No Claim Bonus in Health
Insurance
  • Types of No-Claim Bonus
  • Availability of No-Claim Bonus across Health Plans
  • Insights into Discounted Premiums with No-Claim Bonus
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No Claim Bonus in Health Insurance?

Hey there! Are you planning to buy a Health Insurance Policy? Well, that is a great decision. But wait a minute, have you thought about what will happen to your policy if you don't make any claim? Aren't you worried that the money you pay for your premium will simply go down the drain?

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But what if we tell you that you can still be rewarded for staying healthy, i.e. for not making any claims? Confused? Read along to find out more.

If you do not file for any claims during the year, the company provides you with perks, in the form of No Claim Bonus.

In today's time, most Health Insurance Companies are allowing their policyholders to enjoy the bonus amount that gets accumulated to the Sum Insured amount for every claim-free year. In simpler terms, if a policyholder does not make any claim within a policy year, the Insurer awards them with a benefit known as NCB or 'No Claim Bonus'.

Offering this benefit is a way through which Insurers encourage their consumers to stay healthy and file a claim only when it is necessary.

Types of No-Claim Bonus

Insurance companies mainly give the advantage of a No-Claim Bonus on their health insurances as:

  1. Cumulative Benefit meaning Higher Sum Insured

    Under this type, the coverage amount is increased for having a claim-free year, and the premium amount remains the same. Let us understand this through an example:

    For example, Mr Anand has Health insurance of Rs. 10 Lakh and his Insurance company provides a 5% 'No Claim Bonus' for every claim-free year. Take a look at the below table to get an idea of how much benefit Mr Ananad can claim after 3 consecutive claim-free years.

    Year No Claim Bonus Health Coverage Amount
    1st Year --- Rs. 10 Lakh
    2nd Year Rs. 50,000 Rs. 10.50 Lakh
    3rd Year Rs. 50,000 Rs. 11 Lakh

    The above table showcases the increase of Health Coverage (Sum Insured) after every claim-free year. This means that in the 4th year if the need arises, Mr Anand can claim up to Rs 11,00,000, without paying any extra premiums.

  2. Discount on Premiums

    Under this type, a policyholder is eligible to avail of Discounts on Premiums for every claim-free year. The premium amount decreases by a specific percentage, though the coverage amount remains the same. Let us understand this through an example:

    For example, Mr Anand has Health insurance of Rs. 10 Lakh for which he pays the premium of Rs. 25000 per year. His Insurance company offers a 10% discount on premiums as no Claim Bonus for every claim-free year.

    Thus, if Mr Anand does not make any Health Insurance claim in the first year, then at the time of renewal he would have to pay only Rs. 22,500.

    Both types of No-Claim Bonus ensure that you get better financial security during a medical emergency.

Health Insurance Companies

Is 'No Claim Bonus' available for both Individual & Family Floater Plans?

Under the Individual Plan, the cover is provided to one single individual. On the contrary, under Family Floater, the cover is provided to all the members included under the policy. The benefit of the No Claim Bonus is applicable under both the variants- Individual & Family Floater plans.

Is 'No Claim Bonus' available under all policies?

All Insurers provide the benefit of a 'No Claim Bonus'. However, it depends upon policy to a policy of each Insurance Company.

For example- Star Health has a wide array of plans, among which, Star Health Family Optima Care provides the Benefit of 'No Claim Bonus' & Star Health Senior Citizen Red Carpet does not offer 'No Claim Bonus'.

Therefore, it is advisable to thoroughly reach the policy brochure before investing in a plan.

Is there a fixed percentage on Sum Assured for 'No Claim Bonus'?

The percentage of 'No Claim Bonus' on Sum Assured depends upon plan to plan & Insurer to Insurer.

For instance- Different plans offered by Star Health Insurance offer different percentages of 'No Claim Bonus'.

Plan No Claim Bonus %
Star Mediclassic 5% each year
Young Star 20% each year
Star Comprehensive 50% each year

Therefore, it becomes important to carefully check the Terms & Conditions of the plan & weigh the features against your requirements.

Bottom Line

Leading a healthy lifestyle not only keeps you healthy but also offers lots of benefits, and one of them is the No claim Bonus. In today's time, when healthcare is on a continuous rise, having the benefit of a No Claim Bonus is nothing less than a blessing. So, stay fit, healthy and accumulate your Benefit of NCB.

Health Insurance Articles

No Claim Bonus in Health Insurance:FAQs

1. Will I lose my No Claim Bonus If I change my Insurer?

No, while porting your insurance, you can transfer your no-claim bonus provided that you renew the policy on time without any breaks.

2. Can the new policyholders avail the benefit of 'No Claim Bonus'?

To avail of the benefit of 'No Claim Bonus', the new policyholder has to complete one full claim-free year.

3. Can I get any No Claim add-on cover?

Yes, you can get an add-on cover. However, it depends upon Insurer to Insurer & policy to policy. For example- Care Insurance usually provides a 'No Claim Bonus' of 10% & if Super NCB Rider is added, the percentage can also get added up to 150% in a period of 5 years.

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Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.