Reduction in no claim bonus
14 Jun, 2021 by Dipak Jambusaria
If you are getting 50% no claim bonus on 5L policy ie ie 2.5L. Now if you make a claim of say 1L, reduction in bonus amount will still be 2.5L or it will be restricted to 1L.
Also if there is no claim there after further bonus will get addedd?
You have 2 questions. My answers are -
1) No claim bonus reduces by the same percentage points as it increases by i.e. if your policy gives you a 50% increase in Sum Insured for not making a claim in any year, the decrease is also by 50% on making a claim. It is not linked to the quantum of claim.
2) Yes, No Claim Bonus is again added to your policy next policy year if there is no claim.
Hope this answers your question.