No Claim Bonus is a reward for filing no claim in the previous year. It can be accumulated over a period of insurance. NCB starts with 20% and goes up to 50%
NCB becomes nil in case of a Claim
NCB follows the fortunes of the customer and not the vehicle
The validity period to reclaim NCB is 90 days from the date of Expiry of the policy
NCB can be utilized within 3 years (in case if the existing vehicle is sold and a new car is purchased)
NCB recovery to be done in case of a Name Transfer
NCB gets transferred to the legal heir in case of Death of customer
NCB can be transferred to a new vehicle in case of Substitution of vehicle of the same class
NCB earned abroad can be given in India