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Cumulative Bonus is a reward offered by an insurance firm to the insurer for filing no claims during a policy year. Basically, it's a gift offered to the policyholder for staying fit and not registering any claims on his/her health plan. With cumulative bonus, the policyholder can enjoy a higher sum assured on his/her health plan without paying extra premium.
Let’s explain cumulative bonus with an example.
Let’s assume Mr. Murthy has bought an insurance plan with a sum insured of 5 lakhs rupees. He hasn’t registered any claim within the first policy year. His insurer offers him a cumulative bonus of 5%. This increases his sum assured for the next year to Rs. 5,25,000. There is no increase in premium. He continues to pay the same premium as before, while enjoying a higher sum assured.
Similarly, for the second year if he again doesn't register a claim, his cumulative bonus increases by 5% again, so he gets a total 10% increase in the sum assured. His sum assured for the second year increases to Rs. 5,50,000, while his premium remains the same.
Most health insurance companies offer a cumulative bonus for every claim free year, up to a maximum limit. The maximum limit for cumulative bonus varies from policy to policy and ranges anywhere from 50% to 100%.
Key point to keep in mind: If you want to enjoy a cumulative bonus on your health plan, you need to avoid making frequent claims. Make claims only when it's genuinely needed. Making frequent and minor claims breaks your streak of no-claims, thereby making you lose on your cumulative bonus.
Also, your insurer companies may increase your premium depending upon the frequency of registering the claim. If you are not making any claims, it’s a sign that you simply are leading a healthy lifestyle. When you pay out of pocket for small ailments, you continue keeping your cumulative bonus intact, thereby enjoying a higher sum assured, when it is needed the most.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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