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Chola MS Family Health

Objective

An offline health insurance policy designed to cover a family on a floater sum insured basis where a single sum insured can be shared or utilized by any of the insured family members.

Our View

A health insurance policy for those looking to cover family under a single sum insured. A major drawback is that this policy can be renewed only up to 69 years of age. When the policyholder outlives maximum policy renewal term, he will have to purchase a new policy at an age where either insurers are not willing to insure a high risk life or they demand very high premiums with lots of exclusions and conditions. Policies offering lifelong renewal option must be preferred.

Suited for

It can cover up to two adults and three kids under a single policy.

What does it do?

Besides hospitalisation expenses, it covers pre and post hospitalisation expenses and ambulance charges and day care treatment for illnesses where overnight stay is not required. It also pays for crutches, wheelchair and other external aids if it is related to the illness for which claim has been accepted by the insurer. A pre-specified daily benefit is paid in case of hospitalisation as an inpatient and nursing care taken at home. It also offers a special reminder service known as Chola Wellness Health Alert Services (CWHAS) so that policyholders don't miss on important tasks such as payment of premium on time.

Pros

There are no sub-limits under hospitalisation benefit.

It pays a no claim bonus on an annual basis.

Chola Wellness Health Alert Services will prevent missing on important events.

Policy premium qualifies for taxation benefit under section 80D of Income Tax Act.

Cons

Lower maximum age of entry.

It does not provide lifetime renewal option.

Eligibility

Entry Age (years)

Maximum
45
Maximum Policy Renewal Age (years)
69
Coverage Type
Family floater

Sum Insured (Rs)

Maximum
5 lakh
Minimum
2 lakh
Policy Term (years)
1
No Claim Bonus
5% of Sum Insured for each claim free year
Grace Period for Policy Renewal
15 days
Policy Termination
Insurer can terminate this policy after giving a 30 days notice. Proposer can also put off the policy by giving a 7 days notice period. If no claim has been made, insurer will return premium on a pro-rata basis

Customer Service

Address
Registered Office:Cholamandalam MS,
General Insurance
Company Ltd,
2nd Floor, "Dare House",
No.2, NSC Bose Road,
Chennai - 600001, India
Mail to
[email protected]
Call to
044-3044 5400, 1800-200-5544 (Toll Free)
SMS
SMS "CHOLA" to 56677
Network Hospitals
Http://www.cholainsurance.com/nwhosp/

Additions to the Plan

Scope Of Cover
Sum Insured (In Rs.)
5 lakh4 lakh3 lakh2 lakh
Cashless facilityavailable at network hospital
Reimbursement facilityavailable if treatment taken in an non-network hospital. Policyholder will have to bear 10% of the expenses in such a case
Pre and post hospitalisationcovered from 60 days prior to hospitalisation and upto 90 days after discharge from hospital
Inpatient hospitalisationcovered
Room rent per dayupto Rs3000upto Rs2500upto Rs2000upto Rs 1500
Day Care Procedures141 in number are covered
Emergency ambulancecovered upto Rs 1000 per policy year
External aidscovers Abdominal belts and Trusses (used post-hernia and related surgeries), Belts for prolapsed Inter-vertebral Disc, Artificial limbs, Crutches and Wheel-chair for maximum upto Rs 10000
Home nursing care allowance daily benefitupto Rs 300upto Rs 300upto Rs 200upto Rs 200
Hospital daily allowanceupto Rs 500 per day for 14 daysupto Rs 400 per day for 10 daysupto Rs 300 per day for 7 daysupto Rs 200 per day for 7 days
Exclusions and Waiting Period
Pre-existing diseasesnot covered upto 48 months of continuous coverage from first policy year
No claim Period30 days from commencement of the policy
Waiting period1 year for certain illnesses such as hernia, cataract, sinusitis etc.
Other exclusionsdental treatment, HIV/aids and related conditions

Cost Details

Annual Premium
Age of eldest family member (in years)Sum Insured (in Rs)
2 Lakhs3 Lakhs4 Lakhs5 Lakhs
2 Adults
18 - 35 4745659381099227
36 - 45 53307485931710376
2 Adults + 1 Child
18 - 35 55197668943010731
36 - 45620187041083712069
2 Adults + 2 Children
18 - 35629887421075712236
36 - 457405103921293314400
2 Adults + 3 Children
18 - 35707198221207913745
36 - 458313116651452916174
1 Adult + 1 Child
18 - 35 4648645979429038
36 - 4552237334913010166
1 Adult + 2 Children
18 - 3554227534926910543
36 - 45609485541065011859
1 Adult + 3 Children
18 - 35620186081059012047
36 - 457286102311273514180
Premium rates are exclusive of tax and cess