Are you searching for what is NCB in health insurance? NCB stands for No Claim Bonus. This is a kind of monetary bonus offered by insurance companies to the policyholders. If you hold a policy then even you can enjoy this benefit for a claim-free year.
In simple words, if you stay fit for the whole year and you do not claim any kind of healthcare insurance services then the company rewards you in form of NCB. Do you want to get this reward? If yes, then start taking care of yourself. Who doesn’t like to get a bonus? Everyone wants it. To promote awareness, consciousness, and good health; the insurance companies have started no-claim bonus health insurance.
In health insurance, NCB can offer you financial benefits that might enhance the sum of your insured health insurance or it can reduce the premium outgo of your insurance. During the beginning years of your policy, the insurer makes a note of how many years you have not claimed for a bonus, and then accordingly rewards you with NCB.
What are the different types of No claim bonuses in health insurance?
Now that you understood what is no claim bonus in health insurance, it is also important to know about its types. NCB is mainly categorised into two categories which are the discount benefit, and the cumulative benefit. Let us know about both categories in brief.
1. The Discount Benefit
This type of NCB, lets you enjoy a discounted premium purchase of the health insurance which you currently have. In this type of benefit, your premium is reduced by the insurer but the benefits of your health insurance remain intact.
Now you might be thinking that when you can enjoy this benefit, right? So, by the end of the first year of your health insurance policy, the insurer checks if you have claimed for the insurance or not, and if you haven’t then you can receive this reward.
If you are confused about how much discount you can receive from the insurer then here is what you need to know. By the end of the first year, if you don’t claim your health insurance policy then the insurer will offer you a discount of 10%. Again, if you pass the second year without claiming, then again a discount of 10% will be added. So, it means that you can enjoy a 50% discount on insurance premiums by the end of the fifth year.
2. The Cumulative Benefit
This is another type of benefit that the policyholders can enjoy. Do you know what is cumulative benefit? It is when you don’t claim for your health insurance policy by the end of the year then the insurer rewards you with better coverage. It is almost the opposite of what you might receive through the discount benefit. As in this type, the insurer increases your overall coverage in the same premium amount.
So, do you want to enjoy the best health care services along with inflation-adjusted advantages? If yes, then you will have to stay fit so that you don’t claim your health insurance policy.
Conclusion
Who doesn’t want to seek the best health care solutions from reliable companies? Everyone wants it, right? But at times, because of some reason, we fail to acquire good facilities. In such cases, health insurance acts as a supporter and lets you seek the best services.
You must have health insurance for yourself and your family so that you can save yourself from the financial crisis and other issues. There are several other benefits of having health insurance and one of them is no claim bonus. If you don’t claim your health insurance then the insurer will offer you NCB, by the end of the year.
If you are confused about where to buy your health insurance to enjoy its numerous benefits then you can consider Livlong. This health care company is one stop for all your health needs and records. Here, you can get yourself insure and enjoy the discount benefit as well as the cumulative benefit.
