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:
Cumulative Benefit meaning higher sum insured.
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.
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