Tuesday, 15 May 2018

No-Claim Bonus?What To Do If Your Health Insurer Is Withdrawing

No-Claim Bonus?What To Do If Your Health Insurer Is Withdrawing: A number of public-sector insurers are withdrawing no-claim bonus and other benefits on their insurance plans. Let’s find out what recourse you have in such a situation. 

Here you can find if Your "Health Insurer Is Withdrawing and No-Claim Bonus"

What is a no-claim bonus?

The no-claim bonus offered on a Health Insurance policy is in the form of a cumulative bonus. Insurers offer this on indemnity-based Health Insurance policies. The policyholder must meet the following conditions:
  1. If one makes claims during overlapping periods of two Health Insurance policies, one will receive the benefit of the available sum insured. The cumulative bonus will also not reduce to zero.
  2. The cumulative bonus will expire if the person does not renew the Health Insurance policy by the due date.
  3. Each year the sum insured increase varies from 10%-50%.
  4. The cumulative bonus that a policyholder is eligible to receive on his/her Health Insurance will be stated in the policy document.
  5. Insurers apply the cumulative bonus to the sum assured for a 3-year period. This can help to renew the policy by the due date as well.
  6. 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.
Experts advise that people who are above 50 years of age, should consider switching to a health policy with no-claim bonus benefit. Although this will result in only a marginal increase in premium costs, the benefit is useful.

Read Also Tips To Choose The Best Health Insurance

Disbursement of no claim bonus:

An insurer can withdraw the no-claim bonus but it can also provide it to the policy-holder as a part of the sum insured after deducting the premium payable for the policy.

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, one has to renew the policy within 30 days of the due date for renewal.

Good claim record incentives:

By maintaining a low claim record, one can avail a rebate on premium as well as enhanced protection.

Low-value claim:

When the policyholder files a low-value claim, he/she does not lose the entire No Claim Bonus. The insurer only deducts a small percentage from it.


  1. Thanks for sharing the blog, seems to be interesting and informative too. Can you suggest some of the interesting places to visit for Best Health Insurance

  2. Choosing and selecting from a best Health Insurance Plans in India would be great and fair enough these days.

  3. very nice post, wonderful information About Health Insurance.
    Thanks for sharing us!
    Metis Marketing Services Pvt Ltd

  4. Do you need a loan? we give out fast loan.
    Loan Applications Lend up to $50,000,000.00 and Choose between 1 to 25 years repayment term. We are currently building a system of loan acquisition to help various individuals and organizations with renewal, debt consolidation, refinancing and business setup intentions.
    Repayment plan Flexible.
    Reply to email: specializeloanservicing@gmail.com
    Mr.Oleg Tkachenco.


  5. Hi,

    I have read your blog and found it very interesting. Thanks for sharing it with us. As we all know that the number of diseases are increasing day by day because of our unhealthy lifestyle and unhealthy diet, it becomes a necessity for an individual to buy a health insurance for themselves and their family.

    We at Policy21st.com are providing services in Health Insurance Plan policy. With this plan you can ensure that you and your family does not suffer due to any health related emergency. You will be getting a lot of benefits and advantages here with minimum charges, so that this policy does not become a burden for you.

    Also visit here:- Policy21st.com

  6. HRSG Insurance is a brokerage house providing you a one-window solution for all your corporate and individual insurance needs. We represent you, the client, and make sure that we provide a customized solution that matches your insurance requirements. Secure your business with our bespoke insurance solutions and minimize your administrative time and costs with competitive prices and products.

    Insurance brokerage companies Pakistan


Insurance24x7 is an Insurance blog for all insurance information. On this blog, you can get Car, Health Insurance & Life Insurance articles.