A Claim Settlement Ratio (CSR) refers to the number of claims a particular insurance company has settled in comparison with the number of claim requests they received under a given year. The Cholamandalam MS Health Insurance claim settlement ratio currently rests at 94%.
This indicates that Chola MS Health Insurance claim settlement processes are closed promptly and with resolution. Moreover, this also signifies the trustworthiness, credibility, and reliability of the Cholamandalam MS General Insurance Co. Ltd. They offer various claim filing modes along with cashless and reimbursement claim settlement methods.
Cholamandalam MS Health Insurance Claim Settlement Ratio
Given below is the Cholamandalam Health Insurance claim settlement ratio.
Insurer |
Claim Settlement Ratio |
Premium Price |
Cholamandalam MS General Insurance Company Ltd. |
94% |
₹420/month (excl. GST) |
How Does the Cholamandalam MS Health Insurance Claim Settlement Ratio Benefit Policyholders?
The claim settlement ratio of an insurance company can heavily impact your consumer experience. Hence, the Cholamandalam MS Health Insurance claim settlement ratio can be a crucial determinant of the insurance company’s efficiency and promptness in response to genuine claims.
1. Quick Claim Settlement
When it comes to Cholamandalam MS Health Insurance, you can rest assured knowing that your claim settlement process will be prompt. After all, time is a precious commodity in times of a medical emergency and Chola MS Health Insurance understands that thoroughly.
2. Trustworthy Insurance Company
Honing a compassion and commitment towards financially supporting you in times of dire need, Chola MS Health Insurance can be trusted as a general insurance company. You can rest assured knowing that they will carry with you the weight of unforeseen medical expenses.
3. Smooth Claim Process
The beauty of insurance digitisation not only lies in decreasing the distance between you and your insurance company, but also in its time-efficient nature. Claim initiation processes do not last longer than a few minutes, especially when you do it online through the Cholamandalam MS Health Insurance claim settlement portal.
4. Insurance Company’s Credibility
It is given for insurance companies to treat claim settlement ratios with a lot of prominence and enormity. This number can decide just how credible and efficient an insurance company is when it comes to their claim requests and its subsequent settlements.
Types of Cholamandalam MS Health Insurance Claims
Cholamandalam MS Health Insurance offers you two modes of claim settlement: reimbursement claims and cashless claims. These claims, when put together, can build the claim settlement ratio of Chola MS as an insurance company. Given below is a guide which can help you understand how to file cashless and reimbursement claims.
What Are Cashless Claims
Cashless claims are offered by insurance companies as part of their claim settlement process. The Cholamandalam MS Health Insurance claim settlement process includes cashless claims along with reimbursement claims.
Under this claim type, you are saved from paying medical bills out of your own pocket. The hospital and the Cholamandalam MS General Insurance Co. Ltd. can settle those expenses internally.
How to File a Cashless Claim with Cholamandalam MS Health Insurance
Follow the steps given below to initiate a Chola MS Health Insurance claim settlement process.
Step 1: Intimate the Cholamandalam MS General Insurance Co. Ltd. and the hospital about your intention to file a claim
Step 2: Submit your health insurance policy documents and valid ID proofs to the hospital authorities
Step 3: Provide Chola MS Health Insurance with the pre-authorisation form given to you
Step 4: Keep a close eye on your claim process during the verification of your claim request
Step 5: Accommodate the field doctor sent by Chola MS Health Insurance and allow them to assess the situation
Once your claim has been approved, you can let the insurance company settle the medical costs with the hospital directly.
Documents Needed For Cashless Claims
Consultation proofs from a medical practitioner
Cholamandalam MS Health Card
Investigation and diagnosis report
Medico Legal Case (MLC) or First Information Report (FIR)
Discharge papers
Correctly filled claim form, etc.
What Are Reimbursement Claims?
Reimbursement claims are a claim settlement alternative to cashless claims. Like others of its kind, the Cholamandalam MS Health Insurance claim settlement process includes this as a claim option.
This process allows you to take control of your medical payments before you allow Cholamandalam MS Health Insurance to step in. You can pay all the bills, collect the invoices and receipts, and submit them to Chola MS. They will reimburse the expenses up to the maximum coverage amount that is stated in the terms and conditions of your insurance policy.
How to File a Reimbursement Claim with Cholamandalam MS Health Insurance?
Here are the steps of filing a Cholamandalam MS Health Insurance claim settlement request.
Step 1: Complete the payment of all medical bills at the hospital
Step 2: Gather all the original copies the bills and receipts
Step 3: Contact the Chola MS Health Insurance claim settlement team through the Chola MS customer care portals
Step 4: Submit or upload all the documents asked of you along with the bills and receipts
After approval, the coverage amount should be sent to you shortly.
Documents Needed For Reimbursement Claims
A duly and correctly filled claim form
A medical professional’s consultation proofs
Chola MS Health Insurance card
Diagnosis and investigation documents
In case of an accident, an MLC and FIR
Hospital bills and receipts
Bank account details, etc.
Why Your Cholamandalam MS Health Insurance Claims May Get Rejected?
Having your claim request rejected by your insurance company is not entirely impossible. At the insurance provider’s discretion, claim requests can be rejected due to various reasons. A few possible reasons are explained below.
1. An Expired Policy
You can expect your policy to be rejected if you have filed a claim through an expired health insurance policy. Hence, make sure that your health insurance policy is renewed and active before filing a claim.
2. Late Intimation
If you have erred by initiating a Chola MS Health Insurance claim settlement process later than stated in the terms and conditions of the policy, the rejection comes as no surprise. Ensure that you inform your insurance provider about your intention to claim coverage well in advance to avoid such rejections.
3. A Claimed Exclusion
Claiming an exclusion during your Cholamandalam health insurance claim settlement is very counterproductive to your intention to acquire coverage. The claim will be rejected in this case.
4. An Error in Information
All the information and documents you submit to the Chola MS Health Insurance claim settlement team needs to be valid and true. If any inconsistency or discrepancy is detected, the claim will be immediately rejected.
How Can I Track My Cholamandalam MS Health Insurance Claim Status?
Here’s how you can track your Chola MS Health Insurance claim settlement status online.
Step 1: Visit their claim status tracking portal (https://claimscustomerportal.cholainsurance.com/claimtrack-status)
Step 2: Choose your category (‘Individual’ or ‘Corporate’)
Step 3: Enter your date of birth and policy/reference number
Step 4: Click on ‘Continue’
Step 5: Enter your mobile number and proceed
Your claim status should be displayed on your screen now.
Disclaimer - Cholamandalam MS General Insurance Company Limited
(A Joint Venture between Murugappa Group & Mitsui Sumitomo Insurance Company Ltd., Japan)
Regd. Office: Dare House, No.2, II Floor, N.S.C Bose Road, Parrys, Chennai, TN - 600 001. India. Trade logo displayed above belongs to “CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED’ and Mitsui Sumitomo Insurance Company Limited and used by Chola MS under license. Toll-free No. Motor Insurance: 1800 208 5544, Health & Other Insurance: 1800 208 9100, SMS: ‘CHOLA’ to 56677, Whatsapp: 7305234433 |www.cholainsurance.com.
For more details on risk factors, terms, conditions and exclusion please read sales brochure carefully before concluding a sale.
Bajaj Finserv Direct Limited is a registered corporate agent of Cholamandalam MS General Insurance Company Ltd. For Bajaj Finserv Direct Limited, IRDAI Registration Number CA0551.
Frequently Asked Questions About Cholamandalam MS Health Insurance Claim Settlement
Can I get cashless treatment if I buy Cholamandalam Medical Insurance?
Yes, you can. The Cholamandalam MS Health Insurance claim settlement process offers you the option of filing a cashless claim. Once you have filed the claim, you can sit back and allow the insurance company to settle the expenses with the hospital.
What documents are required to file a claim for a Cholamandalam MS Critical Illness plan?
A number of documents could be asked of you during your claim settlement process for the Chola MS Critical Illness plan. These include an investigation report, diagnosis report, discharge cards, completed claim forms, bank account details, etc.
Is Cholamandalam MS Health Insurance good for planned hospitalisation?
Cholamandalam MS Health Insurance can be a great financial support system in times of planned hospitalisation. The insurance company only requires you to inform them and the hospital about the claim before you get admitted. Carry policy documents and valid photo ID proofs with you when initiating the process. The rest of the journey is exactly like that of an unplanned claim.
What is the Cholamandalam claim settlement ratio?
The Chola MS claim settlement ratio is 94%.
How long does it take for a Chola MS claim process to settle?
A Chola MS Health Insurance claim settlement process takes up to 30 days. This promptness reflects greatly in the Chola claim settlement ratio which is 94%.
