Chola MS launches new Chola Family Floater Healthline Policy
Comprehensive coverage for a Young and growing Family with unique features like Ayurveda

 

Chennai, January 25, 2012 : Cholamandalam MS General Insurance Company Limited, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group Japan, today announced the launch of Chola Family Floater Health line Insurance Policy, which offers comprehensive hospitalization coverage for young and growing families.

Some of the key features of Chola Family Healthline are – Age of Entry upto 65 yrs, Renewal till lifetime of the customer, No medical check-up upto 55 yrs. This policy offers cover for self, Spouse and upto 3 dependent children under one floater Sum insured. Policy for parents can also be bought separately. The premium paid for Chola Family Healthline Policy is eligible for tax exemption up to Rs 20,000 under section 80(D) of Income tax act. 

In addition to the regular hospitalization coverage Family Healthline offers a host of benefits like Maternity cover, Ayurvedic treatment cover, OPD dental, OPD Eye care and daily cash, which are bundled into 3 plan options – Standard, Superior and Advanced. Family
Healthline offers a variety of Family sizes and Sum insured ranging from Rs 2 Lakhs to Rs 15 Lakhs. The premium for the family would depend on the Family size, Age of senior most member and Sum insured chosen.

Speaking on the occasion of the launch, Mr. S S Gopalarathnam, Managing Director, Chola MS, said, “I feel very pleased to launch Chola Family Healthline that provides financial freedom from hospitalization as well as OPD expenses for young and growing families with a floater sum insured option. It offers the best of both worlds as it covers both Allopathic and Ayurvedic treatments”.

The company recently crossed a milestone of Rs. 1000 crores of Gross Written Premium (GWP) during the first three quarters of the current financial year registering a growth of 40% over the same period of 2010-11. This is the first time that the company has crossed this mark in its 9 year history. The company is targeting a GWP of around Rs. 1350 crores during the current financial year.

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.