India-based Cholamandalam MS General Insurance has rolled out it new health insurance policy, as part of its strategy to provide suitable health care plans to meet customer requirements.

Dubbed as Chola Swasth Parivar Health Insurance Policy, the new product is a family floater policy offering a grouping of health and personal accident covers.

The company with aims to grasp 3-4% market share in the country’s health insurance sector, said that the premium for a family of four is INR5,005 ($82) for a sum assured of INR3lakh ($4895).

Cholamandalam MS managing director SS Gopalarathnam said, "Health insurance is in growth phase in India with over 70 per cent of healthcare expenses still borne by individuals.

"There is a need to offer comprehensive and innovative products that are affordable to middle classes."

A joint venture (JV) between Murugappa Group and Japan-based Mitsui Sumitomo Insurance Group, Cholamandalam MS General Insurance Company operates 92 branches and more than 6,000 agents across the country.

Most recently, the company rolled out its new policy Chola Protect for Trucks with 11 add-on covers that offer total protection for the trucks.