Health Insurance 1699 views May 20, 2021

Health insurance covers medical treatment costs and prevents your savings from getting exhausted towards the same. However, a stringent fitness routine can help you avoid medical emergencies and keep your health insurance unused. So, does that lead to the expiry of your health insurance over time or bring some pleasant surprises for you? The answer is – you will get a bonus that raises your coverage amount automatically without any extra premium payment on renewal. Having such a bonus is important in the context of annual medical expenses that have risen 7-10% for the last 3-4 years. The increase in the coverage amount will only help you manage treatment expenses efficiently. Let’s read this post further to know everything about this bonus concept.

Health Insurance

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So How Does That Health Insurance Bonus Help Meet Your Medical Expenses Better?

When you don’t claim in a financial year, the health insurance company will reward you with a no claim bonus (NCB), thereby raising the coverage amount or sum insured. When choosing a health insurance plan, you get a sum insured based on your age, the premium amount, the number of members you want to cover, etc. So when you don’t claim in a financial year, the sum insured will rise by 5-20% to up to 100%. But how does the game of percentage work? An example below will help us understand the same.

For example, you buy a health insurance plan with a sum insured of INR 6 lakh. You don’t claim for three successive years and get a 10% bonus for every year. So, after the first year, your sum insured will rise to INR 6,60,000 (6,00,000+10% of 6,00,000). But after the second year, the sum insured will not rise based on INR 6,60,000, but on the base sum insured i.e. INR 6,00,000. And the same pattern will follow afterward in case of no claim. That way, your sum insured will rise to INR 7,80,000 owing to the 10% bonus for three years. The increased sum insured will help you deal with the rising healthcare expenditure. And if you buy a health insurance plan early in your life, the scope for such a bonus remains much higher as you are most likely to stay fit at that time.

So Which Health Insurance Plan Has the Most Impressive NCB Offer?

Do compare the NCB offers of top insurers to pick the best one and get increased protection against medical expenses. Here’s a list of such offers.

Health Insurance PlansNCB Offers
HDFC ERGO Health Optima RestoreUp to 100% of the base sum insured
Niva Bupa Reassure Family Floater Plan50% bonus for a claim-free year, up to 100%
Star Comprehensive Health Insurance Plan100% bonus upon a claim-free year
Aditya Birla Activ Health Platinum Enhanced
50% bonus upon a claim-free year, up to 100%
Bajaj Allianz Health Guard Plan50% bonus for the first two years and 10% for the next five years
Bharti AXA advantEDGE Insurance20% bonus accrues upon no claim and remains intact even if you claim later. The maximum bonus can be 100%

What Else Can You Get on Not Claiming Your Health Insurance?

Health insurance companies also offer wellness rewards to people having good health by giving them a discount on their premiums. However, you need to maintain certain health parameters to get such rewards – Body Mass Index (BMI) of 18.5-24.5, normal heartbeat & blood pressure, etc. Various application tools are available to check the health status. Let’s check out the wellness rewards of top health insurance plans.

Health Insurance PlansWellness RewardsCriteria for Rewards
Bharti AXA AdvantEdge InsurancePremium discounts of up to 5% in the form of redeemable pointsParticipation in wellness programs as mentioned by the insurer
Aditya Birla Activ Health Platinum EnhancedPremium discounts of up to 100%Rewards get accrued only when the four members of a plan achieve daily steps of 6,000 for a minimum of 16 days in a month
Star Health Young Star Insurance PolicyPremium Discounts of 2-10%Participation in wellness programs as specified by the insurer
ICICI Lombard Complete Health Insurance100-2,500 redeemable pointsHealth activities such as GYM/Yoga, participation in professional events like Marathon/Swimathon/Cyclothon

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