Chola MS General launches ‘Chola Swasth Parivar’ policy

The policy covers 141 day care procedures which require less than 24 hours hospitalization

October 28, 2013 4:19 IST | India Infoline News Service
Cholamandalam MS General Insurance, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group Japan, today announced the launch of its Chola Swasth Parivar Health Insurance Policy.

The family floater policy offers a combination of Health and Personal Accident covers at an affordable premium. The premium for a family of 4(2 Adults +2 Children) works out to Rs. 5005 for a sum insured of Rs. 3 lacs. The premium does not increase with age (upto 70 years) making it the only policy in the market to offer such a benefit.
A unique feature of Chola Swasth Parivar Policy is that there are no sub-limits for 30 days prior and 60 days post hospitalization expenses. The policy covers 141 day care procedures which require less than 24 hours hospitalization. The entry age for the policy is upto 65 years with medical checkup and upto 55 years without medical checkup. It offers Lifetime renewal and tax exemption under section 80(D) upto Rs.15,000.

Customers can choose from ‘Pearl’ and ‘Royale’ plan options for sum insured of up to Rs. 5 lacs. The Pearl Plan offers only Hospitalisation cover for a family of 4 and has 3 sum insured options. The Royale plan offers Hospitalisation and PA cover for a family of 4 with similar sum insured options.

Speaking on the occasion of the launch, Mr. S S Gopalarathnam, Managing Director, Chola MS, said, “Health Insurance is in growth phase in India with over 70% of healthcare expenses still borne by individuals. There is a need to offer comprehensive and innovative products that are affordable to the middle classes. I believe Chola Swasth Parivar is the best product in the market and will help us penetrate amongst the large sections of uninsured Indian population.”

The company has launched a multi-media campaign to promote its health insurance brand in the market. The T V campaign is currently on air and is being followed by Radio, Outdoor, Cinema and Digital campaigns. The commercial showcases that the company brings a very Indian empathy and the well-known Japanese service efficiency and an eye for detail.

The company also shared that the health insurance is the fastest growing category within the Insurance business and is poised to grow at 25% p.a over the next 5 years. It is estimated to be around Rs. 20,000 crore by 2020. The company is eyeing for capturing 4 to 5% share of this opportunity over the next 3-4 years. The company has launched a suite of 10 health insurance products and is also beefing up distribution.

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