Cholamandalam MS General Insurance Company Ltd., a joint venture between Murugappa Group and Mitsui Sumitomo Insurance of Japan, has launched a complete car insurance protection plan. Christened Chola Protect 360, the value added insurance policy is designed to offer maximum coverage and service across the country.
Claimed to be the first of its kind product to offer complete car protection, Chola Protect 360 comes along with features such as nil depreciation, reinstatement value in case of total loss, daily allowance while the car is under repair, cover for loss of personal belongings and cover for loss of car key and driving licence. Also, the policy offers a host of services such as towing of vehicle from accident site, fuel delivery, battery jump-start and travelling expenses due to immobilisation or theft of vehicle. Cholamandalam MS has tied up with India Assistance, a subsidiary of Mapfre S.A., a top global name in the provision of roadside assistance service. The tie up with Mapfre will enable Chola Protect customers to access a host of services during emergency, using a toll-free number.
Chola Protect 360 is offered in four easy-to-pick plans – Optima, Superior, Elite and 360 – at affordable premium.
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Addressing a press conference here on Wednesday, Gopalarathnam, Managing Director, said Chola MS was hopeful of selling 100,000 Chola Protec 360 policies in the first year and 200,000 in the second year. Currently, motor insurance comprised 46 to 47 per cent of the company’s gross written premium. As of now, the company, he said, had sold two lakh private car and 1.5 lakh commercial vehicle policies.