Cholamandalam Health Insurance Benefits

Cholamandalam MS General Insurance Company is one of the largest public sector general insurance companies in India. It has built a strong reputation in the health insurance sector of India by providing comprehensive health insurance policies for individuals, families, seniors, critical illness patients, and so on. The company offers a variety of useful products for individuals and families, which can be renewed online.
The insurer also assists the policyholders in buying a health insurance plan without any hassle in a few minutes. Cholamandalam MS Health Insurance Company Limited offers a variety of policies that are designed to provide consumers with comprehensive coverage. AYUSH coverage, pre-hospitalization and post-hospitalisation coverage, pre-existing disease coverage, and so on are examples of these coverages. In addition to these, the insured members also acquire some added advantages such as cashless hospitalization, customer support, grace period option, lifelong renewability, portability, and so on.

Additional Benefit of Free Health Check up

Customers of Chola Health Insurance Company Limited are eligible for a free health check-up after two to three claim-free years, depending on the plan and variant. This advantage is incorporated into the maximum health products provided by the organisation.

Additional Protection over Employer Coverage

The insurance plan offered by the employer may not cover some ailments. As a result, with a proper health insurance policy from Cholamandalam MS, you can enhance your plan and benefit from additional protection.

Cashless Benefit

Health insurance policies offered by the Cholamandalam MS are framed to assist you in overcoming the stress pertaining to finance during a medical emergency. But, with policies that provide cashless benefits, one can easily avail cashless treatment at 7,000+ network hospitals across the nation.

Claim Settlement Ratio

The most significant reason to get a medical coverage plan is to guarantee that you will be paid for all or the maximum amount of medical expenses for which a claim must be filed and settled.Chola MS has a Claim Settlement Ratio of 56.25% for FY 2019-20. The claim settlement ratio changes from time to time.

Coverage against Medical Expenses

Chola MS General Insurance Company Limited offers comprehensive medical coverage plans that provide reasonable coverage against medical costs.Its policies usually provide the coverage for pre-hositalisation and post-hospitalisation costs, daycare procedures, ambulance charges, domiciliary hospitalisation charges, etc.

Incurred Claim Ratio

Incurred Claim Ratio is the rate of net claims settled and paid by the insurance providing company to the net premium collected. The Incurred Claim Ratio (ICR) for Chola MS for the year 2019-2020 was 40.67%. However, the ICR of the insurer keeps changing with time.

Tax Benefit

On buying the health insurance policies from Chola MS, the policyholders can enjoy tax-related benefits on the amount of premium paid as per the Section 80D of Income Tax Act, 1961.