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Traveling abroad for studies? Get an Overseas Student Travel Insurance
Cholamandalam MS General Insurance (Chola MS) introduces Overseas Student Travel Insurance.
BY OUR BUSINESS CORRESPONDENT
18 August, 2005: (Business Wire India) Cholamandalam MS General Insurance (Chola MS), a Chennai-based joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group of Japan has today announced the launch of its Overseas Student Travel Insurance policy.
Chola MS Overseas Student Travel Insurance provides insurance coverage as required by foreign university norms, with options of special add-on medical cover and extension of the first year initial coverage to the second year. Available in Indian Rupees, the Overseas Student Travel also provides door-to door coverage for Personal Accident, from residence to international airport and back.
Key benefits of the product include cashless settlement of hospitalisation claims abroad and definition of a new geographical scope – Asia Pacific (excl. Japan) - as a result of which, travel cover to say Australia or Singapore is now more competitive in price, as against the industry practice of charging a price applicable for the European category for these destinations.
Mr. Arun Agarwal, Managing Director, Cholamandalam MS General Insurance says, “With the number of Indian students traveling abroad for higher studies constantly increasing, there is a growing demand for insurance protection overseas for these students. Our Overseas Student Travel Insurance product comes with well-researched benefits that cater to the specific insurance needs of Indian students studying abroad. Our definite value-for-money proposition ensures that students are covered not only for their travel but also for their entire stay for studies abroad. Since the product can be purchased in India in Indian Rupees, customers enjoy a clear cost advantage.”
“Our Overseas Student Travel Insurance further strengthens Chola MS’ travel portfolio and reinforces our commitment to innovate products in line with the emerging needs of the contemporary traveller,” he added.
To accommodate the stringent insurance requirements of foreign universities, the Chola MS Overseas Student Travel Insurance covers treatment of mental/nervous disorders including alcoholism/drug dependency, in-patient medical expenses related to pregnancy, medical expenses for inter college sports injuries and cancer screening and mammographic examinations under its ‘Platinum’ Plan. These benefits are a first-of-its-kind in India.
The product also offers the cost effective ‘Silver’ Plan and the comprehensive ‘Gold’ Plan that covers bail bond, study interruption and sponsor protection.
Chola MS also offers a range of other personal line insurance products like Home Insurance, Health Insurance and Personal Accident Insurance. These products are available through a wide network of over 1500 agents and 17 Chola MS offices across India. The Company assures its customers simple procedures and smooth claim processes that enable quick settlement. Since inception in October 2002, Chola MS has issued more than 6 lakh policies.
Cholamandalam MS General Insurance Company (Chola MS) is a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Group, Japan. Mitsui Sumitomo is the second largest Insurance Group in Japan, with a Net Written Premium (NWP) of 12.98 billion USD in 2004.
BY OUR BUSINESS CORRESPONDENT
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