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Health coverage acts as a shield against financial crises that can arise out of a medical emergency. Although many initially hesitate to invest their hard-earned savings into a health insurance plan, an appropriate mediclaim policy proves to be very useful during a health crisis by helping you pay your hospital bills and other medical expenses.
However, there is a lot more that a health insurance plan has to offer apart from the basic coverage. One such benefit is the ‘cumulative bonus’.
This article will shed some light on what is Cumulative Bonus and Cumulative Bonus Super in Care Health Insurance’s Care Supreme and how they work for you. Keep reading.
What is the Cumulative Bonus in Care Health Insurance?
A cumulative bonus is a unique benefit offered under Care Health Insurance as a kind of reward to the policyholder for staying invested in a health insurance policy. Under this benefit, whenever the policyholder duly applies for the renewal of his/her policy after the completion of the policy year, s/he will get a 50% increase in the sum insured. This increase in the sum insured will be irrespective of whether or not the policyholder has raised a claim during the policy year.
Hence, the policyholder can avail this benefit twice during the policy period.
The only condition applicable is that the policy should be renewed without a break.
Will My Sum Insured Keep on Increasing throughout the Policy-period?
No, there is an upper cap on the increase in sum insured. You can get a maximum increase of up to 100% of the sum insured. This means that you can get a 50% increase in sum insured twice, i.e. till your 3rd policy year.
What is Cumulative Bonus Super in Health Insurance?
Care Health Insurance also offers optional benefits over and above the cumulative bonus in health insurance called Cumulative Bonus Super. This is a unique feature which is available in the Care Supreme plan by Care Health Insurance, which serves as an add-on benefit with the base policy.
So, if you opt for the Cumulative Bonus Super benefit under the Care Supreme plan, you will get a 100% increase in your sum insured. The total increase in the sum insured will be accrued in the next policy year.
What is the Maximum Limit of the Cumulative Bonus Super Benefit?
The Cumulative Bonus Super benefit is subject to a maximum limit of 500% of the sum insured. This implies that you can avail the Cumulative Bonus Super benefit, which is 100% of the sum insured, total of five times in your policy period. Hence, the CB Super bonus will be accrued to your sum insured for 5 successive policy years.
>>Also Read: How to Make Health Insurance Premium Payment Online
What if I Raise a Claim during the Policy Year?
Even if you have raised a claim during the policy year, it will put no impact on the accrual of the Cumulative Bonus and the Cumulative Bonus Super benefits. You will receive both these benefits irrespective of whether or not you have raised a claim during the policy year.
How does Cumulative Bonus Work in a Health Insurance Policy?
The Cumulative Bonus and the Cumulative Bonus Super get accrued in the successive policy years from the time you have bought your plan, till the maximum limits of both the benefits (50% and 100% of S.I. respectively) has been reached.
To get a better understanding of how Cumulative Bonus and the Cumulative Bonus Super work, let us consider an example.
Suppose you have taken health coverage under Care Supreme of Rs. 10 Lakhs. The table given below will illustrate how the Cumulative Bonus and Cumulative Bonus Super get accrued to the policy sum insured:
| Policy Year | S.I. (in lakhs) | Claim | C.B. (lakhs) | C.B. Super (lakhs) | Total S.I. (lakhs) |
|---|---|---|---|---|---|
| 0 | 10 | Yes/No | - | - | 10 |
| 1 | 10 | Yes/No | 5 | 10 | 25 |
| 2 | 25 | Yes/No | 5 | 10 | 40 |
| 3 | 40 | Yes/No | - | 10 | 50 |
| 4 | 50 | Yes/No | - | 10 | 60 |
| 5 | 60 | Yes/No | - | 10 | 70 |
From above, you can clearly understand how the Cumulative Bonus and Cumulative Bonus Super amplify the scope of your health coverage.
Where can I Utilise Cumulative Bonus and Cumulative Bonus Super Benefit?
You can use your accrued Cumulative Bonus and Cumulative Bonus Super for availing the following expenses/benefits:
| Type of Bonus | Benefits | Expenses covered |
|---|---|---|
|
Cumulative Bonus |
Hospitalisation Expenses |
|
|
Road Ambulance Cover |
||
|
Unlimited Auto Recharge |
||
|
E-consultation |
||
|
Health portal services |
||
|
Cumulative Bonus Super |
|
|
Will I get Cumulative Bonus Super Benefit After Policy Renewal?
When you apply for your Policy renewal, you have to select for the renewal of the Cumulative Bonus Super Optional Benefit as well. If you fail to select this optional benefit at the time of policy renewal, the Cumulative Bonus Super under the expiring Policy shall automatically be forfeited.
Boost Your Health Coverage with Care Supreme Plan Add-on Benefits
From above, it is clear that you can get a supplemental benefit in your sum insured if you opt for the Cumulative Bonus and Cumulative Bonus Super benefit in your health insurance plan. This can be of great help in case you have exhausted your sum insured in the first policy year and you need additional health coverage for unforeseen medical expenses. Besides, you can avail many other optional benefits under the Care Supreme health insurance plan such as the co-payment feature and deductible feature, which can help you reduce your premium amount.
For knowing about more plan benefits, you must refer to the plan brochure and policy prospectus.
Disclaimer: Verifying the policy details and coverage with the official policy documents is essential. Also, kindly consult a professional medical expert to verify the details of health concerns.
