Cumulative Bonus Under Mediclaim policy
(Sponsored article from New India Assurance)
Cumulative bonus has been revised with a maximum limit of 30% instead of 50%. The Cumulative bonus shall be progressively increased by 5% for each claim free year of the policy of our Company. No Cumulative Bonus on renewal of policy of other insurers and the same will be treated as fresh.
Procedure for Cumulative Bonus (CB) of Expiring policy on renewal as Mediclaim Policy (2007).
The Cumulative Bonus already earned will be shown separately under the Policy. A one-time increase of 5% Cumulative Bonus will be allowed to those insured persons who have already earned cumulative bonus ranging from 30% to 45%. No further increase in Cumulative Bonus will be considered in the subsequent intervals.
In the event of claim, entire Cumulative Bonus will be withdrawn at the time of renewal, irrespective of the claim amount.
Preferably single Mediclaim policy should be issued to one proposer. In case the insured is having more than one policy, the Cumulative Bonus will be withdrawn in all the policies, as contribution clause will be applicable.
(Sponsored article from New India Assurance)
