The Good Thing about having a Claim-free year on your Mediclaim Policy


The Good Thing about having a Claim-free year on your Mediclaim Policy

Benefits of Claim Free Year on Mediclaim Policy

If you have not made any claim on the mediclaim insurance plan you bought last year, it is certainly a reason to be happy about it. Not only had you shown signs of being in the pink of health, but you also managed to get yourself some financial benefits from your insurance policy.

Given the fact that you had already paid the premium to buy the policy and as no claim was made it may seem you have not received any returns, you might wonder what benefits we are talking about. Do not let this thought stop you from buying or renewing your insurance plan this year. This is because policyholders are rewarded for ensuring a claim-free year.

As a matter of fact, you have secured your chance of getting increased financial benefits on your mediclaim insurance policy by not making a single claim in a year.

Let’s together understand the benefits of buying health insurance.

Health Insurance is a Risk cover

Do not be led into thinking that mediclaim plans should always be utilized by making a claim to get the value for your money. In fact, making a false claim can be problematic from a legal point of view. Health insurance is actually a way to cover health risks. It is actually a financial back-up in case exigencies which can lead to out-of-pocket expenses.

The premium you paid to buy the policy, even if no claim was made in the year, gives you returns not in terms of money but in the form of a secured future for your family. The mediclaim insurance policy safeguards your finances from an impact during unexpected medical emergencies. What you ultimately receive is the guarantee of a worry-free future.

Ways in Which No Claim Bonus Works

Higher Sum Insured

In a no claim bonus (NCB) feature, the insured person becomes eligible for an increased sum insured every year, if he or she does not make a claim. The sum insured increases by a certain percentage as specified by the insurance company. There is also, usually, a maximum limit to the increase, say 50% of the original sum insured.

For instance, a person buys a mediclaim insurance plan with a sum insured of Rs 5 Lakhs. And, the insurer offers a percentage of 5% as NCB with a maximum limit of 50%.

  • After the first claim-free year, the sum insured will be Rs 5 Lakhs 25 Thousand
  • After the second claim-free year, the sum insured will be Rs 5 Lakhs 50 Thousand

If the person makes a claim in the subsequent year, then the available sum insured amount is taken into account.

Discounts on Premium Costs

NCB is also available as premium discounts at the time of insurance renewal. In such cases, the sum insured amount remains unchanged while the insurance premium is lesser. Here again, there is a cap on the maximum discount that will be available for the policyholder.

You have Saved on Your Taxes

The Income Tax Act specifies tax deduction under section 80d for individuals who opt for mediclaim policies. The deductions depend on the persons who are covered in the plan and their age. For example, for someone below the age of 60 years, an amount of deduction is Rs 25,000 while in the case of senior citizens, the amount is Rs 50,000.

Hence, when you consider the above points, the health insurance policy you opted for you and your family has helped you to build up your savings. So, whether or not you made a claim, you have ensured sound benefits that will give the much-needed boost to your finances.

Know which of the mediclaim plans by Care Health Insurance suits you the best. Take the best steps towards good health and get no claim bonus on every claim-free year.

Disclaimer: Plan features, benefits, and coverage may vary. Please refer to the brochure, sales prospectus, terms and conditions carefully.

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