Comprehensive car insurance policy provides you with all the above benefits along with a complete peace of mind and sense of security. Not only does it cover your vehicle from accidents and losses but also from the damage done through natural calamities like earthquake, cyclones and floods. Our easy to buy online vehicle insurance policy ensures that your vehicle is in safe hands and your losses are covered in the most optimum manner.
Benefits
Here’s a look at the wide range of benefits you stand to gain when you choose Chola MS for your car insurance:
- Complete comprehensive cover that offers both Third Party Cover and Own Damage Cover
- Third Party Liability Cover that includes TP Personal Liability & Property Liability
- Personal Accident Cover for the owner, driver and passengers
- Protection for your vehicle against damage or loss due to accidental external means, theft, burglary and various other perils
- Discount on Own Damage (OD) premium for claim free policy years – No Claim Bonus
- Optional cover for personal accident of up to INR 2 lakhs for passengers in your car
- Cashless claims facility available at more than 3750 Chola MS preferred garages
- Seamless and hassle free claims process
- Facility to buy online car insurance through simple and hassle free procedures
- Quick and easy online insurance renewal process
What does it Cover
Chola MS Motor Insurance protects your vehicle against:
Third Party Personal Liability with unlimited coverage. The amount awarded by the court as your liability to a third party due to accidental death or injuries caused by your vehicle will be compensated for under the vehicle insurance policy.
- Third Party Property Damage with a maximum cover of INR 7,50,000, in case of private cars.
- Own Damage Cover protects against the loss due to:
- Fire, lightning, self-ignition or explosion
- Burglary, theft or housebreaking
- Strike or riot
- Earthquake (shock damage and fire)
- Flood, inundation, storm, tempest, typhoon, hurricane, Cyclone and Hailstorm
- Accidental external means
- Malicious acts
- Terrorist activity
- During transit by rail, road, inland waterway, air or lift
- Landslide and rockslide
- Personal Accident Cover with compensation for owner cum driver.
- LL to Paid Driver.
- PA cover for named & unnamed passengers, including spouse, children, parents, etc
- Legal liability towards employees arising out of an accident involving the insured vehicle.
Sum Insured
The Insured’s Declared Value (IDV) of the vehicle will be deemed to be the ‘Sum Insured,’ fixed at the commencement of each policy period for the insured vehicle. The IDV of the vehicle is fixed on the basis of the manufacturer’s listed selling price for the specific brand and model of the insured vehicle at the time of commencement of the insurance or renewal, and adjusted for depreciation.
The table below lists the schedule of age-wise depreciation, for fixing IDV.
| Age of the Vehicle | % of Depreciation for Fixing IDV |
|---|
| Not exceeding 6 months | 5% |
| Exceeding 6 months but not exceeding 1 year | 15% |
| Exceeding 1 year but not exceeding 2 years | 20% |
| Exceeding 2 years but not exceeding 3 years | 30% |
| Exceeding 3 years but not exceeding 4 years | 40% |
| Exceeding 4 years but not exceeding 5 years | 50% |
Key Benefits
Substantial Life Cover at affordable premiums-
- Under this plan, you can benefit from lower premiums if you are leading a healthier lifestyle. You will have to undergo a medical examination to purchase this plan.
- If you do not smoke or consume tobacco, you are offered preferential premium rates.
- If your medical evaluation turns out to be favorable as per our underwriting guidelines, you may be eligible for our Super Elite Premium Rates.
- We offer further premium discounts when you choose a sum assured of Rs. 5 Crores and above.
- Lower Premium rates are applicable for females.
Increased Sum Assured on maintaining healthy lifestyle-
During the policy term, we will offer you another chance to avail our Super Elite Premium Rates, in case you were eligible for these rates while applying for this policy.
On successful completion of 25 months of your policy, you can undergo medical tests at our cost. If your medical evaluation turns out to be favorable as per our underwriting guidelines, we will increase your policy sum assured. This increase will come to you at no addition premium amount and will be applicable from your 4th policy year onwards.
Option for Family Income Benefit of 5 or 10 years-
While applying for this plan, you can choose how you would like your nominee to receive policy payouts. There are 3 flexible pay-out options to choose from:
| Payout Option | How is the Payout Made? | Illustration: Sum Assured = Rs. 2 Crore |
|---|---|---|
| Option A: 100% Sum Assured | Rs. 2 Crore is paid as lump sum | Rs. 2 Crore is paid in a single pay-out |
| Option B: 50% of Sum Assured is paid as lump sum and 0.95% of Sum Assured is paid every month for 60 months | Rs. 1 crore as Lump sum + Rs. 1.9 lakhs every month for 60 months (5 years) | |
| Option C: Family Income Benefit (FIB) | 1.07% of Sum Assured is paid every month for 120 months (10 years) | Rs. 2.14 lakhs every month for 120 months (10 years) |
Option for policy term extension by 5 or 10 years-
You can choose to increase your policy term by 5 or 10 years by agreeing to pay a higher premium without any change in the premium payment term. This option is only available to regular pay policies at inception only.
