No Claim Bonus Benefits in Health Insurance - Important Features and Benefits

No claim bonus or NCB in health insurance is a remunerative benefit or bonus money that is offered by insurance company to the insurer for making no claims in a policy year.

There are two main ways through which the insurance companies give the advantage of no-claim bonus on their health insurances:

1. Cumulative Benefit meaning higher sum insured.

2. Discount on premium.

When your coverage amount is increased but the premium amount remains the same it is a cumulative no claim bonus and in discount on premium, for every claim-free year, the premium amount decreases by a certain percentage, though the coverage amount remains the same.

Features and Benefits

• In case an individual changes the health insurance company, the accumulated No Claim Bonus will stay active.

• In case of a Family Floater policy, No Claim Bonus amount in the sum insured can be availed by any family member.

• The offered bonus in case of health insurance can be availed in the form of a discount on the subsequent policy premium, enhancement of sum insured without any change in the policy premium or other benefits like Gym, Spa, and Yoga subscriptions, or discount on wellness-related products.

• The No Claim Bonus can be transferred to a new health insurance policy from another insurance provider.

• In case the two health insurance policy periods are overlapping, the sum insured that is available during both the policy periods can be availed

• Not all health insurance policies offer no claim bonus

• With No Claim Bonus you can either save money while renewing the plan or have more money as part of the sum insured, which is also a kind of saving.

• The bonus offered through NCB is subject to each insurer’s terms and conditions.