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Calculation of Cumulative bonus for converting individual plan to floater
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25 Sep, 2023
by pratik bathe
I ported my father's and mother's health insurance policy to HDFC Ergo health suraksha silver smart three years ago. It was an individual policy that covered both of them with a sum insured of Rs. 5 lakhs. However, during this year's renewal, I converted the policy into a floater plan. The cumulative bonus on the policy was Rs. 2.35 lakhs for my father and Rs. 2.10 lakhs for my mother. However, after converting the policy to a floater plan, the cumulative bonus is now showing as zero. Is this correct, or has there been a mistake in not transferring the cumulative bonus to the floater plan?
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26 Sep, 2023
pratik bathe
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Hello Pratik,
When two individual policies are converted into a floater plan, the lower of the two policies' No Claim Bonus (NCB) should be transferred to the floater plan. In your case, the cumulative bonus of Rs. 2.10 lakhs should have been transferred. You should get in touch with your insurer to rectify this issue and ensure that the NCB is correctly transferred to the floater plan.
Thank you!