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Insurance & Investment
Chola MS General Insurance
Features
 

Chola MS General Insurance

Cholamandalam MS General Insurance Company India Limited (Chola MS) is a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan.

In the true spirit of our partnership with Union Bank of India, Chola MS is happy to bring together a whole new range of general insurance policies that are exclusively crafted to cater to the needs of the esteemed customers of Union Bank of India.

Theses specialized offerings would provide special benefits to the bank’s valued customers. This is our way of showing how much we value the bank and your customers.

Our customized suite of product include the following:-

  • Chola Credit Linked Cancer Care Insurance
  • Group Personal Accident Insurance
  • Long Term Dwelling Insurance
  • Package Policies
  • Motor Insurance
 

Chola Group Credit Linked Cancer Care Insurance

 
 

Chola MS is happy to unveil a Unique Insurance Care to the Valued Customers of Union Bank of India. ‘Chola Group Credit Linked Cancer Care Insurance’ is a benefit product with distinctive features intending to cover the Borrowers/Co-Borrowers of the Bank in the age group of 18 years to 65 years. This product aims to cover high costs of prolonged cancer treatment/therapy.

 

Benefits Offered

Lumpsum Benefit at various stages of Cancer.

Benefit upto 150% of Sum Insured.

Long Term care of 5 Years

No Pre-acceptance Medical Checkup

Varied Sum Insured Options

Waiting period of just 120 days

Survival Period of only 7 days from the date of diagnosis.

 

Group Personal Accident Insurance Policy

 

Our exclusive Group Personal Accident Insurance policy for the privileged customers of Union Bank of India is available in 3 variants (Acci-Smart, Acci-Superior and Acci- Supreme) and is perfect in all respects to protect you and your better half from the risk of accidents and anxiety that comes along with an accident.

 
 

Who can take this plan?

 

Plan Name

Acci- Smart

Acci- Superior

Acci- Supreme

Who can be Covered?

Self

Self & Spouse

Sum Insured

Rs.5,00,000

Rs.10,00,000

Self Rs.5,00,000

Spouse Rs. 2,50,000

Policy Tenure

One Year

 

Age Criterion

Minimum Entry Age

18 Years

Maximum Entry Age

70 Years

Renewal Age

Lifelong

 

What are the benefits offered?

 

Benefits Offered

Basic Cover – Accidental Death Benefit

100% of Sum Insured

Basic Cover – Accidental Permanent Total Disability Benefit

100% of Sum Insured

Basic Cover – Accidental Permanent Partial Disability Benefit

Acci- Smart

Acci- Superior

Acci-Supreme

50% of SI

25% of SI

50% of SI

Accidental Medical Expenses Cover – ( For Self Only)

Up to Rs.25,000/-

Education Benefit Cover (For Self Only)

Up to Rs. 25,000/-

Ambulance Charges

Up to Rs.1000 per policy period

Cost of Transporting Mortal Remains

Up to Rs.6,000/-

Cremation Expenses

Up to Rs.5,000/-

Terrorism

Covered

 

Chola Long Term Insurance for Dwellings

 

It is an insurance covering financial loss following damage to the property by fire and other specified named perils. Buildingand contents – machinery, stock, furniture, fixtures, fittings, office equipment, property held in trust if specifically declaredat specified locations can be

 
 

covered in this insurance. The property may be of an individual or entity. Insurance cover can beprovided for dwellings, shops, offices, industrial risks & other manufacturing / commercial establishments.

 

Coverage is offered against losses due to the following perils:-


  • Fire
  • Lightning
  • Explosion/ Implosion
  • Aircraft Damage
  • Riot Strike & Malicious damage (also called RSMD clause)
  • Impact Damage by any rail/ road  vehicle or animal, other than owned vehicle/ animal
  • Missile testing operations
  • Bush fire
  • Subsidence & landslide including rockslide etc.
  • Bursting &/ or overflowing of water tanks, apparatus & pipes
  • Leakage from automatic sprinkler installations
  • On payment of additional premium coverage can be provided for the following:-
    • Earthquake fire & shock
    • Storm, cyclone, typhoon, hurricane, tornado, flood & inundation
    • Terrorism
 

The Chola MS Advantage:-

  • Land / UDS can be covered based on guideline value specified by Municipal authorities on payment of additional premium.
  • A simple rater for instant premium calculations available at the bank branches.
  • Instant quote is generated for all the proposals up to sum insured of 5 crores once the basic information (occupancy, risk location, and the sum insured) is entered.
  • Instant proposal form is auto generated when premium rater is completed and can be printed and signed by customer immediately
  • Fire insurance covers all the 14 perils indicated earlier (including the 3 on payment of additional premium).
  • For customer’s / bank’s convenience, a single premium rate based on concept of ‘one risk – one rate’ is applicable for all properties in an industrial / manufacturing complex.
  • Fire insurance is normally an annual insurance policy renewable every year. A long term policy can be issued for a period not less than 3 years to insure a premises used as dwellings (residence).
  • The maximum period of such an insurance shall be 25 years at any one time or till property insured reaches 50 years of age, whichever is earlier.
  • The full premium for entire period is collected at inception and a discount in premium is given for such a long term insurance.
 

Chola Package Policies

 
 

Package insurance policies combine multiple insurance products as sections and cover in one insurance. There are separate package insurance policies for offices, shops and enterprises. The salient features of Chola’s Package Policies are as follows:-

  • Comprehensive, convenient, one stop insurance solution.
  • Under-insurance up to 15% allowed
  • Unique package of covers bundled into a single offering
 

What is covered?

 

S. No.

Coverage

Shop

Office

Enterprise

1

Fire- Building Structure** (excl. Plinth & Foundation)

Yes

Yes

Yes

2

Fire- Contents

Yes

Yes

Yes

3

Burglary & house breaking

Yes

Yes

Yes

4

Money insurance

Yes

Yes

Yes

5

All Risks

No

Yes

Yes

6

Machinery breakdown

No

No

Yes

7

Electronic equipment (including laptops)

Yes

Yes

Yes

8

Fixed Plate glass

Yes

Yes

Yes

9

Neon sign / Glow sign

Yes

Yes

Yes

 

The Chola MS Advantage:-

  • A simple rater for instant premium calculations available at the bank branches.
  • Risks categorized in 3 segments like Enterprise Package, Shop Package and Office Package
  • Instant quote is generated for all the proposals up to sum insured of Rs.5 crores once the basic information (occupancy, risk location, and sum insured) is entered.
  • Instant proposal form is auto generated when premium rater is completed and can be printed and signed by customer immediately.
  • Cover is provided for loss of money relating to business / profession.
  • The unified premium calculator allows sum insured in each of the sections of package policy as follows:-

Fire Section

Maximum Sum Insured – Rs.5crores

Other sections

Sum Insured (in Rs.)

 

Minimum

Maximum

Burglary section sum insured

 Burglary SI is auto populated excluding the building

Money section

50,000

2,00,000

All risk section

50,000

10,00,000

Machinery breakdown section

50,000

10,00,000

Electronic equipment section

50,000

10,00,000

Plate glass section

50,000

2,00,000

Neon sign / glow sign board section

50,000

2,00,000

 

Motor Insurance

 
 

Insurance of motor vehicles plying on road is mandatory under the Motor Vehicles Act. All kinds of vehicles – private cars, goods carrying commercial vehicles, taxies & other passenger carrying commercial vehicles, tractors & other miscellaneous classes of vehicles can be insured under the motor insurance product.

 

What is covered?

Motor Insurance covers the unforeseen risks which may result in:-

  • Creation of Liabilities (called generically as Third Party Cover)
    • Injuries/ Death of persons outside or inside a vehicle. This could be the owner, passengers, driver, pedestrians etc.
    • Damage to property of others- also called as Third Party Property Damage
  • Financial losses
    • Partial damage to the vehicle itself. This may arise due to accidental external means, riot, strike, malicious act, fire, flood, cyclone etc.
    • Theft of parts or theft of the vehicle itself
    • Total loss/ damage of the vehicle
 

The Chola MS Advantage:-

  • Comprehensive insurance cover for all vehicle classes
  • Cashless facility at over 5000 garages
  • ISO certified Company for claims settlement
  • Loss Assessment primarily by our own employees- In house assessors
  • Bumper to bumper cover- Nil Depreciation cover at an affordable premium
  • Consumables cost covered at an affordable premium
  • Special roadside assistance service option provided
  • Seamless transfer of the ‘No claim discount’ benefit
 

For more information click here.

 

Disclaimer:

 

Participation by the Banks customer shall be purely on a voluntary basis. The contract of insurance is between the Insurer and the Insured; and not between the Bank and the Insured.

 
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