No Claim Bonus: This facility is a kind of reward feature for the customers. Insurance companies give this benefit if the claim is not taken.
No Claim Bonus: Insurance companies provide the facility of No Claim Bonus to the customers who do not take any claim during the term of the health insurance policy. This is like a rewards feature for customers who do not take insurance claims. In the era of medical inflation, this facility has become very important for the customers. Due to the Corona epidemic, the importance of this feature has increased more than ever. Hence, non-claimed customers can avail this facility by availing the benefit of reduced premium along with increased insurance coverage.
Benefits of No Claim Bonus
The specialty of No Claim Bonus (NCB) is that your coverage coverage gets increased every claim-free year. Under this scheme, customers can also get a discount in the insurance premium based on the bonus that the insurance companies give. In addition, insurance companies offer their customers the convenience of increasing insurance coverage and offering gym, spa and yoga subscriptions or wellness related products without any change in the policy premium.
You can take advantage of this even after changing the company
If you are not happy with the existing insurance company and want to shift to another insurance company, then this bonus is also transferred to your account there. The benefit of this facility is available only if you renew the health policy before the renewal date. Insurance companies give 30 days to renew from the initial renewal date. If you are not able to renew the policy during this period, then you will be deprived of availing the bonus facility. Customers can avail this facility in both single and family floater health insurance plans.
How much bonus will you get?
The amount of the bonus depends on the terms and conditions of the insurance companies. Therefore, while buying an insurance policy, what insurance companies are offering under NCB, one must definitely check it. Some insurance companies offer the facility to increase the sum insured up to 200%. For example, if a person has bought a health insurance plan of Rs 5 lakh and has not made any claim for four consecutive years, then his sum insured can increase by 50 percent i.e. up to Rs 2.5 lakh every year. After four years, the sum insured will be Rs 15 lakh.
If you have claimed even 10 per cent of the sum insured under a health insurance plan during any policy term, then the benefit of NCB will not be available. But there are some companies that give NBC to their customers despite claiming up to 25 percent.If you have claimed even 10 per cent of the sum insured under a health insurance plan during any policy term, then the benefit of NCB will not be available. But there are some companies that give NBC to their customers despite claiming up to 25 percent.
