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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 15 1 2 3 4 5
    • Star Health Health Insurance
      "Excellent policy"
      0.5 4.0/5 "Great!"
      I hold a health insurance policy with Star. This policy is taken for my family. They have given me a coverage amount of 3.5 lakhs. They have wide range of hospitals in my locality. I pay the premium amount of Rs. 11500. They are giving a cashless treatment facility anyway i had no claim experience with this policy
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 18, 2018
    • Oriental Insurance Health Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with Oriental which was provided by company.It is for entire family and policy coverage for per person is 2.5L.There is no claim experience. They have good network of hospital for the cashless facility. They cover all types of minor, major diseases and critical illness.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2018
    • ICICI Lombard Health Insurance
      "Good"
      0.5 4.0/5 "Great!"
      My company has provided me a health insurance policy with ICICI Lombard. Its been 2years now. It covers for entire family and policy coverage is 3L per person. There is no claim experience but I heard the claim process was good. Am not aware of the benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2018
    • HDFC Ergo Health Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I am using the health insurance policy with the HDFC ERGO GENERAL INSURANCE from past two years where i have no claim experience with this policy also added on that the premium i pay seven thousand rupees per year. The medical coverage is for six lakhs for complete family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • HDFC Ergo Health Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I am using the health insurance policy with the HDFC ERGO GENERAL INSURANCE from past two years where i have no claim experience with this policy also added on that the premium i pay seven thousand rupees per year. The medical coverage is for six lakhs for complete family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • Religare Health Insurance
      "Necessary policy for all family"
      0.5 4.0/5 "Great!"
      I have no claim experience with Religare health insurance policy. I have purchased the policy 1 month before. They have offered me a coverage value of 5 lakhs. I have taken the policy for my family. I have no idea about the list of hospital. They are providing the cashless facility. I pay the premium of Rs. 11700.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 16, 2018
    • HDFC Ergo Health Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have been using my health insurance policy with the HDFC ERGO GENERAL INSURANCE and the premium i am paying six hundred and thirty five rupees per month also it gives the coverage up to one crore rupees. It is a corporate policy, i am using from past 10 years but i had no claim experience.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Nov 16, 2018
    • Reliance General Health Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have a company provided health insurance with Reliance, i am not aware of the premium amount as my company pays it. There was no claim experience so far with this insurance policy. This policy has a coverage value of Rs 4 lacs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 15, 2018
    • HDFC Ergo Health Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I already a health insurance with HDFC Ergo. I am satisfied with the benefits. The policy coverage is one year. It covers only minor disease. There is no claim experience. They provide a good network of hospitals for the cashless treatment. I don't get any reminder call for the policy renewal.
      Was this review helpful? 0
      , panipat
      Reviewed on Nov 13, 2018
    • HDFC Ergo Health Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      My health is insured with HDFC ERGO from last 10 months, i did not received any documents so far for this insurance. I make my payment every month through RTGS. I have no claim experience so far and they did not inform about the benefits of the policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 01, 2018
    • ICICI Lombard Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with ICICI LOMBARD from last 3.5 years, i am not aware of the premium amount of this insurance policy. The coverahge value for this insurance policy is 4 lacs. I have no claim experience so far with this insurance policy.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 30, 2018
    • Cigna TTK Health Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the health insurance policy with CIGNA TTK HEALTH INSURANCE from last few years. I have no claim also the premium is nominal which is 12k the coverage is for self. Medical coverage is for 2.5laks only for self coverage. It is a good policy to use.
      Was this review helpful? 1
      , vadodara
      Reviewed on Oct 23, 2018
    • Apollo Munich Health Insurance
      "Best policy"
      0.5 4.0/5 "Great!"
      My health is insured with Apollo Munich from last 1 year and it is a best policy to use. There was no claim experience so far with this insurance policy. A premium of Rs 16000 has to be paid for this insurance and the coverage value is Rs 10 lakhs...
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 19, 2018
    • Star Health Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with STAR health from last 2 years, i am happy with the coverage value of this insurance policy. I pay a premium of Rs 18000 for this insurance and it covers up to Rs 5 lacs. I have no claim experience so far with this insurance.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 11, 2018
    • Star Health Health Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My health is insured with STAR health from last 1 year, a premium of Rs 11500 has to be paid for this insurance policy every year. Lots of hospitals are listed in this insurance. There is a cashless treatment facility in this insurance. The coverage value is Rs 5 lacs and i have no claim experience so far.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Oct 11, 2018
    • Religare Health Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with Religare from last 4 months, i am happy with the coverage value of this insurance policy and it is a Family health policy. I have no claim experience so far with this insurance and i pay a premium of Rs 12500 for this card. Coverage value is Rs 5 lac + 5 lac for this policy.
      Was this review helpful? 1
      , new delhi
      Reviewed on Oct 08, 2018
    • ICICI Lombard Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance policy with ICICI LOMBARD from last 1.5 years, i am not aware of the coverage value of this insurance policy. I pay a premium of more than Rs 12000 for this insurance policy. I have no claim experience so far with this insurance policy.
      Was this review helpful? 1
      , vadodara
      Reviewed on Oct 08, 2018
    • SBI General Health Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I am having a health insurance policy with SBI general insurance from last 1 year, a premium of Rs 46000 has to be paid for this insurance policy on annual basis. I have no claim experience so far with this insurance and i am happy with the coverage value.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 02, 2018
    • review Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My health is insured with IFFCO TOKIO from last 5 years, there was no claim experience so far with this insurance policy. A premium of Rs 6000 has to be paid for this insurance policy. The coverage value of this insurance is Rs 4 lakhs and it covers self and spouse.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 27, 2018
    • SBI General Health Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have a health insurance policy with SBI general insurance from last 2 years, I am happy with the coverage value of this insurance policy. . I am not aware of the premium amount as my company pays it. The coverage value is Rs 2 lacs and there was no claim experience so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 27, 2018
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