Health Insurance 2852 views December 13, 2019

Apollo Munich Health Insurance No Claim Bonus

Health Insurance has become a necessity for every family to stay protected against the increased medical expenditures day by day. Today’s fast and complicated life is leading to many health hazards which are bound to affect our finance if we are not well prepared. Apollo Munich Health Insurance provides tailormade health plans for individuals. Let’s understand some basic areas of health insurance and then we will study Apollo Munich Health Insurance No Claim Bonus.

Health Insurance

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What is Health Insurance?

Health Insurance is a guard that provides us with coverage from unanticipated medical exigencies. Health Insurance Plans compensates expenses like hospitalization expenses, surgeon’s fees, domiciliary expenses, doctors’ fees, in- house treatments, second opinion charges, ambulance charges, maternity expenses, surgery fees, advanced treatments, newborn expenses, injuries and many more. Hence, a health insurance plan is a must for every family member.

What to consider for in a Health Insurance Plan?

With many health insurance providers available in the market, it becomes a difficult task to choose the best health insurance company. A health insurance buyer can see and study the following points before buying any plan:

  1. High Ratings: The company has high ratings from industry specialists. Customer reviews and feedbacks can also be checked.
  2. Post Hospitalization Benefits: It is important to see whether the company has a facility where the expenses after any surgery or treatment are covered or not.
  3. Wellness Program: A good insurance company provides a wellness program.
  4. Wide Network of Hospitals: The company should have a widespread network of doctors and hospitals. Be prepared to check the network hospitals in the nearest area.
  5. Various Sum Insured Choices: The company provides an extensive variety of sum insured.
  6. The non-existence of sub-limits: There is no sub-limits or co-payments for an insured to get the full coverage
  7. Fast Claim Settlement: The company has a speedy claim process along with a hassle-free settlement process

Apollo Munich Health Insurance has established itself in a big way thereby earning many constructive and helpful evaluations. The company is ranked as the company with the best health insurance plans by India’s reputed journals and newspapers namely “The Hindustan Times “and “The Economic Times”. The company offers tailor-made products through a huge network of more than 5000 cashless hospitals in India with 194 offices. The plans offered by the company caters the need for individuals as well as family and can be broadly categorized into:

  1. Health Insurance Plans for Individuals
  2. Health Insurance Plan for Family – Family Floater

Why Apollo Health Insurance Plans?

The reasons can be categorized as below:

  1. Extensive sum insured choices available
  2. Guard against health disasters
  3. Presence of Cashless facility
  4. Access to a widespread network of hospitals
  5. Helpline
  6. The effective and easy claim process
  7. Stay Active benefit
  8. Tax benefit under the Income Tax Act
  9. Health and Wellness Portal
  10. Effective, faster and clear customer service
  11. Restoration Benefit
  12. 100% No Claim Bonus can be obtained.

What is No Claim Bonus?

In Health Insurance No claim bonus (NCB) is the additional benefit that is added in the sum insured for every claim-free year. It is a benefit that an insurer gives to the policyholder for zero claims.

No Claim Bonus in Apollo Munich Health Insurance Plan

Optima Restore Individual Plan, the best health plan offered by the company is loaded with many benefits like cashless facility in more than 5000 network hospitals in about 900 cities, renewal for a lifetime. The plan has also full coverage of 60 days pre-hospitalization and 180 days of post-hospitalization. It has also Restoration benefit which allows having an additional coverage of 100% of the basic sum insured on the first claim. This plan has the facility of no claim bonus. No Claim Bonus is also termed as Multiplier benefit as an insured person gets the benefit of double of the sum insured. If an insured has no claim in any year, the company increases the base sum insured by 50% at no extra cost. In fact, the same is continued for the claim-free second year as well, and here the sum insured is doubled which is 100%. Let’s understand the concept with an example:

Mr Bhattacharjee has bought Optima Restore Individual Plan with a sum insured of Rs 2 lakhs and he doesn’t claim anything in the 1st year, the sum insured increases to Rs 3 lakhs and in the second claim-free year, the sum insured increases to Rs 4 lakhs. This essentially means that at the end of the second claim free year, Mr Bhattacharjee will be pay for Rs 2 lakhs plan but will enjoy the advantage of Rs 4 lakhs plan.

Apollo Munich Health Wallet Plan also has the benefit of no claim bonus named Multiplier Benefit as mentioned above. The sum insured increases by 50% while renewing the policy in case of a claim-free year. Additionally, the basic sum insured gets doubled in case there is a second claim-free year as well. The plan also provides a Reserve Benefit which means the unused reserve from all policy can be used to meet various medical expenses like diagnostic tests for outpatient, buying of health food supplements, consultation fees of doctors, etc.

Hence, from the above discussion, we can conclude that No Claim Bonus plays a very significant part in any health insurance plan. This helps the insured to have an additional benefit in his health plans which in turn can lessen the financial burden to some extent.

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