Understand ReAssure benefit in detail
26 Feb, 2021 by Tarun Agarwal
Hi Team Beshak,
I am trying to understand the ReAssure benefit in detail and am not clear on some wordings. Also, was unable to find many examples/illustrations to explain what is not covered. Request your help to understand the following aspect of ReAssure with an example if possible please:
- From Brochure Document: "Single claim under this benefit will be payable up to base sum insured."
- From Policy Wordings Document: "The maximum liability under a single claim under this benefit shall not be more than Base Sum Insured"
How does this work if I have additional cover due to no claim bonus? Thanks, Tarun
I know this can feel confusing most of the times, because these texts are written by lawyers and not marketing folks.
Anyways, any policy pays you upto sum insured in a policy period. You can make any number of claims to get that amount. But in a policy year, you cannot claim more than the sum insured. Example-
Now coming to your question of No Claim Bonus (NCB).
NCB is earned upon not claiming from policy. So a policy generally gives 5-50% of the SI as bonus, varies from plan to plan. Think of this as an earned SI. And yes, this is part of the claimable amount. Don't get confused by "liability is upto sum insured".
I hope this clarifies.
Feel free to reach out for any followup queries.