Health Insurance

Health Insurance plans

Chola MS Flexi Health Supreme (Plus)

Name: Chola MS Flexi Health Supreme (Plus)
Brand: Cholamandalam MS General Insurance Company Limited

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Introduction Verdict Pro’s & Cons Specific Exclusions About Insurer Detailed Ratings

Introduction to Chola MS Flexi Health Supreme (Plus)

Chola MS Flexi Health Supreme (Plus) is a health insurance policy offered by Cholamandalam MS General Insurance Company Limited. A health insurance policy acts as a protective shield for savings and healthcare, so you and your family can live a happy, fulfilling life. With the Chola MS Flexi Health Supreme (Plus) Plan, you can have peace of mind knowing that you and your loved ones will have access to the required medical care without worrying about the financial burden of unexpected medical expenses.

Verdict: Chola MS Flexi Health Supreme (Plus)

This plan is cost-effective compared to other products in the market. Besides hospitalization and related expenses, it also covers cost of consumables like masks, gloves, and so on. However, there is no option to pay the premium on a monthly basis. Further, according to our research, the insurer has received fewer complaints related to policy purchases but a higher number of claim settlement complaints. This suggests that the insurer has a strong track record in terms of purchase experience but a poor track record in terms of claims service.

Pros & Cons: Chola MS Flexi Health Supreme (Plus)

Cheaper than other products in the market
No restrictions on the type of hospital room you choose
Covers non-medical expenses or the cost of consumables such as gloves, oxygen masks, nebulization kits, etc.
Received fewer complaints during policy purchase compared to other insurers

Received higher number of complaints on claim settlement compared to other insurers
Our study observed their responses on Twitter to be relatively slower than other insurers

Specific Exclusions: Chola MS Flexi Health Supreme (Plus)

01 Injury or disease due to war, invasion, act of foreign enemy, and warlike operations

02 Treatment related to intentional self inflicted Injury or attempted suicide by any means

03 Injury or illness directly or indirectly due to nuclear emissions

04 Travel and transportation costs including ambulance charges

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About Cholamandalam MS General Insurance Company Limited

Cholamandalam MS General Insurance Company Limited is a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. It offers a wide range of insurance products like motor insurance, health insurance, property insurance, accident insurance, liability insurance, marine insurance, travel insurance, crop insurance, etc. for individuals and corporates. It was founded in 2001 and is headquartered in Chennai, Tamil Nadu. V. Suryanarayanan is the company's CEO and MD.

Founded in

2001

JV Partners

Murugappa Group and Mitsui Sumitomo Insurance Company Limited

Turnover (GWP)

184.46 Crores

Number of Policies

39,86,738

Number of Claims

1,55,103

Detailed Product Specs: Chola MS Flexi Health Supreme (Plus)

Claims Experience advisor

Customer Service advisor

Product Benefits (10L Sum Insured) advisor

Limits and Exclusions advisor

% of claims settled in less than 30 days

Reflects on the speed of settling valid claims

99.70%

% of Complaints received on overall claims

% customers unhappy with claims experience

0.19%

Claims Incurred Ratio

64.28%

Claim Settlement Ratio (No. of claims)

What % of the claims received were paid?

52.50%

No. of Cashless Hospitals

10,500+

Notes

1- The health insurance data was last updated in September 2023. All data has been sourced from product brochures, policy wordings, prospectus, public disclosures (Q1, FY 2023-2024), insurer websites, and the IRDAI website.

2- The Claims Settlement Ratio data is taken from NL-37, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the number of claims settled by the sum of claims outstanding at the beginning of the year and claims reported during the year.

3- The data related to claim complaints and policy purchase complaints is taken from NL-45, insurer public disclosures (Q1, FY 2023-2024).

4- The Solvency Ratio data is taken from NL-26, insurer public disclosures (Q1, FY 2023-2024).

5- The data related to claims settled within 30 days is taken from NL-39, insurer public disclosures (Q1, FY 2023-2024).

6- The Claims Incurred Ratio data is taken from NL-4 and NL-5, insurer public disclosures (Q1, FY 2023-2024). It is calculated by dividing the Net Claims Incurred by the Net Earned Premium.

7- For now, we have considered the most comprehensive plans from leading insurance companies. We will keep updating the product pages with new plans in the coming days.

8- We have rated only those plans that can be serviced by individual advisors. This is because of our strong belief that health insurance customers need professional assistance from individual advisors before and after purchase. We do not recommend and hence do not rate direct-to-customer health insurance plans or plans where there aren't enough advisors available to service.

9- Affordability assessment of plans:

・The affordability of comprehensive plans is assessed using premiums for a family of two adults (30 years old) and one child (1 year old) residing in Zone 1 opting for a cover of ₹10 Lakhs. And, the premiums are as of 30th September 2023.

・The affordability of Care Freedom Plan is assessed using premiums for a 30-year-old male residing in Zone 1 opting for a cover of ₹5 Lakhs. And, the premiums are as of 30th September 2023.

10- The product benefits section is based on a sum insured of ₹10 Lakhs and only highlights the top benefits and features of health insurance plans.

11- Only those hidden and special conditions that apply to the benefits and features we have considered are included on the product pages.

12- The product pages only include the most significant specific exclusions under each plan.

13- The product pages do not include any generic terms, conditions, or exclusions (those that are the same and apply to all health insurance plans).

14- If the policy wording, brochure, or prospectus states that a benefit/feature is available with a specific plan but it is not available online when generating the premium quote, we have not considered that benefit/feature to be available with the plan.

15- The response time on Twitter (Beta) was calculated using a sample set of tweets from February 2023 to August 2023 (analyzed in September 2023).

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