India’s first complete protection truck insurance plan designed to offer maximum coverage and maximum service.
Chennai, 21 October 2013: Cholamandalam MS General Insurance Company Limited (Chola MS), a joint venture between the INR 225 billion Murugappa Group and Mitsui Sumitomo Insurance of Japan, today announced the launch of Chola Protect for Trucks with 11 add-on covers that offers total protection for the trucks and complete peace of mind for the truck owners. This is the first value added insurance product for truck owners in the country. The company also launched India’s first ‘Emergency Road-Side Service’ for trucks.
The new package product with wide range of add-on covers offers complete protection with unique features like 100% depreciation waiver, reinstatement value in case of total loss, monetary compensation for loss of key, driving license, registration certificate, permit, payment for road tax, registration and insurance cost. All these features ensure maximum benefit to the customers.
Speaking on the occasion, Mr. Gopalarathnam, Managing Director, Cholamandalam MS General Insurance Company Limited, said, “The customer wants an all encompassing, transparent policy with an affordable premium that gives him a worry-free driving experience. He added, “Keeping this in mind, Chola has developed the product with keen focus on customer needs. It is India’s first packaged complete protection policy for trucks that offers maximum coverage and service to the customer. Some of the covers like Reinstatement Value Basis (RVB) cover with inbuilt depreciation benefit, payment for consumables, Franchise discount, No claim bonus discount protection and penalty coverages are unique to the Indian General Insurance market. This product is a radical attempt to redefine the Motor Insurance industry.”
The company also launched India’s first ‘Emergency Road-Side Services’ for trucks in tie-up with Mapfre Asistencia. CARE 24X7 (Chola Assistance for Roadside Emergencies) offer a bouquet of assistance services like towing of vehicle from the accident site, battery jumpstart, gear lever setting, brake and clutch settings minor electrical work and many more.
Chola MS customers can call the 24X7 call centre using the toll free numbers 1800-1035354/ 1800-2095354 to avail CARE service across all National Highways in the country.
Chola Protect – Trucks will be available at an affordable premium through 6000 agents, new and used vehicle dealers and also through the direct sales force of Chola MS spread through 92 branches across the country.
About Cholamandalam MS General Insurance Company Limited (Chola MS):
Cholamandalam MS General Insurance Company Ltd. is a Joint Venture between Murugappa Group and Mitsui Sumitomo Insurance Group of Japan. Cholamandalam MS offers a wide range of products that include Accident, Engineering, Health, Liability, Marine, Motor, Property, Travel and Rural insurance for individuals and corporate. The company achieved a GWP of 1346 crores in 2011-12. The company has 92 branches and over 6000 agents across the country.
The company champions a brand philosophy of T3 – Trust, Transparency and Technology. The company has received various awards and accolades; noteworthy amongst them is “Innovation Leader Award 2012” by Fintelekt. The company also received the best insurance company 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. The company has been awarded “Financial Insights Innovation Award” for innovation in mobile enablement – Claims Survey Process in the recently concluded Asian Insurance Congress held at Singapore.
Founded in 1900, the INR 225 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eleven listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Sabero Organics Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.
About Mitsui Sumitomo Insurance Company Limited (MSI)
Mitsui Sumitomo Insurance Company Limited is part of MS&AD Insurance Group Holding Inc, the largest Insurance group in Japan, with NPW of JPY 1,269 billion (INR 735 billion) at FY2011-2012. The company has wide international network of 878 facilities spanning 40 countries and regions, centered on the fast-growing Asian region. MS&AD Insurance Group Holdings, Inc was awarded the “General Insurance Company of the Year” award in 2011 at the 15th Asia Insurance Industry Award.