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.

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.

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.