Medical insurance premium payable by Retired bank officers/employees for the period 01.11.2019 to 31.10.2020

The public sector bank, Punjab and Sind Bank, issued a circular (dated18.09.2019) informing retired officers and employees of the bank about expiry date of IBA group medical insurance policy for retirees and their spouse which is on 31.10.2019. PSB furnished the particulars of the premium payable for renewal insurance policies for the period 01.11.2019 to 31.10.2020 in terms United India Insurance Company Ltd.  The Retirees of other banks may wait for the Circular of their respective banks for renewal of insurance policy. However, the premium payable does not change for the retirees of one bank to other under the group insurance scheme of UIIC.

The following is the premium Payable UIIC by the bank retirees who wish to join IBA’s medical insurance scheme for retired bank officers and employees.

Option 1: RENEWAL WITHOUT DOMICILIARY COVER

Option 2: RENEWAL WITHDOMICILIARY COVER

Note: Limit of OPD (domiciliary) cover is 10% of sum insured and the total sum insured of Rs.4 lakh or Rs.3 lakh is including the 10% limit of OPD

Option 3: SUPER TOP-UP WITHOUT OPD (Without domiciliary)

    *Threshold (sum assured on main policy) is Rs.4 lakh for retired officers and Rs.3 lakh for retired employees.  The OPD treatment (domiciliary) is not covered under super top-up. In case of claim basic policy (ies) will be triggered and only if the sum insured is exhausted, super top policy will be activated.   All the terms and conditions of last year policy shall remain for the renewed policy.

The Joint Conveners   of CPBO and General secretary of AIBRF in a joint note  dated 18.09.2019 urged the Chief Executive of IBA to consider the introduction of policies with Multiple slabs in the Medical Insurance Policy, reduction of room rent, reduction of premium for single pensioners, family pensioners and pensioners who are getting very meager ex-gratia and give sizable subsidy in respect of Premium and at least the increased portion of the Premium for the year 2019-20 and the GST component of 18% should be borne by the Banks. The letter says that the above measures would help the retiree to a great extent.