Keeping your health safe and protected is a vital thing a person is trying to do at any time. This time taught us that nothing is more important and valuable than your life and your family. In these times, medical emergencies can arise anytime. We don’t know what will happen after a few hours. Life is unpredictable. To protect their family from the money crisis, if the problem comes people apply for health insurance. This insurance helps them cover almost all the expenses that will arise at the time of medical treatment. From covering the bigger expenses such as medical bills to covering small expenses this insurance helps the person to protect his/her family at times of an emergency.
At the same time, many people have a question in their minds that what if with god’s grace no emergency arises, and no medical treatment is involved in the tenure of the medical policy? Well, if this happens people will benefit from it once. NCB means no claim bonus. It is the type of bonus that the customer receives if he has not applied for a medical claim in the tenure of the particular policy. Sometimes, people get worried that they’ll get some benefits from it, even if they have not applied for any claim. In this situation, NCB comes into the picture.
Here are some properties of no claim bonus:
1. Policy varies from company to company – People give benefits of no claim bonus depending upon the insurance company of a particular company. If the insurance policy of a person has not expired in a year, then they can get this benefit of 10% or 20% of the bonus. This can get higher if the insurance company’s policy says so. It depends upon the particular company person who has applied for the insurance.
2. Helps in increasing savings – People apply for health insurance to protect their savings. Since the amount will be covered by the insurance company itself, their savings will be saved. To get free from worries about the moment, people claim for the particular insurance. This no-claim bonus helps them to increase their savings. If the insurance policy is not claimed, then the person will get the bonus amount. It will be added to their savings and if they have to pay the co-payment amount in times of emergencies, this money can be in use at that time. It is a beneficial amount that a person will get to increase their savings.
3. Calculated according to the consecutive years – The no-claim bonus policy works within the tenure that person has applied. The tenure and percentage can be fixed in the policy. Though, it will get an increase if the claim is there in the upcoming years. For example, if the percentage for the no claim bonus for the first year is 15%, the bonus will not be used or the insurance has not been claimed by the customer. Then he will enjoy the bonus claim that can increase to 25%. It depends upon the insurance company policy.
Sometimes, to get the bonus money, people also pay the whole amount of the medical expenses at time of the treatment. Just to get that money people pay more money in the medical bill. But if a policy is made to claim, it should be used at that particular time. Bonus claims can be continued when the health insurance is not claimed.
4. Worth protecting the no-claim bonuses – Some people might have thought that is it even worthwhile protecting the amount of the bonus discount. It depends upon the customer. Like how he wants to use his money. It can be helpful for the person as it can increase his savings. But if the person has laid the amount for the claim to protect the bonus amount, it may not be worth it because if further in the future, ever arises then the person as to pay more many and will end up losing his bonus money too. So, it depends upon the strategy of the customer to use this bonus claim or not.
From the points method above, we can say that this no-claim bonus amount is beneficial for those who have completed their claim tenure and want to continue it further. This will help the customer to get free from the worry of paying some amount in the future. Many things are involved in the health insurance policy and claims related to it. It is a vast area where I have to get some idea of what is beneficial for him. For this, he can visit the website of Care Health Insurance. This website provides in-depth information about the various insurance companies and also gives other information about the claims and benefits a person can get from it. Your health is your priority and it’s important to protect it. A person should apply for a health insurance policy to get many benefits such as a no-claim bonus.