How can no claim bonus reduce your health insurance costs? Read here 

Personal Finance 

Health insurance is crucial to cover medical expenses, but rising costs can strain finances.

No Claim Bonus (NCB) is a tool in health insurance to reward policyholders for staying healthy and not making claims.

NCB offers discounts on premiums or increased coverage without extra cost for a claim-free year.

NCB encourages a healthy lifestyle, preventive measures, and reduces the need for medical interventions.

The NCB percentage increases for each consecutive claim-free year, providing long-term cost savings.

NCB may not be available for all types of insurance or categories, limiting its applicability.

Disadvantages include losing NCB on claims and potential hesitation to avail necessary coverage.

Policyholders should weigh the pros and cons of NCB based on their circumstances.

NCB slashes health insurance costs by providing premium discounts and enhanced coverage.