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No-claim bonus can help policyholders deal with medical inflation

Level of benefit varies from one company to another for each claim-free year

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Priyadarshini Maji
No-claim bonus, as the name suggests, is the benefit the policyholder gets for not having made a claim during the past year. The bonus works in favour of both the insurer and the insured. The insurer benefits from not having to pay the policyholder for a claim, while the insured benefits either in the form of a higher sum insured or a lower premium.

Health insurance companies typically offer two types of no-claim bonuses: Discount on the premium charged and cumulative bonus offered as higher sum insured. The family floater plan of Oriental Insurance offers a no-claim bonus in the