Features and Benefits of NCB in Health Insurance
Claim Settlement Ratio (OND 2018)
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No Claim Bonus is the bonus amount that you get from the insurer under your health insurance policy for not claiming during your policy tenure. It gets accumulated to the sum insured for every claim-free year. It makes you strong to face any medical emergency in the future and an incentive for being healthy.
Thus, no claim bonus in health insurance refers to the additional coverage that is provided by the insurer to the insured if no claim has been made by the insured party during the policy year. There are two types of no claim bonuses:
It is estimated that medical inflation is rising at a rate of 15% every year. Healthcare services are skyrocketing, and it will be difficult to bear the medical costs in the coming future. In such a debilitating situation, no claim bonus in health insurance can be extremely helpful, and you can avail no claim bonus in two ways:
In both ways, you get financial security. However, the terms and conditions of your insurance policy may influence its amount.
Assume that you have health insurance with the sum insured of Rs.5 lakh. You didn’t claim for the first year. In that case, your insurer offers you 5% of cumulative of no claim bonus with a maximum of 50%. So, the total sum insured after every claim-free year is:
If you are planning to buy health insurance and wondering on what factors you should take the policy, consider no claim bonus cover. You can read it's below features:
It is an amazing benefit for every policyholder. However, different health insurance companies have different policies pertaining to no claim bonus. Yet, it has the following benefits:
>> Check: Health insurance claim settlement ratio
No claim bonus is offered to the insured policyholder when they are going to renew the health insurance policy. Insurers also offer no claim bonus during the term of the health insurance policy. There can be a boost in the sum insured, in the form of a bonus that cumulatively increases in value instead of the usual no claim bonus. Those companies that don’t offer a no claim bonus typically offer a rebate on the premium for renewal so that it can stand with the competition. Religare Health Insurance offers a no claim bonus of 10% to the sum insured, up to a maximum no claim bonus limit of 50% in 5 successive years.
No Claim Bonus is usually applied under the following conditions:
In summary, a no-claim bonus is amongst the key features that you should consider before purchasing a policy. Insurance plans that offer substantial bonuses while imposing only minor penalties for low-cost claims can serve their purpose well and prove to be highly conducive to your needs.
The current medical inflation is affecting the healthcare industry immensely. Hence, if you want to save your hard-earned money and get the most out of your health insurance policy then stay fit and avail of no claim bonus. You can check the health insurance plans offered by Religare with no claim bonus reward. The plans not only fit your budget but also provide the additional cover for your healthcare needs.