Health insurance: Choose policy with guaranteed bonus, unaffected by claims

With medical inflation at around 15 per cent annually, one way customers can mitigate rising costs is by opting for policies with attractive bonus features. A bonus is an additional sum insured that insurers offer policyholders.

 

“By offering a bonus, insurers incentivise customers to stick to them,” says Siddharth Singhal, head of health insurance, Policybazaar.

 

While premiums may rise over time, a good bonus-linked policy lowers the per lakh cost of sum insured.

 

Types of bonuses

 

Bonuses come in three forms. A no-claim bonus (NCB) increases the sum insured if no claim is made. If a claim occurs, the bonus