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Over the years, people in India have become quite concerned about their health. This is why along with taking good care of their health; many people these days are buying a health insurance policy. Even when we are the fittest, we may fall sick. And a health insurance policy comes as a great help, especially when a policyholder is hospitalized.
Nevertheless, do all of us who have a health insurance plan, use it? Well, many among us never claim our health insurance policy during the policy period. To appreciate their health and their effort to keep themselves fit, the health insurance companies offer them a cumulative bonus.
A cumulative bonus means a reward that the policyholders are provided by the insurance companies for being fit and not filing a claim during the policy period. The benefits that come with a cumulative bonus are offered in the renewal year, in which the insurance provider increases the amount of sum insured up to a certain year for each claim-free year.
The percentage of the cumulative bonus offered by the insurance company to the policyholders totally depends on the insurer and the plans that have been offered to them. The percentage of the cumulative bonus ranges between 5% and 10%. This means that if you do not make a claim during the entire year while renewing the policy and upon its renewal, you might get up to 10% added to your sum insured.
Now to make the concept even clearer, let us take an example for the same. A health insurance company provides a bonus of 50% to the policyholder to increase the sum insured. The policyholder invested in his policy around INR 2 lakh. In one such case, the sum insured available in the following claim-free year will be INR 3 lakh. And after two claim-free years, the sum insured will become INR 4 lakh.
If you are going to buy a health insurance policy with a cumulative bonus benefit, you need to be aware of certain things about the term before you proceed.
A few of the benefits of a cumulative bonus are mentioned herein below:
Some of the insurance companies that offer a cumulative bonus in health insurance are:
|Health insurance providers||Policy offering cumulative bonus benefit|
|HDFC ERGO||Easy Health & my: health Suraksha|
|Care Health Insurance||Joy|
|Bajaj Allianz||Health Guard|
|Max Bupa||Health Companion|
|Aditya Birla||Activ Health Enhanced|
You can get details of these health insurance companies and their policies from the comfort of your home by checking them out on this website.
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