Cholamandalam MS General Insurance Company Limited, a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Japan, today 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 up to 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.
Upside:
It will appeal to individuals whose main aim is to make the most of tax benefits under section 80D and get reimbursement for expenses incurred on consultation, dental treatment etc. Also, there are no sub-limits on admissible OPD expenses.
Downside:
The additional premium paid on these policies could equal the actual OPD expenses incurred during some years, defeating the purpose of buying such a policy. Instead, parking the additional amount in short-term FDs or liquid funds might work out to be a better idea.
To know premium features and other details download Chola Tax Plus Healthline Brochure