M/s Indusind Bank Ltd. which is a corporate agent of MS Cholamandalam General Insurance Co. Ltd. and Aviva Life Insurance Co. Ltd has been penalised an amount of Rs.15 lacs by IRDA for violating rules.

IRDA reviewed the data submitted by MS Cholamandalam General Insurance Co. Ltd and observed that Indusind Bank has received payments from the Chola MS over and above the permissible commission limits. These payments were received in the form of “Data base Sharing / incentives and infrastructure...  Read More »

The Mumbai suburban district consumer disputes redressal forum passed a judgement ordering two insurance companies – New India Assurance and Chola MS to settle motor insurance claims of two vehicle owners, which were earlier rejected by them.

The first case involves Gunapal Shetty, who had taken a car insurance policy for his Tavera from New India Assurance Company. On June 26, 2009, the vehicle owner found his car missing from the spot where he had parked it in Chembur at night. He contacted...  Read More »

Cholamandalam MS General Insurance Company, headquartered in Chennai, has raised Rs 50.05 crore through a rights issue. An 8 year old entity in the insurance space, the company is a joint venture between the Murugappa Group and Japan’s Mitsui Sumitomo Insurance Group.
 
In the financial year 2010-2011, Chola MS recorded gross written premiums (GWP) of Rs 968 crores. With a network of more than 90 branches across the country and 7,000 agents, the company has posted a remarkable growth of 23%...  Read More »

Chola MS General Insurance Company entered into bancassurance partnership with Central Bank of India. For individuals, Chola MS has a variety of products in the category of Motor insurance, Health insurance, Travel insurance, Accident insurance & Home Insurance. Central Bank of India has 3,728 branches spread across the country, which will be used as a distribution channel for insurance products of Chola MS. The products will be customised for the bank in order to penetrate 75 per cent of the...  Read More »

Zero Depreciation or ‘Zero Dep’ car insurance policies seem to be gaining momentum with increasing awareness amidst car owners in India.

Car owners until recently could not get a complete cover for their cars. Insurance companies would take depreciation of the car into account which would go up to 40% or even higher depending on the age of the car.

In 2009 however, this scenario changed completely. Some general insurance companies selling car insurance introduced add-on covers which would...  Read More »

Chola MS General Insurance received Best Insurance Company award for “in-time” claims settlement under Rashtriya Swasthya Bima Yojana Scheme (RSBY).  The award was presented by the Union Labour Ministry.

 
RSBY is the brain child of the Ministry of Labour and Employment, Government of India which was launched to provide health insurance to families that are below poverty line (BPL). Under this scheme the BPL families would have to pay only Rs 30 per annum to get health insurance benefits up to...  Read More »

SS Gopalarathnam, Managing Director of Cholamandalam MS General Insurance, in a press conference shared the growth and future plans of the company. Chola MS, which is a joint venture between Chennai’s Murugappa group and Japan’s Mitsui Sumitomo Insurance (MSIG), aims a gross written premium (GWP) of Rs. 2,000 Crores by the end of 2013-14 along with a profit of Rs.100 Crores. He said that the company expects to achieve Rs.950 Crores during the current financial year (2010-11) with a profit of...  Read More »