• 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 50 1 2 3 4 5
    • Star Health Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a health insurance policy with the Star Health. I have claimed this policy for 2 lacs. The whole claim process was easy, after discharge. The service was very good. I am really happy about the service of Star Health and it is a recommendable health insurance policy to have.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • ICICI Lombard Health Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a health insurance policy with the ICICI Lombard . I pay a premium of 5500 per year for this policy. I do not have any claim experience with the policy. They offers 5 lacs coverage for the entire family and the network list of hospitals are also pretty solid with their services.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 20, 2018
    • Cigna TTK Health Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a health insurance provided by the Employer from the Cigna TTK . I do not have any claim experience , Company is paying the premium. It offers an annually coverage of 2 lacs for me and 1 lac for my wife and 50000 for my children. So far it has been a smooth experience and I'll have to wait and see how they respond to my claim in future.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 20, 2018
    • HDFC Ergo Health Insurance
      "Good policy to use"
      0.5 5.0/5 "Blown Away!"
      Got the health insurance policy from the HDFC ERGO around a year ago. The customer support service and the response is good with the HDFC ergo . This policy covers only one member in my family. I have the medical coverage up to Rs,3,00,000 and I am satisfied having the health insurance policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 20, 2018
    • Star Health Health Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      I am having the health insurance policy with the Star health insurance company. Customer service is good one and their response too. Coverage value is fine one too with the Star health insurance company. I have not faced any such claims with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 20, 2018
    • Max Bupa Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my health insured with MAX BUPA from last 3 years and it is one of the good policy. It is a family coverage where spouse and children are covered. I pay a premium of Rs 18000 for this health insurance. My claim experience was good and they covered 70% of the billed amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 19, 2018
    • Religare Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I was using health insurance policy with Religare from last 2 years, i am happy with the coverage value of this insurance policy. I am satisfied with the claim experience and it was a cashless treatment. I have a coverage value of Rs 3 lakhs for this insurance policy.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jun 19, 2018
    • ICICI Lombard Health Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I took health insurance from Icici health insurance . I have choose this insurance mainly because of convincing premium with too many benefits . This policy covers Cashless hospitalization. Pre diseases coverage . Overall am satisfied with customer care and service. Am getting income tax benefits
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 19, 2018
    • New India Health Insurance
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      New India Assurance was the first health insurance provider with the Employer provided health insurance, They've partnered with the many hospitals in Pan India and also offered protection for the entire family. They were also offering cashless treatment facilities. Overall it has been a smooth experience.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 18, 2018
    • SBI General Health Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a health insurance with SBI general insurance from last 2 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance company. I pay a premium of Rs 50 per month for this insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 18, 2018
    • Star Health Health Insurance
      "Good to have insurance policy"
      0.5 3.0/5 "Satisfactory"
      Idon't have any experience of claim hence i never get a chance to call their customer care. They used to call me for renewing the policy. I can claim about 3.5 lakhs per annum. If i use 10% or not claim the policy, they wont give additional benefits for the next year. Their is a insured amount by 10%. My premium amount will be same but the claim amount they will increase by 10% next year. Cashless treatment is available in this policy
      Was this review helpful? 0
      , noida
      Reviewed on Jun 18, 2018
    • National Insurance Health Insurance
      "Very late back policy"
      0.5 3.0/5 "Satisfactory"
      My company people have taken health insurance policy to the employees. Once i have claimed the policy for my mother. The service is not good as per experience. They have a separate hospital list, in that they have mentioned cashless facility is available but when i went for those hospital, they said their is no cashless facility for this insurance. They will not response from the National Health insurance. The number will keep on ringing. After that my company asked me to send the bill. But i never done to this company. The claim is very low which is less than 20000.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 18, 2018
    • Religare Health Insurance
      "BEST"
      0.5 4.0/5 "Great!"
      From past 7months i am using this health insurance. Documents i have done through the on line. The coverage is for 10k. Per annual i pay of rupees 7-8k. Disease coverage is there. Free medical checkup once in a year is also available in my insurance.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 17, 2018
    • New India Health Insurance
      "Chatting with customer at clamp time"
      0.5 0.5/5 "Unacceptable"
      This is a type of fraud company.This does not pass the claim.When they go to the customer to make a claim, it only rotates it, this time of direction can be more than 8 months.thay do not have any response anymore, only you have to call them these times and you have to consider the information.Out of which it does not raise your phone more than half the time. Each time they constantly ask for something new, they never tell you once and after 8 or 9 months of the final, you cancel your claim according to the new rule.They do not deliberately describe the whole processor, either by either losing the customer tired or in the last. I will request all individual personal and special corporate offices to never do any bonding with this type of company.Because the new rules which it says in 8 or 9 months, how will the customer know at first sight, they deliberately conceal the rules so that the customer does not get disturbed and do not claim.
      Was this review helpful? 0
      , neemuch
      Reviewed on Jun 16, 2018
    • National Insurance Health Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a health insurance policy from the National Insurance. I am paying the premium of 1400 per year. You can claim this policy at any network hospitals in the country. The need to nofity the customers about the partnered hospitals. If they have tie up with the a new hospital they need to send updates to the customers or publish it on their website.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2018
    • Star Health Health Insurance
      "Average Service"
      0.5 2.0/5 "Expected more"
      I'm using the Star Health insurance policy. I do not have any claim experience yet. I pay a premium of 8000 Per year. They don't send any renewal notifications. Their Service is good. The coverage is 1 lac for whole family per year. They need to improve their notifications and keep the customer posted about important dates.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2018
    • Royal Sundaram Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've been using the health insurance policy from Royal Sundaram for a while. I am paying the premium of 8000, many of my friends recommended Royal Sundaram. I never had any claim experience with the policy. Overall it has been a smooth experience. I'll have to wait and see how they respond to my requirement in future.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 16, 2018
    • Apollo Munich Health Insurance
      "The Best"
      0.5 5.0/5 "Blown Away!"
      Since I'm working with health insurance. It is easy to claim in Apollo Munich. The best hospital list covered in this policy. The best health insurance company in PAN India. In my company, they are paying the insurance premium for me and my family.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 14, 2018
    • HDFC Ergo Health Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've a health insurance policy with the HDFC Ergo. I pay a premium of 6100 Per year, I do not have any claim experience with the policy and it offers full coverage for my entire family. They offer a coverage 2 lacs annually which is pretty good for me. Overall it has been a good experience with the features of the policy. .
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 14, 2018
    • Bajaj Allianz Health Insurance
      "Good Health Insurance policy"
      0.5 5.0/5 "Blown Away!"
      So far i have never claim the health insurance. I can claim upto 7 lakhs. I have taken this insurance policy for me and dependent. The employer take care of the premium amount. I have never contact the customer care. Almost most of the hospital has been covered in this health insurance
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 14, 2018
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