The Group Medical Insurance Policy for Bank Employees & Retirees (2026–27) circular issued by the Indian Banks’ Association (IBA) and National Insurance Company Ltd. (NICL) details the renewal terms, premium structures, and key enhancements effective November 1, 2026, to October 31, 2027.
Key Policy Enhancements (2026–27 vs. 2025–26)
* Room Rent & ICU Limits: Raised to ₹7,000/day for standard room rent (from ₹5,000) and ₹9,500/day for ICU (from ₹7,500) across six major metro cities (Delhi, Mumbai, Chennai, Kolkata, Bangalore, Hyderabad) and their urban agglomerations.
* Maternity Coverage (Serving Employees Only):
* Normal delivery limit increased to ₹1,00,000 (from ₹50,000).
* C-Section limit increased to ₹1,50,000 (from ₹75,000).
* * Includes newborn baby care up to discharge (subsuming the previous ₹20,000 cap) and infant vaccination up to 1 year under the National Immunisation Schedule.
* Infertility Treatment (IVF): Fully included in the base policy for serving employees with a standalone limit of ₹2 Lakhs.
* Critical Illness Ex-Gratia: Benefit amount increased to ₹2,00,000 (from ₹1,00,000).
* Cataract Surgery: Cap raised to ₹50,000 per eye (inclusive of any type of lens, pre/post-hospitalization expenses).
* Dependent Income Cap: Monthly income eligibility limit increased to ₹24,000/month (from ₹18,000).
* Daycare & Inclusions: Albumin infusion added to daycare list; Peritoneal dialysis covered with or without hospitalization; Oral chemotherapy costs (drugs, consultation, investigations) fully covered.
* Domiciliary Additions: Expanded to cover vector-borne diseases (Dengue, Chikungunya) and MoHFW Group 2 & Group 3 rare diseases.
Premium Structure Overview (2026–27)
1. Serving Employees
| Sum Insured (SI) Slab | Base Premium per Unit (₹) |
| ₹4.00 Lakhs | ₹36,200 |
| ₹5.25 Lakhs | ₹46,467 |
| ₹7.00 Lakhs | ₹68,454 |
Serving Employee Top-Up Options:
| ₹1 Lakh: | ₹7,701 |
| ₹2 Lakhs | ₹12,101 |
| ₹3 Lakhs | ₹14,301 |
| ₹4 Lakhs | ₹17,011 |
2. Retirees
| Sum Insured Slab | Retiree with Spouse (₹) | Retiree Single Person (₹) | Physically/Mentally Challenged Dependent Add-on (₹) |
| ₹3.00 Lakhs | ₹27,996 | ₹25,197 | ₹10,001 |
| ₹4.00 Lakhs | ₹32,144 | ₹30,329 | ₹12,501 |
| ₹5.25 Lakhs | ₹41,714 | ₹38,552 | ₹15,001 |
| ₹7.00 Lakhs | ₹62,213 | ₹49,770 | ₹35,001 |
Retiree Top-Up Options:
Retiree with Spouse:
| ₹1L | ₹13,126 |
| ₹2L | ₹17,851 |
| ₹3L | ₹26,176 |
| ₹4L | ₹32,801 |
* Single Retiree:
| ₹1L | ₹11,152 |
| ₹2L | ₹21,001 |
| ₹3L | ₹30,801 |
| ₹4L | ₹41,001 |
* Disabled Dependent Add-on Top-Up:
| ₹1L | ₹5,001 |
| ₹2L | ₹10,001 |
| ₹3L | ₹20,001 |
| ₹4L | ₹30,001 |
Key Contacts (National Insurance Co. Ltd.)
* Shri Atul Malhotra (Consultant) – atul.malhotra@nic.co.in | 9643003649
* Shri N Nikhil (Manager) – nikhil.n@nic.co.in | 8335080744
* Dr. Priyamita Ghosh (Deputy Manager) – priyamita.ghosh@nic.co.in | 8335080733
