Chola MS launches critical illness policy,
Chola Critical Healthline

Pays lump sum on diagnosis, no need for hospitalization bills

 

Chennai, October1, 2011: Cholamandalam MS General Insurance Company Limited, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group Japan, today announced the launch of its Chola Critical Health line Policy, which provides for a lump-sum amount on being diagnosed with any of the named critical illnesses. The claimed amount can then be used by the policyholder for any purpose.

Some of the key features of Chola Critical Healthline are – Entry upto 65 yrs, No medical check-up upto 55 yrs, Lifetime renewal facility. This policy does not require any proof of hospitalization or even treatment. The claim will be settled basis the proof of diagnosis of a critical illness and the necessary survival period. The premium paid for Chola Critical Healthline Policy is eligible for tax exemption up to Rs 20,000 under section 80(D) of Income tax act.

Customers can choose from 2 plan options for sum insured of up to Rs. 10 lacs. The Standard Plan covers 10 critical illnesses and the Advanced Plan covers 12 critical illness plus ambulance charges up to Rs 1000. The list of diseases covered under the policy are Cancer, Stroke, First heart attack, Open Chest CABG, Kidney Failure, Major Organ / Bone Marrow Transplant, Primary Pulmonary Hypertension, Surgery of Aorta, Multiple sclerosis, Parkinson’s Disease and Motor Neuron Disease.

Chola Critical Healthline can be bought independently or as an additional cover over any other Health Insurance policy including employer provided Group Health cover. In such a case the claim can be settled under both the policies.

Speaking on the occasion of the launch, Mr. S S Gopalarathnam, Managing Director, Chola MS, said, “Today’s living environment combined with stressful schedules and sedentary lifestyle has considerably lowered the age when critical illnesses like Cancer, Heart Attack e.t.c strike. Galloping healthcare costs have made it imperative to have a comprehensive health insurance cover that facilitates access to quality healthcare simultaneously easing a potentially huge financial burden off one’s shoulders. I feel very pleased to launch our new product offering Chola Critical Healthline that provides optimum personal protection in a single policy, at an affordable price”.

About Cholamandalam MS General Insurance Company (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 Rs. 968 crores in 2010-11. The company has 113 branches and over 7500 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 the best insurance company for “In time Claims Settlement for the year 2010-11” in the Rashtriya Swasthya Bima Yojana(RSBY) scheme run by the Ministry of Labour & Employment, Government of India. Also recently 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. Visit www.cholainsurance.com for more information about the company and its products.

About Murugappa Group

Founded in 1900, the Rs. 17051 Crores (USD 3.8 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including eight listed Companies actively 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., Tube Investments of India Ltd., and Wendt (India) Ltd.

Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo and Morgan Crucible. The Group has a wide geographical presence panning 13 states in India and 5 continents.

Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, 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 (MSI)

Mitsui Sumitomo is part of MS&AD, the largest Insurance group in Japan, with an Ordinary Income (NPW) of $30.59 billion at FY2010-2011. The company has international network of 320 facilities spanning 42 countries and regions, centered on the fast-growing Asian region. Mitsui Sumitomo Insurance Co. Ltd was awarded the “General Insurance Company of the Year” award in 2005 at the 9th Asia Insurance Industry Award ceremony held in Singapore. This has been awarded to MSI for being the most active non-life insurance company and for reaching the top of the foreign non-life insurers in the region. MSI was also awarded the 10th Rank among the world’s Most Admired Companies in the Property and Casualty Insurance field.

For further information, please contact

Ogilvy Public Relations Worldwide
Vinod Kumar / Diya Kinger
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