Save tax up to ₹75,000 ~ u/s 80D.
Save tax up to ₹75,000 ~ u/s 80D.
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 amount in health insurance means and its benefits, this page will help you understand everything you have been looking for.
Table of Content:
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 best health insurance plan in india.
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.
The policyholder is entitled to cumulative benefit under no-claim bonus, wherein the sum insured 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 percentage 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.
Do you know what super NCB in health insurance is? No claim bonus super, or Super NCB in health insurance, is increased coverage in the sum insured for each claim-free year. Care NCB Super is an add-on coverage that offers a remarkable No Claim Bonus boost in the Sum Assured. Your sum insured amount is increased by 50% for each year without a claim, up to a maximum of 100%, with the NCB Super add-on cover.
>> Also Read: Health Insurance Claim Settlement Ratio
In any instance, the No Claims Bonus Super will not exceed 100% of the sum insured, and if a claim is paid during a policy year, the No Claims Bonus Super earned will be reduced by 50% of the sum insured, but under no circumstances will the Total Sum Insured be less than the actual sum Insured.
One must check before getting health insurance whether there is a No Claim Bonus feature in the plan they have chosen for themselves.
No claim bonus is a noteworthy feature of health insurance plans that benefits a policyholder in umpteen ways:
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.
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.
Care Health offers a wide range of plans like senior citizens health insurance plans and maternity insurance that are designed to meet our customer’s various requirements.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.
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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.
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.
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 transferable at the time of the portability of a health insurance policy or policy renewal.
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.
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 as of 31st March 2024
**Number of Claims Settled as of 31st March 2024
^10% discount is applicable for a 3-year policy.
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