Increase Health Insurance Cover At No Extra Charges

Health insurance in the new era is providing you various kinds of coverages, like OPD coverage, worldwide treatment, no claim bonus, etc.

Today we will discuss No Claim Bonus (NCB) and Guaranteed Cumulative Bonus (GCB) features in a health insurance plan. It is one of the most in-demand features extended on a health insurance policy. If you do not make a claim, then as a reward the insurance company increases the sum insured upon renewal. Basically, you benefit from leading a healthy life and not making any claims. This means that the sum insured increases based on the NCB accumulated without paying additional premium – that is you can get more than the base sum insured on the same policy premium.

Earlier, NCB was given in the form of a discount on your renewal premium. Later, the insurance companies started giving a No Claim Bonus of about 5% or 10% on the sum insured. This has now increased to 50%, 100%, 200% or even 500% or more of the sum insured depending on different health plans and insurance companies. Some health insurance plans increase the coverage irrespective of claims – in the form of GCB.

It means that you can increase the coverage based on the No Claim Bonus or GCB accumulated without any extra charges/premium. In such cases, if your health insurance coverage at the start is Rs 5 Lacs, it can increase to Rs 20 Lacs, Rs 25 Lacs or 50 Lacs over a few years and that too without any extra charges.