The incentive provided to the policyholder in their health insurance policy is the no-claim bonus. It is a modest way by which the insurance company pays the policyholder for a claim-free year; It is sometimes referred to as NCB. In case no claim was made during the previous insurance period, the insured will receive financial benefits under NCB.
Hence no-claim bonus is one of the most important factors to be taken into consideration while buying a health insurance plan in India. There are generally two main types of no-claim bonuses in health insurance policies.
cumulative action
If the policyholder has a no-claim-free year, the insurer’s final sum assured will be increased by a certain percentage. However, the premium policy remains the same.
discount on premium
As per the Rebate on Premium on No Bonus Claims, the renewal premium rate is reduced by a specific percentage for every claim-free year. There is no change in the sum assured by the policy.
the gain:
The no-claim bonus enables you to better protect your family and finances in case of a medical emergency.
Getting more coverage at a lower rate reduces the cost of renewing a health insurance policy.
The benefit of no-claim bonus encourages the policyholder to maintain good health and physical fitness and submit claims only when necessary.
Most health insurance providers in India Provide no-claim bonus for both individual and family health insurance. However, the terms and conditions of the policy may differ from one insurer to another.
No claim bonus is not available in all health insurance contracts. Each health insurance plan with no-claim bonus has its own conditions and restrictions. Read it thoroughly to determine whether a health insurance policy has a no-claim bonus or not. For example, how much is the no-claim bonus, how much can the coverage amount be increased, etc.
One of the most important things to consider while buying health insurance is the no-claim bonus. Check the no-claim bonus terms and conditions while comparing insurance policies. Choose the option that suits you best.
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