As a very basic term, the no claim bonus is the benefit that has been perfectly offered by the company to the policyholder into their health insurance plan. This is considered to be the best possible way in which the insurer will be rewarding the policyholders for one full year that was claim-free on their behalf.
The no-claim bonus is considered to be one of the most important factors to be taken into consideration by the people at the time of purchasing the health insurance plans in India and further being clear about different aspects associated with it is very much vital for the people to ensure accurate purchasing decisions.
The most important benefits with the no claim bonuses
Following are the most important benefits associated with the no claim bonuses:
There will be a very high sum insured
Under this particular benefit, whenever the concerned people will be having a claim-free year and the amount of coverage of the policy plan will be increased but the premium amount will always remain the same.
For example, if a particular person has purchased the health insurance of Rs.5,00,00 and the company helps to provide the bonus of 5% every year for a claim-free year then for the next year the amount will come out to be 5,25,000 and the premium will remain the same. Hence, this is considered to be the best possible opportunity of enjoying increased coverage every year without any kind of issue.
People will get a discount on premium
With the help of this particular bonus, the policy premium will also be decreased by a percentage for every passing year and the best part is that there will be no change in the coverage amount for that particular policy.
For example, if the individuals are purchased the policy of Rs.5,00,000 and the premium amount is Rs.10,000 annually. So, for every claim-free year, the company will be providing a discount of 5% on every claim-free year and in this case, the premium for next year will come out to be Rs.9500 and this particular amount will be decreased so on without any kind of year.
In both of the above-mentioned ways, people can ensure proper financial protection to their family and the insured person without any kind of issue especially in the cases of medical emergencies. The biggest benefit of the no claim bonus is that it will help in encouraging the policyholders to remain fit so that only filing of a claim can be undertaken whenever it will be required.
The biggest benefit of the no claim bonus is that it is available for most of the health insurance policies both individual as well as the family and is provided so that there is no problem and people can enjoy the no claim bonus very easily.
Apart from this having a clear-cut idea about the terms and conditions of the policy irrespective of other things is very much important so that premium discount can be insured and the amount of bonus can also be taken completely into consideration without any kind of issue.
The policyholders can also go with the option of availing the advantages of increasing the coverage of policy with the help of no claim bonus because it can always be done up to some limits very easily.
Generally, the limit which has been provided to the people will increase between 50%- 100 percent, and the terms and conditions will be different by the different providers in the whole process. This particular policy advantage is also applicable to the individual and the floater health insurance plans so that there is no problem at any point in time and people can enjoy it a lot.
Irrespective of which policy people go with, this particular plan will help in providing all advantages to all the family members so that they can avail the advantage of no claim bonus very easily whenever they will not make any kind of claim for the entire policy year.
Not every health insurance plan will help in providing the people with this particular facility which is the main reason that being clear about terms and conditions is very crucial and reading all the policy documents is vital so that people end up making the perfect decisions in the whole process.
No claim bonus is one of the most vital points to be taken into consideration by the people whenever they are choosing any kind of health insurance plan so that they can go with that particular option which is most suitable to them.
Apart from this depending on companies like Care Health Insurance is very much important for the people so that they can ensure proper safety against any kind of medical emergency.