How does NCB Help in Reducing Premium?
Aug 3, 2010

All you need to know about No Claim Bonus (NCB)

The No Claim Bonus is a great way to progressively reduce your vehicle insurance premium. For example, the table below shows the premium payable towards a Maruti Wagon R costing INR 3.6 lakhs, over six years in following scenarios:
  • Scenario 1: When no claim is made and the No Claim Bonus is earned, as applicable
  • Scenario 2: When a claim is made every year
 
IDV Scenario 1 (With NCB) Scenario 2 (Without NCB)
Year Value in INR NCB % Premium NCB % Premium
Year 1 360000 0 11,257 0 11,257
Year 2 300000 20 9,006 0 11,257
Year 3 250000 25 7,036 0 9,771
Year 4 220000 35 5,081 0 9,287
Year 5 200000 45 3,784 0 9,068
Year 6 180000 50 2,814 0 8,443
  If you are carrying forward a NCB in bike insurance / car insurance on your vehicle, you can get it transferred to a new vehicle of the same type (four-wheeler to four-wheeler, two-wheeler to two-wheeler). This way, you can slash between 20% and 50% on the first premium payable (when it is the highest) on your new vehicle. Example: You buy a new Honda City, costing INR 7.7 lakhs. In normal circumstances, the Own Damage Premium payable towards its insurance for the first year would be INR 25,279. However, if you were to transfer the 50% No Claim Bonus (the best case scenario) on your old vehicle to the Honda City, you would pay INR 12,639 as Own Damage Premium in the first year a 50% saving. Can my No Claim Bonus be forfeited? If yes, then why? Your NCB will be forfeited in the following cases only:
  • If the claim is made during a policy period, you will not be eligible for any NCB in the corresponding year
  • If there is a break in the insurance period for more than 90 days, i.e. if you do not insure within 90 days of the date of expiry on your existing policy
  • If you are the second owner of the vehicle, then you will not be able to use the first owner’s NCB i.e. you will be eligible for 0% NCB for the policy year
  Can I transfer the NCB from an old vehicle to a new vehicle? You can transfer the NCB from your old vehicle to a new one for the same class and type of vehicle. To transfer, keep the following in mind:
  • When you sell your old vehicle, ensure that ownership is transferred and make a photocopy of the new entry in the RC book for insurance purpose
  • Obtain the NCB certificate. Forward a copy of the delivery note to your insurance company and ask for the NCB certificate or holding letter. This letter is valid for three years
  • When you buy a new vehicle, get the NCB transferred to your new motor vehicle insurance policy
Learn more about motor insurance policy and insure your vehicle with the best motor insurance plan

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  • […] Learn more about NCB and its benefits. […]

  • Shreyas Sahasrabuddhe - May 7, 2012 at 10:42 pm

    I have renewed 2 wheeler insurance policy OG-13-1801-1802-00006892 on (7/May/12).
    Policy shows (20% no claim bonus)

    But i have paid full premium, and not getting where 20% claim bonus adjusted.

    Can you please help??

    Regards
    Shreyas Sahasrabuddhe
    958*******
    shre*******@yahoo.com

    • BJAZsupport - May 8, 2012 at 5:38 pm

      Dear Mr. Sahasraduddhe,

      Thank you for writing to us. We shall look into your concern and send a mail on your id to update you.

      Request you to go through same and let us know in case of any query.
      Best Regards,
      Help & Support Team

  • Shibu Jacob John - January 5, 2012 at 10:20 pm

    Hi, My Life Insurance policy number is 0146356558 . I would like pay the premium for this policy this time online. When I tried to create a login using New Registration it says that I have been already registered. I don’t remember me doing any registration. Could you please send me the login details so that I can login online.

    Thanks,
    Shibu

    • BJAZsupport - January 6, 2012 at 6:52 pm

      Dear Mr. John,

      Thank you for writing to us. We shall send across a mail on your id for your reference.

      Request you to go through the same and let us know in case of any query.
      Best Regards,
      Help & Support Team

  • Anurag V Chandorkar - September 8, 2011 at 3:54 pm

    my policy no. is 106438224. so far i have paid premium in your fortune plus size one plan. i had due payment .but i didn’t get any dedails about growth up my policy and also pending due details. i am requesting you to send me the detail.
    Anurag

    • BJAZsupport - September 10, 2011 at 12:09 pm

      Dear Mr. Chandorkar,

      Thank you for writing to us. We shall send across a mail on your id for your reference.

      Request you to go through the same and let us know in case of any query.
      Best Regards,
      Help & Support Team

  • Nand Kanwar - January 27, 2011 at 12:59 pm

    I have BAFP Policy No 0108556443 and paid 3 installments,now I am in the need of money.Please let me know how much money will I get & what is the procedure.

    • BJAZsupport - January 27, 2011 at 1:44 pm

      Dear Mr. Kanwar,
      Thank you for contacting us.

      We have received your query & will mail across the details on your id shortly.

      In case of any clarifications, please let us know.

      Best Regards,
      Help & Support Team

  • p.sundarasami - December 29, 2010 at 8:07 pm

    my policy no. is 125020295. so far i have paid premium in your fortune plus size one plan. i had due payment .but i didn’t get any dedails about growth up my policy and also pending due details. i am requesting you to send me the above details or conduct me through your right persion from your pondicherry office.

    • BJAZsupport - December 29, 2010 at 9:37 pm

      Dear Mr. Sundarasami,
      Thank you for writing to us.

      We have received your query & are looking into it on priority. We shall mail across the details on your mail id shortly.

      Best Regards,
      Help & Support Team

  • C. kameswra Rao - November 4, 2010 at 12:40 am

    i sold my alto car which has bajaj alliance insurance effective 31/oct/2010 and has no claim bonus for 5 years. My ownership was transfered effective 03/11/2010. I am planning to buy TATA MANZA and take the insurance from Bajaj. kindly let me know:

    1. Can I use NCB for the TATA MANZA

    2. What are the documents required

    Thanking You

  • P K Trehan - November 3, 2010 at 5:06 pm

    Dear Sir,
    I have BA car policy for Maruti Zen. I am availaing 65% NCB on this policy. I intend to replace this car by Maruti SX4 Zxi. I have taken loan in name of my wife, as I got retired recently, from HDFC bank now and wish to transfer NCB to new car as old car will go in exchange to Maruti showroom.
    Problem is the ownership of Zen in my name and that of booked car in wife’s name. Please guide me to get this benefit.
    Website does not mention this along side 3 points to take care before opting to avail this benefit.
    Kind regards
    PK Trehan

  • Bajaj Allianz Support - October 1, 2010 at 5:44 pm

    Dear Mr.Devender

    Thank you for writing to us.

    This is with reference to the policy number 0107529166.
    We wish to kindly inform you that you have opted for fortune plus size one policy.

    The due date of payment for the policy was 11-SEP-2009 and your policy is currently in lapse status.

    We have already forwarded the details of your policy on your personal id.

    Request you to look through the same and in case of any confusion, please get in touch with us at help.support@bajajallianz.co.in

    Best Regards

    Bajaj Allianz Support

    Website: http://www.bajajallianz.com
    Bajaj Allianz Interactive: http://mytake.bajajallianz.com/mytake/
    Investment Insights: http://www.investmentinsights.bajajallianz.com/

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