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  • All About No-Claim Bonus in a Health Insurance Policy

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    Health Insurance policies in India offer No Claim Bonus as benefit for not registering and availing the claim amount during the policy period. This bonus can be availed while renewing your health insurance policy. Most insurance providers in India offer No Claim Bonus to the insured during the policy tenure. Some insurance companies offer an increase in sum assured, in the form of a cumulative bonus, to replace this No Claim Bonus. Companies that do not offer a NCB often provide a rebate on the renewal premium in order to stand at par with its competitors.

    Things to Know About No Claim Bonus:

    Cumulative Bonus:

    The No Claim Bonus offered on a health insurance policy is usually in the form of a cumulative bonus. This is offered by insurers on indemnity based health insurance policies. This is offered to the policy holder under the following situations:

    • There is a progressive increase in the Sum Assured, by a value of at least 5%. This is the cumulative bonus accrued during one policy year in which no claim has been made by the insured. The cumulative bonus can be accumulated for a maximum period of 10 years.
    • The cumulative bonus that a policy holder is eligible to receive on his/her health insurance policy will be stated in the policy document.
    • The cumulative bonus can be applied to the sum assured for a 3-year period. This can help to renew the policy by the due date as well.
    • The cumulative bonus will expire if the person does not renew the health insurance policy by the due date.
    • The rate at which the sum insured is increased each year varies from 10% - 50%.
    • Claims made during overlapping periods of two health insurance policies will receive the benefit of the available sum insured and the cumulative bonus will not be reduced to zero.

    Low Value Claim:

    When the policy holder files a low value claim, he/she does not lose the entire No Claim Bonus. Only a small percentage will be deducted from the same.

    Cumulative-Bonus-in-Health-Insurance-Plans

    Renewal of Health Insurance Policy:

    The No Claim Bonus will also act as a discount on premium payable for the health insurance policy at the time of renewal. Generally, in order to avail this benefit, the policy should be renewed within 30 days of the due date for renewal.

    Transferability of the No Claim Bonus:

    The No Claim Bonus that has been accrued by the policy holder on a particular health insurance policy can be transferred to a new health insurance policy from another insurance provider. This can be availed at the time of renewing the policy.

    Disbursement of No Claim Bonus:

    The No Claim Bonus can be withdrawn at the rate at which it was provided on the policy document or it can be provided to the policy holder as a part of the sum insured after deducting the premium payable for the policy.

    Claim Settlement Ratio:

    Under Health Insurance, the claims which have not been settled are subdivided into – Claims Closed and Claims Repudiated. Claims closed are those which have not been paid out due to lack of follow-up or documentation offered by the policyholder. Closed Claims are generally not clubbed with the claims rejected by the insurance provider, thus this would not reflect in the claim settlement ratio projected by the company. As per existing regulations laid down by the IRDA, claims registered by a policyholder has to be settled within 30 days. This feature is added to the policy documents

    Claims during Overlapping Policy Tenures:

    If a claim has been raised at a time when two health insurance policy periods are overlapping, the sum insured that is available during both the policy periods can be availed. However, the sum insured that has been claimed during this period, will be reduced in the second overlapping year and will reflect on the premium at the time of renewal.

    Limitations of TPA:

    Third Party Administrators can only process a claim and cannot settle a claim. Settling a claim is the duty of the insurance provider only, at their discretion.

    Good Claim Record Incentives:

    By maintaining a low claim record, you can avail a rebate on premium as well as enhanced protection through the health insurance policy.

    Claims on Two Policies:

    When a claim is made on 2 policies, the sum insured is split among the two insurers equally. However, with the advent of the new IRDA guidelines, a policyholder can choose which insurer should settle his/her claim.

    Deduction in No Claim Bonus after Raising a Claim:

    Earlier, the IRDA guidelines on NCB for Health Insurance policies stipulated that once an individual files for a claim, he/she loses the entire No Claim Bonus accrued over the years. However, this norm was later changed to offer cumulative bonus to the insured who files for a low value claim.

    Example:

    Mr. Hritesh has availed a health insurance policy for Rs. 5 Lakh for a policy period of 10 years. The No Claim Bonus on this policy is 5% each year and the policy has to be renewed on the 11th year. The insured contracts an illness and is hospitalized in the 11th year. He files for a claim worth Rs. 50,000 out of the total sum insured of Rs. 5, 00,000 in order to meet his medical expenses. In the event of such as low value claim, the NCB of that year is deducted from the total No Claim Bonus accrued over 10 years. Therefore, the insured is eligible for 50% NCB and after deducting the claim registered in a single year (5%), he can avail a NCB of 45% in the 11th year.

    GST rate of 18% applicable for all financial services effective July 1, 2017.

    Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

    No Claim Bonus Reviews

  • Page 1 of 13 1 2 3 4 5
    • HDFC Ergo Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with HDFC ERGO from last 2 years, i am happy with the coverage value of this insurance policy. I have no claim experience so far with this insurance policy. A premium of Rs 6000 has to be paid for this insurance and the coverage value is Rs 3-4 lacs.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 17, 2018
    • New India Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My health insurance is with New India Assurance from last 1 year, i am not aware of the premium amount as my company pays it. I have no claim experience so far with this insurance policy and the coverage value is Rs 2 lacs for individual.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 14, 2018
    • Apollo Munich Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with Apollo Munich from last 7-8 years, i have no claim experience so far with this insurance policy. I pay a premium of Rs 12000 for this insurance policy and the coverage value is Rs 5 lacs for this policy.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 12, 2018
    • Cigna TTK Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with CIGNA TTK from last 2 years, i am happy with the coverage value of this insurance policy. I pay a premium of Rs 12000 for this insurance policy. I have no claim experience so far with this insurance and the coverage value of Rs 4.5 lacs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 12, 2018
    • Max Bupa Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with MAX BUPA from last 6 years, i am happy with the coverage value of this insurance policy. I have no claim experience so far with this insurance and i get no claim bonus every year. The coverage value for this insurance is Rs 15-20 lacs.
      Was this review helpful? 0
      , faridabad
      Reviewed on Sep 12, 2018
    • HDFC Ergo Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with HDFC ERGO from last 1.5 months, i am happy with the coverage value of this insurance policy. A premium of Rs 6000 has to be paid for this insurance policy. I have no claim experience with this insurance the coverage value is Rs 5 lacs.
      Was this review helpful? 0
      , palanpur
      Reviewed on Sep 12, 2018
    • Star Health Health Insurance
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      Star health is good in the health insurance policy. The medical coverage is good. It is for my family and I and fortunately I had not had a claim experience til date. The premium is normal and there are good benefits too. There is a no claim bonus too.
      Was this review helpful? 1
      , secunderabad
      Reviewed on Sep 06, 2018
    • Star Health Health Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have my health insured with Star health insurance from last 6 months, i am not aware of the premium amount as my company pays it. The coverage value for this insurance policy is Rs 3 lacs and there was no claim experience so far with this insurance policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 05, 2018
    • National Insurance Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with National insurance from last 8 months, i am not aware of the premium amount as my company pays it. If i want additional premium then i have to pay Rs 1500. I have no claim experience from this insurance and the coverage value is Rs 3 lacs.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Aug 29, 2018
    • United India Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with United India Insurance from last 6 months, I have no claim experience so far with this insurance policy. I am not aware of the premium amount as my company pays it. They gave a coverage value of Rs 5 lacs for this insurance policy.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 27, 2018
    • ICICI Lombard Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with ICICI Lombard from last 3 years, i am not aware of the premium amount as my company pays it . The coverage value for this insurance policy is for Rs 2 lakhs and it is a family coverage. I have no claim experience so far with this insurance policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 21, 2018
    • ICICI Lombard Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with ICICI Lombard from last 2 months, i am happy with the coverage value of this insurance policy and they cover up to Rs 4 lakhs. I have no claim experience so far with this insurance policy and i pay a premium of Rs 10000 for this insurance policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 17, 2018
    • National Insurance Health Insurance
      "Good"
      0.5 4.0/5 "Great!"
      It is a corporate policy with national insurance. I have my health insurance with them. The coverage is for my family and I. The medical coverage is also good. I have the medical cards too. Fortunately I have no claim experience to use the policy.
      Was this review helpful? 0
      , jamnagar
      Reviewed on Aug 11, 2018
    • HDFC Ergo Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with HDFC ERGO from last 1 month, i am happy with the coverage value of this insurance policy. I have no claim experience so far with this insurance policy. I have a coverage up to Rs 2.5 lakhs for this insurance policy.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 31, 2018
    • Star Health Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with Star health from last 7 years and it is a good policy to use. A premium of Rs 200 gets auto deducted through ECS. I have no claim experience so far with this insurance policy and the coverage value is good in this insurance policy.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 26, 2018
    • Religare Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with Religare from last 10 months, i am happy with the coverage value of this insurance policy. I am not aware of the premium amount as company pays it. I have no claim experience so far with this insurance and the coverage value is Rs 2 lakhs.
      Was this review helpful? 0
      , rajahmundry
      Reviewed on Jul 23, 2018
    • Royal Sundaram Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my health insured with Royal Sundaram general insurance from last 3 months, it is a family health policy with the coverage value of Rs 1 lakh per member. I have no claim experience so far with this insurance and i get good tax benefits on this policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 20, 2018
    • Star Health Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with Star health from last 15 years and it is a good policy. It is a family policy with the coverage value of Rs 7 lakhs for this insurance. I have no claim experience so far from this insurance and i pay a premium of Rs 4000 for this insurance.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 18, 2018
    • United India Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with United India Insurance from last 15 years, i am happy with the coverage value of this insurance policy. I have no claim experience so far with this insurance policy. This is a family policy so the coverage value is Rs 3 lakhs.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jul 12, 2018
    • National Insurance Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with National insurance since 1994, this is a family health policy. I have no claim experience so far from this health insurance. I have a coverage value of Rs 5 lakhs for this insurance policy and i have to pay a premium of Rs 23000 every year.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 01, 2018
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