Cholamandalam MS General Insurance Company Ltd is popular in the world as Chola Insurance. It is an Indian insurance company with its headquarters in Chennai, Tamil Nadu. Over the course of two centuries has been providing insurance solutions to consumers. In addition to their domain expertise in liability insurance, they have been genre-wise technology on board. In 2001 Chola Insurance established as a joint-stock company.
The thing about the world is that it can always get a little more complicated. In order to stay alive, they have to adapt. It would seem as though the financial difficulty is no exception. As soon as you have a car or major purchase like a home, health insurance becomes necessary. So too do you need to add the option of renters insurance if your landlord doesn’t offer anything else. This idea is even further enforced because if you’re like me, your social security number may be different from your legal name.
What is Chola Insurance?
Chola insurance is what we call the policy where your rights of insurance are completely taken care of. You’re even allowed to know how much the premiums cost, or who your insurer really is. It’s there because you’re a renter but heard many stories of people getting constant calls from insurers offering them “deals”. In some cases, they’re even telling people they can borrow money against their own insurance policies. Never use this as a means to borrow money and always call the lender back. You may also hear that they can cancel a policy if you don’t pay or don’t honor it. Telling someone that happens all the time is not only unethical but untrue.
How does Chola Insurance Work?
For those who don’t know about Chola insurance, it’s a type of insurance that is always sold in the easiest way. The first thing you’ll notice about these policies is that they have no official document or certificate. You can’t have a copy of this, because there’s no official one to be found.
There are two main types of Chola insurance:
The most popular, and the one most people will hear about, is in which the policyholder doesn’t know how much the monthly payment will be and how much they’ll pay in total. This is an unfortunate policy setting that many people will contract through agencies or brokers. It’s important to note that these are the only ones allowed by law to sell these policies and they must be registered and licensed.
There is also a second type of Chola insurance. Which doesn’t have monthly payments but instead has a lump sum final payment. This offers more freedom to adjust one’s own finances because it can be paid in installments, but one never knows how much exactly will be paid. For this reason, people who require their first policy may opt for this even if they’re familiar with the Chola Insurance policies already offered.
Benefits with Chola insurance
As with any insurance policy, you have the option of adding additional perks for an additional premium. For example, if your car is older and depreciating in value. You may wish to add a feature that allows you to recover part of that loss from an accident. It’s important to note that this is a feature only available with Chola Insurance policies, and not one normally offered by legitimate insurers. The reason for this is the lack of ease in ascertaining whether or not there was a fault in any situation. There’s also the matter of how one determines the value of something over time, which requires a historical record.
Different types of Chola insurance
The thing about Chola insurance is that oftentimes it’s sold in a bundle with other features, like identity theft or a service plan that gets you cash for any tickets. While this may sound useful, one should be cautious of adding additional policies on top of their important ones. Always read through your policy very carefully and understand what is happening with every aspect (like how much you have to pay and what you’ll receive).
At the end of the day, it’s really up to you whether or not you want to purchase such a Chola insurance policy.