Chola MS Family Healthline- Advanced

Objective

An online health insurance policy that aims to cover a family of up to two adults and three children under a single policy for a maximum sum insured of 15 lakh.

Suited for

It is suitable for a young and growing family.

What does it do?

This is the third variant of Family Healthline policy. It offers a family floater cover where Sum Insured can be utilized by any of the insured members. It covers hospitalisation expenses for treatment taken as an inpatient, day care procedures, emergency ambulance, pre and post hospitalisation expenses and also provides a daily cash amount for choosing shared accommodation. In addition to these benefits, the policy pays for domiciliary treatment i.e, treatment taken at home, maternity expenses and a daily cash amount in event of an insured minor being hospitalized. Insurer further widens the coverage by including OPD dental treatment, ayurvedic treatment and external aids such as contact lenses, spectacles etc. This policy comes with a co-payment clause whereby, policyholder will need to pay 10 per cent of admissible claim each time except in case of treatments which already contain a co-pay clause specific to them. Co-pay clause can be waived by paying additional premium. Policyholder may also avail reminder or alert facility known as Chola Wellness Health Alert Services (CWHAS) from insurer by paying an additional premium.

Pros

It pays a bonus for every claim-free year on an annual basis.
It allows lifelong renewal.
Chola Wellness Health Alert Services will prevent missing on important events.
It provides an option to waive off the co-payment clause.
It is available online for purchase.
Policy premium qualifies for taxation benefit under section 80D of Income Tax Act.

Cons

The co-payment clause requires policyholder to pay 10 per cent of the admissible claim.
There is a cap on room rent, boarding and nursing expenses.
No-claim bonus will be reversed by 10 per cent in the event of any claim.

Our View

A comprehensive policy meant for young and a growing family that allows lifetime renewal. Co-payment clause acts as a limitation. Check the additional premiums required to waive Co-pay clause. Try to avoid such clauses if you are young an healthy. It also caps room rent and boarding expenses which is another deterrent.