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Answering 5 FAQs On NCB In Health Insurance

A health insurance policy can truly have your back during a medical emergency by saving you from paying for heavy hospitalization bills. Yet, there are many times when you don’t claim your health insurance at all. Now, on the positive side, no claims indicate good health. However, on the flip side, you might wonder whether you have simply paid out those medical insurance premiums for coverage that hasn’t been claimed. This might appear like a waste of money at first glance. But it isn’t. For every claim-free year, your insurance provider rewards you will a ‘no-claim bonus.’

Also known as NCB, this bonus is either given as an increase in the insured amount on your policy or in the form of a discount on your premium. Thus, it really is a win-win situation for you as a policyholder – you have stayed in good health and also now enjoy additional coverage at no extra cost.

If you are new to the concept of NCB, read on for the answers to 5 FAQs on this bonus on your health insurance policy.

  1. What happens to my NCB if I switch between insurance providers?

Even if you switch between insurance providers, you can still enjoy the NCB from the new insurance company. You simply need to furnish all the relevant documents that they ask for while processing your new health insurance policy.

  1. Can I still claim NCB if I move from an individual health insurance plan to a family floater plan?

Yes, you can still enjoy your NCB even if you switch from an individual plan to a family floater plan or vice versa. However, the exact benefit you receive in your NCB may vary depending on other factors such as whether there has been any change in the sum insured amount and the type of plan chosen, among others.

  1. Will I lose my NCB if my health insurance policy expires before I renew it?

If your health insurance policy expires before you renew it, you lose any benefits that were associated with the policy. This includes the NCB. Therefore, make sure to renew your health insurance on time. You can look into setting up your coverage for auto-renewal or simply buy a policy for a couple of years at a single go.

  1. What is value of the bonus that I enjoy in NCB?

If you receive your NCB as an increase in your coverage amount, the percentage of increase may start at 5% and go upwards to a maximum of 50%. This means you get more coverage at no extra cost simply for not raising any claims. If the NCB is given as a discount on the premium cost, the amount of the discount varies between insurance companies.

  1. Is it better to get an increase in the coverage amount or a discount on my premium when receiving my NCB?

The answer to this question depends on the percentage of increase offered on the coverage amount and the percentage of discount you get on your premium. As these figures won’t be the same between insurance companies, it is advisable that you check what works out better for you as per your own health insurance policy terms.

These are some of the main questions that a lot of people have on the NCB in their health insurance coverage. If you have any other doubts, do be sure to put them across to your insurance provider so that you get the answers you need. We hope this article will prove helpful for you. Take care and stay fit!

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