Understanding No Claim Bonus in a Better Way

• Written by Care Health Insurance

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No claim bonus is an additional coverage offered under health insurance plan to get the accumulated bonus for every claim-free year during the tenure of the policy. It helps in reducing the cost of your health insurance premium. This add-on is an added advantage for not availing the claim amount. Care Health Insurance provides a no claim bonus of 10% of the sum insured and up to the maximum limit of 50% for 5 successive years.

>> Check: Features and Benefits of NCB in Health Insurance

Renewal of No Claim Bonus

Every health insurance plan has a particular period, mostly one year. Some plans are available for long-term, let’s say for two, three or five continuous years. The insured has an option to pay the one-time premium and secure from the difficulty of renewing the policy. 

The health insurance policy is renewed within 30 days of the due date. It works as a discount on the payable premium for a health insurance plan.

Transferability of No Claim Bonus

No-claim bonus is easily transferable. You can easily transfer the no-claim bonus that you can avail from a certain health insurance plan to a new health insurance plan. It can also be transferred at the time of portability of a health insurance policy. 

Takeaway

No claim bonus is amongst the most important features that an individual should consider before opting for a health insurance policy. With the increasing inflation affecting the healthcare sector, it is a wiser move to opt for a health insurance plan and avail no claim bonus.

Care Health Insurance provides no claim bonus to enhance the coverage and sum insured. It also persuades you to keep yourself healthy and go for claim free years. It is an added feature as it allows you to make more savings. With the increasing inflation affecting the healthcare sector, it is a wiser move to opt for a health insurance plan and avail no-claim bonus. 

Disclaimer: Plan features, benefits, coverage, and underwriting of claims are subject to policy terms and conditions. Please refer to the brochure, sales prospectus, and policy documents carefully.