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The insurance that bears the medical and surgical expenses of a person due to illness is known as health insurance. Costs of medicines, consultation fees, and other hospitalization expenses are all included in health insurance.
It is a financial cover that supports one from an unexpected expenditure. Considering the current change in lifestyle and health conditions health insurance plays a vital role in safeguarding your financials.
A Health insurance plan is a financial aid that helps us during any kind of medical assistance or hospitalization. These plans covers the actual amount spent as medical expenses upto the sum insured. These are called indemnity health insurance plans.
Flexi Health is, as the name suggests is a flexible Indemnity Health Cover that provides you the option of creating a personalized medical insurance policy. You can personalize it by selecting the sum insured, tenure of the policy, and the premium payment mode according to your wishes.
Restore and Recharge benefit
Flexible premium payment
The Aarogya Sanjeevani Plan is a Standard Health Indemnity Product by Chola MS. The plan lists numerous benefits that can be availed of by individuals as well as under a family floater.
No sublimits on AYUSH Benefit
Access to special medical treatments
The hospitalization plan is an inclusive policy to help you cover yourself, your spouse, as well as, your dependent children in a health insurance plan on a Floater Sum Insured basis. The plan can also be taken on as an individual; wherein, you can also cover as well as other relatives.
141 Day Care procedures
In health insurance, Topup plan will be an enhancement to your existing health insurance plan. These plans provide wider coverage at lower premium. This will be a perfect choice to increase the sum insured coverage of your health insurance at lower premium
This is a Top up plan that offers coverage to meet policyholder’s higher medical expenses, at a very low premium. The plan available both on Floater and Individual Sum Insured basis, ensures that the policyholder and his family his adequately covered during medical emergencies.
1. No pre policy check up till 55 years
2. 141 day care procedures covered
These plans pay you a lumpsum benefit as per the policy without for a predetermined or listed illnesses/ conditions. This is a fixed benefit product where there is no need of medical bills, only proof of disease identified and hospitalization is required.
This plan offers a daily allowance that is paid once for every 24 hour period for which the policyholder is hospitalizsed. The allowance is doubled for Intensive Care Unit treatments. Furthermore, an additional bonus is given if the hospitalizsation extends to more than 20 days.
1. Lumpsum benefit
2. Lifelong renewability
The Critical Illness Plan goes beyond a standard Health Insurance planby offeringthe policyholder a lumpsum payment if he is diagnosed with one of the critical illnesses mentioned in the policy. No proof of expense or hospitalization bills are required for claims.
1. 2X benefit for ICU hospitalization
2. No pre policy check up till 55 years
A Personal Accident policy assures financial stability in the unfortunate events of accident or injury and covers death, disabilities,etc. This plan provides an option to include spouse and dependent children also and offers coverage on a worldwide basis.
1. Comprehensive cover for all accident needs
2. Lifelong renewability
Most preferred by customers
Arogya Sanjeevani policy, Chola MS
Individual/Family floater Cover
Preexisting disease waiting period
Flexible payment option
AYUSH ( Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) treatment
You can take up an individual health insurance plan for yourself or any family member. Consultation fees, treatment costs, surgery expenses, daily expenses, hospitalization charges due to any illness or injury caused to the insured will be covered.
Being the perfect health insurance policy for the whole family, the premium cost herein is considerably low as compared to individual plans. The family floater policy covers you, your parents*, dependent children, and your spouse.
Treatments that take less than 24 hours are known as daycare treatments. Your health insurance policy with Chola MS offers financial aid for expenses incurred towards these daycare treatments.
The plan covers surgeries, doctor consultation fees, room rent, ICU expenses due to injury or illness, ambulances, and many more facilities. You may even avail of a cashless treatment if you are admitted to a network facility and meet the other authorization criteria for a claim.
Cost of therapies and consultation fees for the period of 30 days, which can also extend up to 60 days, before hospitalization due to the same injury or illness.
Cost of therapies and consultation fees for the period of 60 days, which can also extend up to 90 days, after hospitalization due to the same injury or illness.
Expenses incurred towards ayurved, Unani, Siddha, or homoeopathic treatments from a recognized institute or under an authorized doctor are included in your health insurance policy. These can include surgical and therapeutic procedures.
Chola MS health insurance policies grant allowance for extended hospitalization and child hospitalization under the extended hospitalization benefits of your Chola Healthline cover.
Health insurance covers the whole cost of organ donation and transplant surgeries.
Financial support if you stay at the hospital longer than you expected, known as recovery benefit, that can help you and your family meet miscellaneous expenses while you recover, are included in your health insurance cover.
Vaccinations are not covered in a health insurance policy unless part of the post-bite treatment process, like in rabies.
Sports injuries include the ones caused by sports or any other related adventure.
Injuries or illness caused due to acts of war. Wars, internal or external, can be unavoidable, but still, the cause is not covered in the health insurance plans. Injuries caused by any revolution, mutiny or martial law are not covered.
Injury gained while breaking any law or committing an immoral act is not covered under any health insurance policy.
Harming yourself deliberately is against the law, and insurance policies don't cover expenses for the treatment of such wounds.
Injuries caused due to taking part in defense operations such as Air Force, Army, or Navy operations, are not covered by the health insurance plans.
The cover for your Chola MS health insurance policy does not extend to venereal or sexually transmitted diseases.
These recreational surgeries are not covered by Chola MS General Insurance. Plastic surgery may or may not be covered if the insured is involved in an accident.
Several factors play a major role in choosing the right health insurance plan for you, but three things that are necessary to look at before selecting the right one can be the policy coverage, the ease of accessibility to the customer care, and network hospitals. Let us take a look into these by one to know better for ourselves.
This is one of the most important factors to consider before picking a health insurance policy. Carefully read through the offerings and see if there is any sub-limit for a disease or room rent. How comprehensive is the policy? The below pointers help understand the various benefits to look for while deciding on a policy:
● Room rent capping: This refers to a cap on room rent while the patient is hospitalized. With Chola MS Flexi Health Insurance policy, enjoy no room-rent caps* and avail the best of treatment for your loved ones. *For policies over ₹X lakh only
● Waiting period: This refers to the wait period before a policy’s coverage is applicable for people with certain health conditions like diabetes or blood pressure. Several players have a mandatory waiting period of 48 months. Chola MS Flexi health offers great advantage with just 36 months waiting period against such pre-defined conditions.
● Pre-policy health check-up: Some insurance policies have restrictions that mandate a pre-policy health check-up, even for those aged less than 50 years. It is important choose a policy such as the Flexi Health Insurance policy from Chola MS, that does not include such mandates, adding to the consumer’s charges.
You should plan and total the medical expenses spent on your family yearly to know the difference. This will help you a lot in deciding if the particular plan is good for you or not.
A health insurance cover is purchased to protect us during a challenging time. In the event of a family member being hospitalized, the policy holder is already juggling a few things and the last thing on his or her mind would be to reach out to the insurer and run pillar to post. Hence it is important to avail a policy from a service provider who is accessible at all times.
• With Chola MS, get 24 x 7 customer support from their virtual assistant Joshu!
• Reach the customer care number and get support on reimbursements sorted by filling a simple form
The network here refers to the network of doctors and health care providers that are specified by a certain insurance company. This network is the one where you are encouraged to go for your medical care and checkups required; the insurance company settles the bills directly with these. The higher the network of the hospitals covered, the easier it is locate a hospital of choice for one’s treatment. Chola MS has a vast network of 8000+ hospitals.
Usually, two major criteria are considered while checking if someone is eligible for a policy or not.
As Insurance providers, Chola MS requires you to be completely honest while disclosing your complete medical history. This usually consists of serious health issues like birth defects, any surgery you might have undergone, chronic or critical illnesses, etc. By disclosing this, we can help you find the right policy since all ailments are not covered in every plan. Usually, when someone aged 50 or above purchases a plan, he/she is expected to go through some medical tests before getting coverage.
There are now 1 day covers for children, while normally a child is covered from 3 months, or 90 days. The adult plan starts from 18 years and ends at 65. The senior citizen plan is usually from 60-65 and above. The plans, their coverage, and add-on covers keep on changing with the age of the insured, which is why disclosing your correct age is very important.
There are two ways in which these services can be obtained:
Here Chola MS takes care of all the hospitalization bills while maintaining direct contact with the hospital. But in this case, the insured should be hospitalized at only a network hospital to get the benefit of a cashless claim.
In this, the medical insurance policyholder incurs the hospitalization expenses in the hospital. The policyholder then requests reimbursement from Chola MS. This facility can be opted for at both network and Non-network hospitals.
This is when the policyholder knows about the hospitalization prior. Here's when he/she is required to inform the Chola MS a bit earlier as well. The whole authorization process will be done before the hospitalization in this case.
This type of hospitalization request is mainly needed during accidents or immediate hospitalization due to illness. Here, the family members are supposed to contact the health insurance provider, i.e Chola MS after the hospitalization of the policyholder. Then, the fully-filled authorization form should be submitted within 24 hours.
These are the main documents that are needed when filing a health insurance policy claim:
● The Chola MS health card of the individual
● Doctor's consultation papers
● Correctly and completely filled claim form
● Investigation and diagnosis report
● If any accident occurs, then MLC or FIR
● Any other relevant documents
Firstly, once you or your family member are admitted, you will have to inform the hospital administration that the patient is a policyholder with Chola MS General Insurance.
After this, you will have to produce your Chola MS insurance document along with the valid ID proof for verification and as proof of the policy.
Post verification of the policy details, the pre-authorization form will need to be submitted to Chola MS.
Chola MS will review the documents / information provided by the hospital and start processing the cashless approval keeping in mind the terms and conditions of the medical policy.
In some cases, Chola MS may hire a field doctor to conduct the authorization process at the hospital.
If eligible and approved for direct claim settlement, Chola MS will settle the claim with the hospital directly.
The patient will provide their insurance documents to the hospital, if it is a network hospital, they will contact Chola MS and ask for approval.
After paying the bill, you will have to fill out a claim form available in Chola MS website or contact our toll free number 1800 208 9100 and submit all the relevant documents to Chola MS to claim a reimbursement within 30 days from the date of discharge. You can share them through customercare@cholams.murugappa.com
In case of change in name, address or any other details in the policy, you can contact Chola MS for endorsement request. The request will be raised and the same changes will be updated in the policy.
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Garlic, often revered for its culinary and medicinal qualities, is more than just a flavorful addition to your meals. This humble bulb is packed with a range of health benefits that can enhance both heart and skin health. Incorporating garlic into your diet can lead to significant improvements in overall well-being. In this blog, we at Chola MS delve into the top ten garlic benefits that make it a powerhouse.
Masala chai, a spiced tea blend native to India, has gained worldwide popularity for its rich, robust flavor and its numerous health benefits. This aromatic beverage is more than just a treat for the senses; it’s a powerhouse of health-boosting ingredients. In this blog, we at Chola MSl explore masala chai's top five health benefits. Read on and see how it makes perfect addition to your daily routine. What Are the Health.
In our fast-paced lives, finding moments of tranquillity and self-care becomes essential for our overall well-being. Daily yoga practice offers a sanctuary away from the chaos, rejuvenating not just our bodies but also refreshing our minds and spirits. Committing to a daily yoga routine can truly revolutionise your health in countless enriching.
The monsoons in India are much awaited! The rains give relief to not just humans but plants and animals as well. But this much-needed break from the intense summer heat also brings with it some concerning challenges, such as an increase in waterborne diseases, mosquito-borne illnesses, and infection transmissions. It is important to stay healthy during the monsoon season which requires special care and proactive measures. That is why we at
The rainy season offers a refreshing escape from the scorching summer heat. But the rains also brings along some troublemakers with it - mosquitoes! These tiny little insects are notorious, posing a great threat to humans through their bites and the diseases they spread. In this blog, we at Chola MS suggest five easy and practical tips to help you avoid mosquito.
Mentha spicata, commonly known as Pudina, is an aromatic herb belonging to the mint family. Pudina is a versatile herb that extends far beyond its culinary uses. Its refreshing aroma and unique flavour have captivated people for centuries, but the true power of Pudina lies in its health benefits. Let us delve deeper to uncover the diverse health benefits of mint leaves and learn how this magical herb can contribute to your overall well-being. Top 6 Health.
Surya Namaskar, also known as Sun Salutation in English, is one of the most well-known and widely practised yoga asanas. This ancient yogic practice is the practice of honouring the sun, which is seen as a symbol of energy, life, and vitality in many cultures. It consists of a series of seven yoga poses performed in a specific 12-step sequence. UNDERSTANDING SURYA NAMASKAR FOR WEIGHT LOSS Surya Namaskar is highly recommended for weight loss because.
Maintaining optimal health requires a balanced intake of essential nutrients, among which Calcium plays a pivotal role. Calcium is one of the most important and abundant nutrients found in our bodies. We often hear about how it is responsible for strong bones and teeth, but in reality, most of the Calcium benefits are not known to many! The truth is, Calcium is a powerhouse nutrient, responsible for a lot of work behind the scenes. In this blog, we will explore the.
Our days have gotten busier. And for many of us these means our nights are not that restful either. We at Chola MS general insurance find that statistics indicate that fewer people are getting good quality sleep every night. Insomnia, characterised by difficulties in falling or staying asleep, affects countless individuals globally, wreaking havoc on their physical and mental health. Amidst a plethora of remedies or insomnia therapy, one natural solution stands out for its calming prowess.
In a world where hair loss and poor hair quality have become prevalent issues, the quest for remedies has led many to explore natural solutions. Among these, the incorporation of dry fruits into one's diet has emerged as a promising avenue for enhancing hair growth and improving overall hair quality through better nutrition. Hair loss affects a significant portion of the population, with statistics revealing alarming numbers, especially among young adults. Factors such as dandruff.
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Health insurance supports you strongly during your medical emergencies. A policy cover gives you a huge coverage along with covering the other added expenses. Buying a policy acts as an investment. And in today's time of rising prices, saving money paired with such a rewarding investment is ideal.
Having a health insurance policy also allows you to avail of a tax deduction on the premium paid. This greatly reduces your tax liability.
Moreover, a health insurance policy just acts as an additional cover and protection for you, allowing you to live freely.
2. What is meant by a free look period?A free look period, which is also a provision provided by the IRDA during which the potential policyholder checks the terms and conditions of a particular policy, and returns if they aren’t satisfied with it. Usually, this option is available during a specific period.
3. Can I get more than one health insurance policy?Yes! You most definitely can buy any amount of health insurance policies depending on your needs. By purchasing multiple ones, you build up a bigger cover for your benefit.
Usually, people purchase multiple ones but with a lower premium so that their costs become reduced and benefits get maximized.
4. What is a family health insurance policy?This is a policy where the policy owner's family is covered under a single premium policy and the fixed sum insured.
It can be customized based on personal needs and wants. Such a policy provides constant protection as well as financial stability to you and your family always.
5. Does having a health insurance policy provide any tax benefits?A health insurance plan usually should be a major part of your financial portfolio. Along with this, according to the Section 80D of the Income Tax Act, 1961, the amount of premium paid can be deductible from your calculated taxable income.
This own feature can help you save money and exempts you from paying a certain percentage of taxes, reducing tax liability.
1. What if I get admitted to a hospital that doesn't come under my policy, i.e. it is non-network?A network hospital is the one where the insured policy owners get medical services at a reduced rate. Therefore, the non-network hospital is the complete opposite of it. Suppose you get admitted to one such hospital; you first would have to pay the entire bill at the start. After your hospital stay and discharge, you'll have to submit all the documents, bills, and report to the insurance provider and then wait for it to be approved.
2. Is there any limit on the number of claims allowed per year?No, there's no such limit on the number of claims. However, with each claim that is raised and entertained, it'll just reduce the amount from the entire insurance policy sum.
3. What are the main documents in the case of a health insurance policy?Usually, the focus is upon the medical history of the individual. During the process of claim, there is a strong emphasis on the provision of all medical bills, documentation, and doctor's report.
4. What influences the premium amount?Several factors are taken into consideration, such as pre-existing medical condition, accurate family medical history, age of the insured, gender, profession, and lifestyle choices such as smoking, drinking, etc.
1. Does a medical insurance policy cover diagnostic expenses?Yes! A medical insurance policy covers almost all diagnostic expenses such as medical tests, X-rays, hospital stay, physician consultation, and all the intricate diagnostic costs throughout.
2. Does one get a cover for pre-existing or chronic illness?Usually, this depends on the insurer, but normally, the cover for pre-existing illness is provided after some time of the insurance term.
3. What doesn't get covered in health insurance?Service-wise, cosmetic procedures like plastic surgery, fertility treatments including abortion, off-label prescription drugs, pretty new technological medical procedures, war injuries, adventure sports injuries, self-inflicted injuries are some of the things that aren't covered.
The industry is trying to improve price transparency based on the fact that the insured won't involve himself with known knowledge of the cost.
4. Which add-on covers can be used to customize the policy?There are quite a few add-ons that you can consider, such as maternity cover, critical illness cover, room rent waiver, hospital cash, top-up cover, chosen/opted sum insured etc., it just depends on your need for you to choose one of them.
1. What is personal health insurance?This insurance can be purchased by the individual in question. It's a policy that protects an individual from unforeseen medical emergencies, and usually, the same individual pays for the premium of the policy. Usually, the ones who don't have an employer or government-run health coverage opt for this. But it is always advised to have another personal insurance ready for additional protection.
2. What are hospitalization expenses?Usually, these expenses are of several types, and the insurance provider gives coverage for each one. Firstly, the pre-hospitalization expenses contain the preliminary physician consultation fees, or maybe any tests as well. Once you get admitted to the hospital, there are those expenses that come up during your stay, i.e. room, bed, everything covering the hospital stay. With this, the policy also covers the post-hospitalization expenses, including medicines, follow-ups, and more.
3. What's the Claim Settlement Ratio?This ratio is the proportion of insurance claims paid by insurance providers during the financial year. It calculates a number for the number of claims provided/entertained by insurance providers against the value/number of claims filed. A higher claim settlement ratio gives surety that the medical losses of the insured will be borne by us as your insurance provider.
4. What is the medical claim process?This process when you get reimbursed for the medical bills' total amount by your insurer. This process involves filling out a claim form, collecting all medical bills as proof, and complying with the time limit. At the end of this, you will receive an EOB that will show intricate details of what exactly is being paid by the insurance provider.
5. What is a Cumulative Bonus?This bonus refers to the financial advantage you get if you do not make any policy claims in the course of one policy year. This is also to support and promote a healthy lifestyle wherein everyone is adequately health conscious.
6. What are cashless claims?Usually, there are two types in which an insured person may reimburse his/her medical bills. The basic technique is to submit the medical expenses' bills to the health insurance company and
settle the claim later on. This also means that the insured would have to pay the bills through his/her own money and get reimbursed by the insurance company later on.
Now, usually, every hospital has its list of network hospitals through which they provide the 'cashless claim benefit' service. Whilst purchasing your policy, you'll get to know which hospitals are networked.
So, if you go in for treatment in one of these hospitals, you'll get the opportunity of making a cashless claim. This means the hospital is in direct contact with the insurance company, and the latter will pay your medical bills directly to the former.
7. What are network hospitals?Network hospitals are those hospitals that tie-up with insurance companies to allow the availability of cashless benefits for the Insured individual whenever required. These network hospitals come under direct contact with the insurance providers to help the injured, insured person with the payment of medical expenses.
Usually, an insurance provider has a wide and extensive network of such hospitals to ensure availability and convenience for the insured. These hospitals are often called cashless network hospitals.
8. What are deductibles In the case of an insurance policy?Deductibles are an amount that the insured has to pay before the insurance company is liable to make the payment. An insurance company is supposed to pay only when the total amount is greater than the deductible.
So for example, if the deductible amount is ₹5000 and the claim is of ₹10000 only then the insurance company will be liable to pay the extra ₹5000.
Usually, policies having high deductible rates also have significantly lower premiums to be paid.
Such deductible clauses fight against the sum of the small claim, insured people make just based on having an insurance policy. So by preventing people from filing unnecessary claims for small amounts, the company also ensures a situation of giving a No Claim Bonus.
9. What are insurance policy add ons?Normally the insurance plan that one purchases includes some of the most important features based on the common needs. For example, in the case of a health insurance policy, there will be a cover related to accidents. But what will happen when there is a sudden urgent need for an increased insurance cover? In such cases instead of buying a whole new policy altogether, the insurance company has a feature of allowing the policyholder to add on some covers that will suit his needs in the current time. Usually, there are several options from which a policyholder can choose from. For example, there are addons related to maternity, personal accidents, hospital cash and many more.
10. What exactly is the insurance coverage?Insurance cover refers to the amount of liability that an insurer is covered through the insurance policy provided by the insurance company. This cover is presented to the policyholder to protect him/her in cases of unnatural and unfortunate medical losses. This amount of coverage is decided by the policies that are offered by the company and through the potential insurer’s customizations.
05 September 2024
Best health insurance policy
05 September 2024
Best company for health inusrance. I was thinking to buy or not first but my claim settlement process was very smooth and easy. thank you. I will definitely recommend Chola MS for health insurance.
Best health insurance policy. I was hesitant while taking policy but the way they have assisted during my claim is excellent. I would defenitely recommend this company.
Beacause of Piyush I have taken insurance. Good assistance
My friend recommended that I get another health insurance plan on top of the coverage offered by my employer because it’ll strengthen my financial coverage in case anything goes wrong. They said I should check out Chola MS because they have had a pleasant experience. I am happy I listened to them! Excellent customer service, easy purchase and impressive coverage for the premium. I got the Flexi health insurance.
28 February 2023
Chola MS health insurance has some great policies. I am very happy to have purchased their health insurance policy because they have a great network of cashless hospitals. There are several in my city, making the claims process extremely simple. When my wife had a minor accident, I had to do a lot at home, at work and at the hospital. It helped that their claims process was so simple and I did not have one majo.
28 February 2023
I was recommended Chola MS for my health insurance needs by my uncle. He explained his positive experience with the company and wanted me to get the best policy for myself. Overall, I have had a good experience so far with the company, the policy and the support services like customer care. The coverage is extensive, and there are so many plans for you to choose from, based on your budget, your medical history .
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The following is all the additional information that there is to Know more about health insurance policies to help you make an informed decision regarding yours.
The premium amount largely depends on how much payout you need, what your paying capacity for the insurance premium is, and the type of health insurance you choose. The following is a list of all the factors that play a key role in determining your premium amount.
The best way to get a low premium with the best benefits is to buy a health insurance plan at a young age for a long tenure. However, with the current lifestyle, this is changing. Still, older people are more susceptible to diseases than younger people. Therefore, as age goes up, so does the policy premium amount.
What and where your job is are factors that play a role in deciding your insurance premium amount. Now you may think it’s because of the salary you earn, but no. The real reason why Chola MS must know the nature of your job is to assess the health risks associated with it.
For example, for someone working at a construction site where there is a higher risk of being involved in an accident, the premium will be subsequently higher. Similarly, if you work in a corporate setup and are thus not exposed to potentially hazardous circumstances in your line of work, your insurance premium will be subsequently lower.
Your geographical location can also impact how susceptible you are to diseases. Certain places have conditions like lack of healthy eating options or climatic conditions that make people more likely to require medical assistance. Therefore, the medical insurance premium for people coming from such areas is kept higher as the risk to their health is higher.
The body mass index is derived from the weight and the height of a person and determines how healthy that person should be considered. People with high BMIs are found to be more likely to catch a disease. Furthermore, they are also more likely to need complicated or advanced treatments for the same ailment as people with lower BMIs.
Therefore, someone with a high body mass index is more likely to be responsible for a high hospital bill than a person with a lower body mass index. The result is a higher premium rate for the former and a lower one for the latter.
Your lifestyle choices like smoking cigarettes and drinking alcohol regularly can affect the premium amount for your health insurance policy just as they affect your health. The more such habits you indulge in, the more likely you will end up in need of medical care, and the higher your insurance premium must be in the face of that possibility.
Your medical history will inform your medical health insurance provider, i.e., Chola MS General Insurance, of any chronic illness you may suffer from or if there is any disease that your body is particularly prone to. The information will help us analyses the risk and determine your premium amount. If the underwriter determines based on your medical history that you are more likely to need medical care during the policy tenure, your premium will be higher than someone who is not.
The premium value determined for previously uninsured people is generally higher than those who were not insured. However, the difference between the two premium amounts is not too considerable and can be overlooked.
The type of medical insurance plans you opt for, of course, makes a substantial difference to how much your premium amount will be. Factors like whether the policy is for an individual or if it is a group insurance plan, whether the plan covers critical illnesses or not, or if it is a plan with everyday benefits make a world of difference to the premium amount to be paid.
The duration of your policy will be another major determining factor for the premium amount. The premium amount changes with the tenure of the policy. Health insurance policies have 1,2,or 3 years tenure. By choosing higher tenure policy you can avail long term discounts in the premium.
Coinsurance means that the insurance company pays a portion of the claim while you pay one too. Of course, the portion to be paid by the insurer is significantly bigger, but opting for coinsurance will have a significant impact on the premium amount. The premium will be much lower for people opting for a coinsurance plan.
Although most employers these days provide health cover as an additional benefit to their employees, it is sometimes found to be inadequate. Firstly, there are often constraints attached to such claims like only being eligible to receive the benefits when hospitalised overnight, etc.
Then, even when such a situation arises where you can avail of this health cover, the payout amount is usually the bare minimum, and there is a good chance that it will not cover the whole expense. Such a situation would be terrible for someone who does not have adequate savings as they will be stranded with a hefty medical bill to pay. Even those who do have savings will have a hard time as they will have to lose them.
Therefore, as your employer, especially in the private sector, provides a health cover that is not entirely reliable, it is highly recommended to buy another health insurance policy for yourself and your loved ones.
The current lifestyle is such where you have to run so fast to keep pace with the ever-growing and ever-moving world that it is extremely easy to forget to take care of your health. Insufficient nutrition and overdependence on tea and coffee are common among office employees. Add to this the growing abuse of alcohol and tobacco, and the result is young bodies growing old sooner than their time.
The growing population and adulteration further create new health issues as well as worsen the already existing ones. The stress of everyday life also adds to the problem and has a severe negative impact on physical and mental health. It is because of these reasons that healthcare is now as important as ever. However, it can be difficult to keep up with the medical expenses without appropriate medical health insurance.
Not only is health insurance an important component of financial planning because of its tax-saving aspect, but also because of the kind of investment it is. Investing in a health insurance policy premium today, especially if you take on a long-term policy early in life, can prove to be quite beneficial.
First of all, knowing that should something unfortunate happen, you have the financial interests of your family and yourself will lend you much-needed peace of mind. The growing medical expenses are a major cause of worry for a major percentile of the Indian population today as most households here fall in the middle class or BPL category. Savings cannot be fared with easily, and health insurance is something that has thus become a necessity instead of the luxury it was once seen as.
A health insurance plan is not only to cover your medical expenses but the benefits can also be extended to your immediate family. This can be done both directly, by taking on a policy in their name, and indirectly, by providing financial assistance for medical and other expenses should something befall you.
A medical insurance plan, in times like these, will provide a sense of security and help you rest and recover in peace, knowing that your family has a security blanket they can rely upon.
Alas, inflation in the country cannot even be expected to stop rising soon, let alone starting to decline. Hospital bills, as well as other expenses that need to be met when the breadwinner of the family is sick, are almost too much to bear for most families. Purchasing a health insurance plan will provide payment for the hefty medical bills and help lessen the stress of having a family member in the hospital.
You can choose your medical insurance policy according to the highest possible payout, whose premium fits your spending capacity to help fight the high expenses.
When you pay a premium for a health insurance plan purchase for yourself, your spouse, or your dependent parents and children, you can avail of a tax exemption. Section 80D of the Income Tax Act of 1961 allows for a reduction in tax on the grounds of the premium payments towards these policies.
The exact amount that you can avail of as a deduction can be easily calculated here, and this amount of this deduction is one of the factors you must consider before making a medical insurance purchase decision.
Choosing the best health insurance plan from a whole pyramid of options right now has become very tough and confusing. Although, while choosing a policy, there are many factors that you should keep an eye on- benefits, coverage, etc. You will, of course, want such a policy that will keep you as well as your loved ones safe during any medical emergency.
Firstly, you should always research the different types of medical plans that are offered. You can easily do the research online and compare the different plans. Along with this, you can even contact the Chola MS customer support.
To help you out with your preliminary research, here are some tricks and tips listed below:
You should choose a plan that offers maximum health coverage and coverage amount that will cover you during any medical emergency. Keeping in mind the rising economic inflation, healthcare expenses are rapidly increasing. It is also the reason why you will need a sufficient covered amount. Such an amount also provides financial security for, especially, middle-class families.
Select the correct coverageThere are several types of plans ranging from individual to family. Make sure to check the terms and conditions of each plan according to your needs. For example, an individual health plan will only cover your expenses, but a plan like the family floater one will cover your entire family. When you purchase a group plan, the premium that is supposed to be paid is also lesser, along with a high sum insured.
Look for policy's flexibilityGoing to the rising prices, the cost of living keeps on increasing regularly. Along with this, the cost of services also keeps on increasing. Therefore, you should always select a plan that offers flexibility to increase the total amount that you want to be insured for.
Check the pre-existing disease periodThe terms and conditions concerning pre-existing diseases vary according to the health insurance plan. Whilst purchasing a health plan, the claim that may be filed for the long-term or pre-existing illness is accepted after a certain waiting period only. You should always choose a health policy that has a lesser waiting period.
Check the renewal ageHealth insurance policy and its renewal is one of the most important aspects that should be considered while selecting a new health policy. Earlier, most insurance plans offered a renewal up to only 65 years. But after recent updates, many policies have extended this renewal period to be lifelong. You should select your plan depending on your needs and your family's health history.
Cashless hospitalsAlways check the number of cashless hospitals a specific health insurance provider is offering. The more, the better since you cannot predict where and when your accident/medical emergency may take place.
Check out the exclusions and add-onsOne of the most important factors. Always check about the exclusions in a health insurance policy concerning diseases, type of medical emergency, etc. Make sure to check the tiniest detail and technicality mentioned on the policy document. Along with this, also look for convenient and appropriate add-ons that you can opt for while customising your health insurance plan.
There are some myths situated in people's minds regarding insurance cover eligibility:
An insurance company will give you competitive rates if you are in absolutely good health. In case of Pre existing disease (PED), any issues due to the PED will be covered after specific number of years as per the product terms and conditions.
Moreover, in cases of partial disclosure, your claim might be dismissed by Chola MS.
Usually, it may seem that the insurance policy covers everything. But it doesn't cover the cost of consumables, and in some cases, it partially covers the rent of the room. These technicalities depend upon the policy conditions. But anything extra than this, say a surgery, is covered by Chola MS.
Normally after the due date passes, the company gives you a grace period of some weeks for you to be able to renew it in your own time. But it has to be noted that any medical conditions/injuries that might take place between the due date and renewal date won't get covered under the policy.
No, this doesn't make you ineligible but surely puts you at a much higher risk than that of a non-smoking person. Hence, in such cases, you may have to pay a higher premium amount, but you'll still get covered under a medical plan.
Up until some years ago, this was absolutely correct, but since then some plans have started covering pregnancy under their terms and conditions. Go through the detailed policy terms disclosed by Chola MS, and check for all your requirements before selecting a plan.
Even before it became a necessity due to the global pandemic, Chola MS embraced the digital era. We bring you all the features and benefits of an insurance policy with the convenience of online purchase. Some of the reasons why buying your health insurance online are better for you are listed below.
Online platforms are known to be more transparent and forthcoming with information about their operations than physical offices. One of the main reasons behind this belief is the ease of accessing this information that only an online platform can provide. In a physical office, the employees may not have the time or the capacity to remember and provide the information that you request.
On the other hand, an online platform can store unlimited information that can be accessed at any time from anywhere.
Since there are no constraints of time or geographical territory, buying your health insurance online is the most convenient option.
Even a person living abroad can buy a medical insurance plan online for their loved ones living in India in mere minutes with Chola MS.
As purchasing a health insurance plan online is not subject to being physically present at a particular place, there is no travel necessary, and not having to travel helps you save on expenses. Furthermore, there are generally better offers and discounts available on online platforms due to the better allocation of resources otherwise used in renting office space and tools and appointing middlemen.
The absence of middlemen means you do not have to pay a commission to anyone as you can connect with Chola MS directly because the detailed instructions present on the web portal eliminate the need for any mediator, and the result is affordable medical insurance.
Gone are the days when you had to take out precious time from your schedule to travel to an office and wait to talk to a representative. Buying a health insurance plan now is a matter of minutes. You can now buy medical insurance online during your lunch break while simply sitting at your desk. The time-saving aspect of online portals further adds to the cost-efficiency as well since you can better allocate the time you save for productive purposes.
Better access to information and exhaustive FAQ sections mean most issues and queries can be resolved without any interaction. However, for detailed discussions or unique questions where speaking with a representative is necessary, online platforms offer customer support services as well.
Locating the contact us section is extremely easy, then you can proceed with either the contact number given or send an email to the given address. And the responses are a lot more prompt and precise than you can get at a physical office. Furthermore, the AI customer support bot on the Chola MS website will help answer the simpler queries immediately.
The claim procedure is mentioned in detail on the web portal, along with other important details about each policy. Furthermore, these instructions for the claim filing process are extremely easy to follow. The easy claim process makes sure that you are not burdened with a stressful claim process on top of the medical mishap that has caused the need for a claim.
The transactions when purchasing a health insurance policy online are entirely cashless or paperless. Although there are provisions for physical paperwork to be sent for those who prefer the same, it is not necessary. At Chola MS General Insurance, your safety and well-being is always our priority. Hence, we offer completely remote transactions.
An online platform enables you to access multiple plans, read your way through concise and informative content, and make an informed decision. Health insurance has various subcategories, and this way, you can access all of them at once. This makes comparison extremely easy as the features of each plan are enumerated for your perusal.
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CIN :U66030TN2001PLC047977. IRDAI Registration Number 123
All Rights Reserved. Cholamandalam MS General Insurance Company Ltd. Insurance is the subject matter of solicitation. Reg office: 2nd Floor, "Dare House", No.2, NSC Bose Road, Chennai - 600001, India. IRDAI Registration Number : 123. Trade logo displayed above belongs to ‘CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED” and Mitsui Sumitomo Insurance Company Limited and used by Chola MS under license.
Important Message: By submitting your contact information on forms on our website, you agree to be contacted by our Customer Service Representatives.
The advertisement contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale.
CIN :U66030TN2001PLC047977. IRDAI Registration Number 123
All Rights Reserved. Cholamandalam MS General Insurance Company Ltd. Insurance is the subject matter of solicitation. Reg office: 2nd Floor, "Dare House", No.2, NSC Bose Road, Chennai - 600001, India. IRDAI Registration Number : 123. Trade logo displayed above belongs to ‘CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED” and Mitsui Sumitomo Insurance Company Limited and used by Chola MS under license.
Important Message: By submitting your contact information on forms on our website, you agree to be contacted by our Customer Service Representatives.
The advertisement contains only an indication of cover offered. For more details on risk factors, terms, conditions and exclusions, please read the sales brochure carefully before concluding a sale.
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