Cumulative bonus on the sum insured for every claim free year. This means that the sum insured gets increased on renewal by a fixed percentage say 5% annually and is allowed up to a maximum of 50% for ten claim-free renewals. The insured pays the premium for the original sum insured and enjoys a higher cover.
cumulative bonus can be provided only on indemnity based health insurance policies and not benefit policies (except PA policies).
Malus - if the claims under a policy are very high, a malus or loading of premium is collected at renewal.
As per IRDAI guidelines, a 30 days grace period is allowed for renewal of individual health policies.
Standard risks - These consist of those people whose anticipated morbidity (chance of falling ill) is average.
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