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.

    YearNo Claim BonusHealth Coverage Amount
    1st Year---Rs. 10 Lakh
    2nd YearRs. 50,000Rs. 10.50 Lakh
    3rd YearRs. 50,000Rs. 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.

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'.

PlanNo Claim Bonus %
Star Mediclassic5% each year
Young Star20% each year
Star Comprehensive50% 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.

Written By : Naval Goel

Last Updated : October, 2021

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.

Frequently Asked Questions (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.

Find Out What the Customers Are Saying

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- 4.5/5 (1214 Total Rating)

March 25, 2022

jasvinder singh

Delhi

very nice service by policyx.com and as well from manipal cigna during the claim period. easy claim settelment.

March 14, 2022

samarth wadhwa

Guwahati

Star is one of the topmost insurance companies and they prove it with their services and plans. They have plans for each family member of mine starting from my parents to my own family and even for my extended family.

March 14, 2022

nimrat sondhi

Ludhiana

my father is a single parent. The way he has taken care of me during my childhood, I wanted to support him after my marriage so that he is never alone, especially during medical emergencies. I trust this company completely as they have taken care of my father s medical bills so i recommend them

March 14, 2022

kuljeet singh

Chandigarh

very good company with good plans. They always reply to my and my wife queries related to our old diseases and new doctor consultations. they OPD plan is very helpful.

March 14, 2022

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Jalandhar

My father in law lives alone in jalandhar and we wanted an insurance company that take cares of him in our absence. They are very good with their commitment and service.

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