According to news in circulations, Bank Employees Union AIBEA issued a circular on 30.09.2024 about Medical Insurance Policy premium details for joint and single life, and for the Top-up payable by Bank Retirees and family pensioners. From the circular, it is unclear whether a retiree can opt for a lower limit for base or top-up policy and, in such cases, what the premium payable is.
The details are as follows:
For award staff retirees (Insurance covered for Retiree + Spouse)
| Award Staff Retirees Base Policy Sum Insured Rs.300000 Premium Rs.24191 Total premium with GST @ 18%: Rs.28545 | Sum Insured Rs.3 lakh |
| Premium for Base policy of Rs.3 lakh | Rs.24191 |
| Total premium with GST @ 18% | Rs.28545 |
TOP UP POLICY
| Premium for top-up policy of Rs.4 lakh | Sum Insured Rs.4 lakh (top up) |
| The premium for top-up policy of Rs.4 lakh | Rs.41101 |
| Total premium with GST @ 18% | Rs.48499 |
Renewal of Group Medical Insurance Policy for 2024
Award Staff (Single Person) Base policy:
| Award Staff (single person) Retirees Base Policy Sum Insured Rs.300000 | Sum Insured Rs.3 lakh |
| Premium for Base policy of Rs.3 lakh | Rs.21772 |
| Total premium with GST @ 18% | Rs.25691 |
Top Up:
| Award Staff (single person) Retirees Top up Policy Sum Insured Rs.300000 | Sum Insured Rs.4 lakh |
| Premium for top up policy of Rs.4 lakh | Rs.36991 |
| Total premium with GST @ 18% | Rs.43649 |
Insurance Premium for Officer Retirees (Insurance covered for Retiree + Spouse)
| Officer Retirees Base Policy | Sum Insured Rs.4 lakh |
| Premium for Base policy of Rs.4 lakh | Rs.34661 |
| Total premium with GST @ 18% | Rs.40900 |
TOP UP POLICY:
| Officer Retirees top up policy | Sum Insured Rs.5 lakh (top up) |
| Officer Retirees top-up policy | Rs.51101 |
| Total premium with GST @ 18% | Rs.60299 |
Officer Retiree (Single Person) Base policy
| Award Staff (single person) Retirees Base Policy | Sum Insured Rs.4 lakh |
| Premium for Base policy of Rs.4 lakh | Rs.31195 |
| Total premium with GST @ 18% | Rs.36810 |
Top Up:
| Officer Retiree (single person) Top up Policy | Sum Insured Rs.5 lakh |
| Officer Retiree (single person) Top-up Policy | Rs.45991 |
| Total premium with GST @ 18% | Rs.54269 |
Retirees may wait till the official circular is issued by the Indian Bank Association to get the full details of the scheme.
