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No Claim Bonus in Health Insurance

  • Avail Annual Health Checkup & Tax Rebate u/s 80D
  • Coverage for Modern Treatment like Robotic Surgery, etc
  • Get rewarded for each claim-free year
  • 19000+ Cashless Healthcare Providers^^
  • Premium Discount on Multi Year Policy*
19000+

Cashless Healthcare Providers^^

95.2%

Insurance Claim Settlement Ratio

24✕7

Claim Support

Get ₹5 Lac Health Cover at ₹542/month^

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    With so much happening worldwide, acquiring adequate health insurance that caters to all your needs has become the need of the hour. The ideal health insurance is the one that benefits you even when you do not use it or you spend a claim-free year.

    Heath insurances come with various salient features that make them stand apart from each other. While you look out for Health Insurance for yourself or your family, you must not ignore NCB while confirming insurance's features. NCB rewards you with more coverage and additional protection from healthcare expenses with each claim-free year.

    If you ever wonder what exactly NCB in health insurance means and its benefits, this page will help you understand everything you have been looking for.

    Table of Content:

    What is NCB in Health insurance?

    In simplest terms, the No Claim Bonus in health insurance is a reward that a policyholder receives for maintaining good health and not claiming during a policy year. It is a bonus amount that adds up in your sum insured for every claim-free year in the first year. Thus, it provides you with an added support to bear medical expenses in the future when you need to use your health insurance.

    It might happen that policyholders did not make any claim for a year or two due to no sickness or managed to stay healthy, saving them from hospital expenses. So, in this case, policyholders get a No Claim Bonus under their health insurance plan.

    How does No Claim Bonus in Health Insurance Work?

    The policyholder is entitled to cumulative benefit under no-claim bonus, wherein the sum insured amount increases by a specified NCB percentage in every claim-free year. With Care Insurance, if you accomplish a claim-free year, you receive a flat 10% rise in your sum insured for the next Policy year. In any case, the No Claims bonus will not exceed 50% of the sum insured under the policy and in the event when there is a claim in a policy year. The No Claims bonus accrued reduces by 10% of the sum insured, but in no case shall the Total Sum insured be less than the sum Insured.

    For every year that you enjoy uninterrupted good health, your bonus keeps adding up. It's just our way to tell you that we're there with you in good and bad times.

    * Both individual and floater (Family) policies have NCB features.

    If your family members have also managed to keep them fit, we got all of them covered under this feature.

    For a better understanding, see the illustration below-

    Illustration Year 2 Year 3 Year 4 Year 5 Year 6
    Sum Insured 5 8 11 11.5 12
    NCB 0.5 0.5 0.5 0.5 0.5
    Total Sum Insured 5.5 8.5 11.5 12 12.5

    If you do not claim your health insurance policy in a particular year, we raise a cheer to your good health in the form of a substantial bonus. You receive an increase of 50 % in your sum insured for every claim free year, up to the maximum of 100 % of the sum insured. In addition to this, you also get a 10% increase in the sum insured, up to maximum of 50% as per the regular No Claims Bonus feature.

    *NCB percentage varies from company to company.

    * Terms and conditions may differ without any prior notice.

    Features of No Claim Bonus in Health Insurance

    One must check before getting health insurance whether there is a No Claim Bonus feature in the plan they have chosen for themselves.

    • Above the sum insured, it is a reward that will accumulate after every claim-free year and benefits the policyholder in need eventually.
    • If you have claim free year, you will get 10% extra on the sum insured.
    • All the family members are eligible to avail No Claim Bonus if you have chosen a family floater plan.

    Benefits of No Claim Bonus Insurance

    No claim bonus is a noteworthy feature of health insurance plans that benefits a policyholder in umpteen ways:

    • Increased sum Insured: When there are exorbitant medical expenses, your existing health policy may prove inadequate, given the steady rise in healthcare costs. The No Claim Bonus feature makes the policyholder eligible for an increase in the sum insured, and the policyholder gets a saving grace during a claim-free year as a reward.
    • NCB is Transferable: No Claim Bonus is easily transferrable during health insurance portability. Accrued Benefits by policyholders are transferrable if they opt to switch to their policy.
    • Financial Safety Net: The increased coverage provides an additional financial shield for a family's savings in times of rising healthcare costs. It thus protects a family during critical situations like a medical emergency.
    • Maximum Coverage: It ensures maximum coverage as the sum insured does not go below the original value even after multiple claims.
    • An incentive for staying healthy: It is absolutely encouraging to remain hale and hearty when policyholders have the benefit of a No Claim Bonus. It does make you feel content thinking of the incentive you would get for staying healthy.

    No Claim Bonus in Care Health Insurance

    Care Health Insurance offers bonuses to the policyholders for spending a year without making any claim on their health insurance policy. The no claim bonus (NCB) feature is advantageous as it entitles them to make huge savings and gives you extra cushion if you get sick in the future.

    This way, the policyholders can enjoy additional coverage and get support during medical emergencies to access quality treatment without any worry. As the healthcare costs in India are rising steadily, the NCB offered by us proves to be highly beneficial.

    No claim bonus in health insurance is among the valuable features of medical insurance policies, which policy buyers should consider to save on medical expenditures.

    >> Also Read: Health Insurance Claim Settlement Ratio

    Conclusion

    This page is more like a gentle reminder to those who are not aware of essential health insurance. Care Health Insurance believes in serving the best to its patrons. Hence, we would never miss such an important piece of information that deserves to be said aloud.

    To get the most comprehensive health insurance plans with No-Claim Bonus Benefit, reach out to us any time of the day as we are available 24*7. We shall be happy to answer all your queries post haste.

    FAQs

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    Q.What Happens to No Claim Bonus in Health Insurance if I Don’t Renew My Policy?

    Every health insurance policy has a definite tenure. One can opt for a longer-term, say for two or three years. In such cases, the policyholders have the option to pay a one-time premium for all these years and save themselves from the hassle of renewing the policy annually. However, if a policyholder fails to renew the policy before the expiry date, it will lapse.

    In such an event, the policyholder will not receive the benefits that come with health policy renewal. The accumulated coverage amount that comes under the no claim bonus would not be available to the policyholders if they do not renew their policies on time.

    Q.What Happens to Health Insurance No Claim Bonus if I Switch from an Individual to a Family Floater Plan?

    One of the advantages policyholders have under health insurance plans is the option to change their plan from individual to family floater health insurance. By changing an individual policy to a family floater, the benefits accumulated in the previous health policy can be made available to other members of the family under the new policy.

    However, the sum insured amount or the percentage may vary, and it would depend on whether the plan was changed from individual to family floater or vice versa. Moreover, an increase in sum insured is also another vital factor taken into account.

    Q.Is the No Claim Bonus Transferable?

    Yes, the no-claim bonus is easily transferable. A policyholder can transfer the no-claim bonus benefits accumulated from a particular health insurance plan to another insurance company's new health insurance plan. It is transferrable at the time of the portability of a health insurance policy or policy renewal.

    Q.How to Claim No Claim Bonus in Health Insurance?

    Medical inflation in our country has been rising every year at double the rate of overall inflation. The costs of healthcare services are skyrocketing, and it will be difficult to bear the medical expenses in the coming future. In such a grim situation, no claim bonus in health insurance could be beneficial, and you can avail of no claim bonus as cumulative benefits in the form of a higher sum insured.

    Q.When is No Claim Bonus Offered in Health Insurance?

    You are entitled to cumulative benefit under no-claim bonus, wherein the sum insured amount increases by a specified NCB percentage in every claim-free year. With Care Insurance, if you accomplish a claim-free year, you receive a flat 10% rise in your sum insured for the next Policy year. In any case, the No Claims bonus will not exceed 50% of the sum insured under the policy and in the event when there is a claim in a policy year. The No Claims bonus accrued reduces by 10% of the sum insured, but in no case shall the Total Sum insured be less than the sum Insured.

    For every year that you enjoy uninterrupted good health, your bonus keeps adding up. It's just our way to tell you that we're there with you in good and bad times.

     

    ^^Number of Cashless Healthcare Providers till 25th March 2022.

    ^Annual premium for product 'Care' and 'Care Shield (add on)' is Rs. 6160/-(excl. GST) for 1 adult falling under the age bracket 05-24 years, 1 Adult 18-24 age group 3 Yr with NCB Super (Add-on).

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