Cholamandalam MS General Insurance Company Limited, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Japan, on Tuesday announced the launch of Chola Tax Plus Healthline Insurance Policy.
The policy offers coverage under two sections, namely Hospitalisation and Out Patient Department (OPD) Treatments.
The policy also offers full Tax Benefit of upto Rs.35000 under Sec 80(D).
The Hospitalisation section works like a regular Indemnity Health Insurance policy covering Hospitalisation due to all illnesses , 60 days pre and 90 days post-Hospitalisation expenses, Ambulance expense, Organ donor treatment expense and 141 Day care procedures that does not require 24 hrs hospitalisation - one of the largest offered by any general insurance company in India.
The OPD section covers all expenses incurred on healthcare like doctor's fee, vaccines, spectacles, dental expenses, medicines taken as an outpatient.
Treatments taken in alternate streams like Ayurveda, Homeopathy e.t.c are also covered for claiming benefits under this section.
Chola Tax Plus Healthline also offers the broadest tax savings under any health policy.
One can avail tax exemption of upto Rs.35000 on his premium under Sec 80(D) with Rs.15000 towards premium for self, spouse and children and an additional Rs.20000 towards premium for parents over 60 yrs of age.
This policy can be bought for self and dependents including parents. It is available as an Individual or a Family floater cover. The maximum entry age for this policy is 65 yrs and it can be renewed lifelong.
Speaking on the occasion, S S Gopalarathnam, Managing Director, Chola MS, said, "Day to day medical expenses like doctors consultation, lab tests, regular check-ups form a significant part of a family's typical health care expenditure. This policy not only reimburses OPD expenses but also provide Hospitalisation coverage for all illnesses."
"The timing of launch is just right as a lot of people would like to plan for their income tax investments during this period.
"Customer can avail tax exemption of upto Rs.35000 on his premium under Sec 80(D) with Rs.15000 towards premium for self, spouse and children and an additional Rs.20000 towards premium for parents over 60 yrs of age," said Gopalarathnam.