NCB stands for No Claim Bonus. A two wheeler policy holder is eligible for this benefit if he/she does not register any claim in the previous policy year.
Sometimes, the policy holder decides to bear the expenses of repair of the bike on his/her own, instead of filing a claim with the insurance company. In such a scenario, he/she becomes eligible for NCB, which is a percentage discount on the insurance premium amount that the policy holder will be paying during the renewal of two wheeler insurance policy.
This discount is applicable on the 'Own Damage Premium' component of the insurance plan. The discount usually ranges between 20% and 50%.
Why is NCB important?
NCB plays an important role in reducing the two wheeler insurance premium amount (OD Premium). It is a great way to progressively reduce the premium, as the percentage of this bonus increases with the consecutive years of claim not registered by the policy holder.
What is No Claim Bonus calculator?
The calculation of the NCB is done as indicated in the table below:
|20% discount on OD Premium||No claim made or pending during the preceding full year of insurance|
|25% discount on OD Premium||No claim made or pending during the preceding 2 consecutive years of insurance|
|35% discount on OD Premium||No claim made or pending during the preceding 3 consecutive years of insurance|
|45% discount on OD Premium||No claim made or pending during the preceding 4 consecutive years of insurance|
|50% discount on OD Premium||No claim made or pending during the preceding 5 consecutive years of insurance|
Here are some points about NCB that the two wheeler policy holder should keep in mind:
I hereby authorize Bajaj Allianz General Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back at a convenient time. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) under either Fully or Partially Blocked category, any call made or SMS sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business. Furthermore, I understand that these calls will be recorded & monitored for quality & training purposes, and may be made available to me if required.
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