the benefits of having Cholamandalam Car insurance?
The benefits of buying a Chola MS car insurance policy are listed below:
- It covers third-party liabilities including death, injuries and property damages
- Personal accident cover for the owner, driver, and passengers
- NCB on own damage premium
- Cashless repair service is available in more than 4500 network garages
- The process to buy a car insurance policy online is quite simple
- Online car insurance renewal facility
- Quick turn-around time for claims
Q5. How many Network garages offer cashless repair under Cholamandalam car insurance policy?
Cholamandalam MS General Insurance Company has more than 4500 network workshops across India. You can avail cashless repair services at any of the garages if you have a comprehensive Chola MS car insurance policy.
Q6. What Kind of policies is available online with Cholamandalam MS General Insurance Company Limited?
Cholamandalam MS General Insurance offers various product options such as car insurance, bike insurance, corporate health insurance, marine insurance, home insurance, health insurance, personal accident insurance, travel insurance, fire insurance, engineering projects insurance, liability insurance, and property crime insurance. There is a special crop insurance plan for farmers as well.
Q7. How many Network hospitals offer cashless treatment under Cholamandalam health insurance policy?
Cholamandalam MS General Insurance Company has more than 6500 network hospitals across India. You can avail cashless hospitalization at any of the registered hospitals. To avail cashless treatment it is required to inform the TPA/ insurer before the treatment (unless it is an accidental case)
Cholamandalam MS General Insurance - Latest News
Combining multiple businesses, Murugappa Group recently registered a hike of Rs. 29, 470 Crore, which is 9.44 percent of the total revenue of FY15-16. The company had a total revenue of Rs. 26, 926 Crore in FY 14-15, based on a company’s statement.
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.
Tube Investments (TI), a subsidiary of Murugappa Group recently withdrew the proposal it sent to gain approval for selling its 14 percent stake in Cholamandalam MS General Insurance to its Japanese partner in the JV, Mitsui Sumitomo Insurance Co. Ltd., said the Govt. of India.
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.
FIPB (Foreign Investment Promotion Board) is going to deliberate on 16 FDI proposals at a meeting on April 5, which also include the proposal of Cholamandalam MS General Insurance and in the defense sector, Indian Rotorcraft as well. At the meeting, the board is also going to look at the proposal of Gulf Quarry General Trading FZC that has sought an approval for its interest in investment in an India-based firm that still awaits incorporation.
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 Board of Murugappa Group Company, which owns Tube Investments, recently confirmed the sale of its 14 percent stake in Cholamandalam MS General Insurance Company to Mitsui Sumitomo Insurance Company, the Japanese JV Partner of the group, leading its share to 40 percent, which earlier was 26 percent. Valued at Rs. 882.68 Crores, this sale is expected to infuse much needed capital into the Murugappa Group as well as the private Indian insurance company.
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.
Cholamandalam Investment and Finance Company, key stake holder in the Cholamandalam Insurance JV, has stated that it would raise up to Rs. 6, 7 00 crore in various slots by issuing 60,000 secured redeemable, non-convertible debentures valued at Rs. 10 lakh. The timeframe to achieve this goal has not been disclosed yet.
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.
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