Cholamandalam MS
A variety of insurance products are offered by Cholamandalam to suit the different individual needs and preferences of the customers. These include insurance products with respect to motor, travel, health, accident and home insurance. The company also caters to SME and corporate clients with customized solutions for insurance and risk consultancy, liability, property, liability, marine and miscellaneous.
Company History
The Chola MS General Insurance Company
was incorporated in the year 2001. The joint venture has over the years
focused its efforts at becoming a customer centric organization,
drawing its learning from the Murugappa Group experienced in the Indian
business arena. The global presence of the Mitsui Sumitomo Group has
further enabled the joint venture to implement advanced global
practices and serve its customers optimally.
Company Founder(s)
Murugappa Group
The Murugappa Group is the among the largest industrial business houses in India. The group’s business philosophy has evolved around the couplet from Arthashastra, an ancient Indian treatise on governance and wealth creation. “The fundamental principle of economic activity is that no man you transact with will lose, then you shall not.” Headquartered in Chennai, the group owns numerous companies operating in diverse sectors of the economy, 29 out of which are engaged in manufacturing activities across 13 states in India. Some of the market leading brands in India such as BSA, Hercules, Parrys Beta Carotene and Ajax are owned by the Murugappa Group.Owning such a large number of companies require a large workforce and thus, the group employs over 32,000 people across the country. Moreover, joint ventures with the leading global entities, such as Mitsui Sumitomo and Cargill, have helped the group establish itself as one of the leading business groups in the country.
Mitsui Sumitomo
The Mitsui Sumitomo Insurance Group, with its headquarter in Tokyo, is a faction of the largest business group in Japan, MS & AD, and has presence in 40 countries with 300 offices. In 2005, it was awarded the "General Insurance Company of the Year" in Singapore. Also, it received the 10th rank amongst the World's Most Admired Companies in the Property & Casualty Insurance field. The group has been highly active in the field of non-life insurance. The Group was formed as a result of the merger of Mitsui Marine & Fire Insurance Co. and Sumitomo Marine & Fire Insurance and is currently the third largest property insurance company in Japan. The group owns various companies operating in the area of non-life and life insurance, financial services and risk management business.Vision & Values
“To be the most respected company amongst General Insurers in India for our value creation to customers and shareholders.”
Mission
“To bring peace of mind to our clients by protecting them from financial risks.”Goal
“Grow GWP to RS2,000 crores and Operating PBT to RS150 crores by 2012-2014.”Management Team
The Cholamandalam functions with the
help of its highly energetic and proactive team of employees. This team
of employees is headed by a group of administrators who are
specialized in different fields of insurance such as retail, commercial
and reinsurance as well as finance, accounting and commerce. With
their dedication and efforts, the company has been able to create new
and higher benchmarks of customer satisfaction, fostering a rich and
vast clientele across the country. They have helped in designing
innovative insurance products that are ideal for the insurance
requirements of the customers.
- S. S. Gopalarathnam, Managing Director
- Tsuyoshi Yamane - Director
- Shivakumar Shankar - Senior Vice President (Retail Insurance)
- M. Subramanian - Senior Vice President (Commercial Insurance)
- V. Suryanarayanan - Senior Vice President (Finance)
- R. Chandrasekaran - Senior Vice President (Underwriting & Reinsurance)
- Sundar. V - Vice President (IT)
- Raymund Lobo - Vice President (HR)
- R. Suresh Senior Vice President - Claims
- Prabhakaran - Vice President (Operations)
Products & Services
The Cholamandalam provides a wide range
of products to suit the varying requirements of individuals, SME and
corporate clients. Its products are designed to offer optimum
satisfaction to clients in terms of service, convenience and benefits.
While the insurance products for individuals are designed for ideal
insurance coverage and effective assistance and guidance in case of an
accident or a mishap, the insurance products are customized according to
the concerns of the corporate clients and SME to provide them optimum
insurance benefits of the policy.
- Individual
- Motor
- Chola Protect
- Private Vehicles
- Commercial Vehicles
- Travel
- Health
- Personal Accident
- Home
- Retail Claims
- Corporate
- Health
- Fire
- Engineering projects
- Engineering operations
- Property Crime insurance
- Marine insurance
- Liability
- Corporate Claim
- Rural
- Health Insurance
- Personal Accident Insurance
- Critical illness Insurance
- Tractor / Commercial Vehicle / Motor / Farm Inputs Insurance
- Micro Insurance
- Combined / Composite Product Insurance
- Weather / Input Based Crop against Act Of God perils
- Cattle Insurance
Awards & Recognition
Over the years, the Cholamandalam has
gathered various awards across the country and established itself as a
high performance and highly efficient company focused at serving its
clients with suitable insurance products and designing new and improved
policies. It has posted a remarkable growth of 23% and is counted
among the fastest growing insurance companies in India. Some of the
awards won by Cholamandalam are as follows:
- Financial Insights Innovation Award for innovation in mobile enablement – Claims Survey Process in the Asian Insurance Congress held at Singapore in 2011
- Chola MS Risk Services was declared "Risk Manager of the Year" in the 11th Asian Insurance Industry Awards
- Award for “Outstanding performance in terms of in-time claim settlements under Rashtriya Swasthya Bima Yojana” by Ministry of Labour and Employment
Contact Details
Call Toll Free 24x7 - 1800-200-5544
E-mail: customercare@cholams.murugappa.com
SMS : "CHOLA" to 56677*
(*Premium SMS charges apply)
E-mail: customercare@cholams.murugappa.com
SMS : "CHOLA" to 56677*
(*Premium SMS charges apply)
Private Car Insurance
The private car Insurance policy offered by Cholamandalam is a comprehensive insurance cover that insures the policyholders and their vehicles for almost all the possible damages that are insurable. This includes the liability towards third party due to injury or damage to property, optional personal accident cover which can be extended to include named or unnamed passengers in the vehicle. Moreover, it covers the damages from various possible man-made or natural causes of damage to the vehicle.Some of the additional features are as follows:
- Daily Allowance: The comprehensive private car policy provides the policyholder a daily fixed allowance to meet the cost of hiring a car for a maximum of 5 days, while the owner’s vehicle is under repair at the garage. The daily allowance may range from Rs. 500 to Rs. 1,000.
- Reinstatement Value (Full Car Investment Security): To ensure maximum claim benefit to the policyholder, in case of a total loss or constructive total loss (75% damage), the policy compensates the complete amount or value of the car as per the vehicle invoice value and the depreciation on the repaired parts in case of a partial loss will be considered nil. The cost of vehicle registration and road tax is not considered in the benefit.
- Depreciation Waiver on Vehicle Parts: The depreciation charged on the replaced vehicle parts is waived and the age of the vehicle determines the amount of waiver.
- Cover for Personal Luggage Loss: The value of the personal luggage, if damaged along with the vehicle and locked inside during the accident is reimbursed by the company up to Rs. 10,000.
- Chola Assistance for Roadside Emergencies (CARE 24x7): Complete assistance is provided to a policyholder for situations such as fuel delivery and battery top-up or car breakdown assistance like flat tyre/on-site repair.
Third Party Personal Liability
The comprehensive private car policy includes the third party legal liability which is mandatory by the Motor Vehicle Act for every vehicle plying on the road. It provides unlimited coverage of liability to the third party due to accidental death or injury caused by the vehicle. Third Party Property Damage is also covered with compensation allowed up to Rs. 7,50,000 in case of private cars.Own Damage Cover
Own damage cover is also included in the comprehensive private car policy and insures the losses and damages to the car incurred by the policyholder owing to man-made or natural causes. Thus, all possible causes of damage or loss are covered by the policy some of which are as follows: Man-made causes: fire, explosion, lightning or self-ignition, housebreaking, burglary or theft, strike and riot, accidental external means, terrorist activity, malicious act and whilst in transit by rail, road, inland waterway, air or liftNatural Causes: earthquake (fire and shock damage), flood, storm, typhoon, hurricane, tempest, inundation, hailstorm and cyclone, landslide, rockslide
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