The Indian Banks’ Association (IBA) communicated to all member banks informing them that National Insurance Company has been allotted the Group Medical Insurance Policy 2022-23 for the bank retirees. According to the communication received by banks, the National Insurance Company has sent their revised rates for Flexible Option coverage of Sum Insured for the year 2022-23. There is also an option to choose self + Spouse or Self alone (in the case of single-person coverage). However, if the retired employee and his/her spouse both are alive then in such case family floater premium has to be paid and they cannot buy single-person coverage. The group policy for a period of 12 months which commences from 1st November 2022 and ends on 31st October 2023 has a flexible coverage scheme. According to the circular, the Officer Retirees can also opt for the base insurance coverage of Rs.1,2,3 or 4 lacs and Super Top-up coverage of Rs.2,3,4, and 5 lacs. Workmen Retirees can also opt for the base insurance coverage of Rs.1,2,or3 lacs and Super Top-up coverage of Rs.2,3, and 4, lacs. The details are as under.
| BASE POLICY WITHOUT DOMICILIARY – PREMIUM | ||
| OFFICER RETIREES | ||
| Sum Insured (Rs) | Self + Spouce | Self |
| 1 lakh | 15308 | 10333 |
| 2 lakhs | 27557 | 18600 |
| 3 lakhs | 41334 | 27901 |
| 4 lakhs | 57808 | 39020 |
| AWARD -STAFF | ||
| BASE POLICY WITHOUT DOMICILIARY – PREMIUM | ||
| For WORKMEN RETIREES | ||
| Sum Insured (Rs) | Self + Spouce | Self |
| 1 lakh | 15308 | 10333 |
| 2 lakhs | 27557 | 18600 |
| 3 lakhs | 41334 | 27901 |
| II- BASE POLICY WITH DOMICILIARY – PREMIUM | ||
| (A) OFFICER Retirees | ||
| Sum Insured (Rs) | Self + Spouce | Self |
| 1 lakh | 25520 | 17226 |
| 2 lakhs | 51047 | 34457 |
| 3 lakhs | 77920 | 52596 |
| 4 lakhs | 97776 | 65999 |
| (B) AWARD -STAFF | ||
| BASE POLICY WITH DOMICILIARY – PREMIUM | ||
| FOR WORKMEN RETIREES | ||
| Sum Insured (Rs) | Self + Spouce | Self |
| 1 lakh | 25520 | 17226 |
| 2 lakhs | 51047 | 34457 |
| 3 lakhs | 77920 | 52596 |
| III – SUPER TOP UP POLICY-PREMIUM-OFFICER RETIREES | ||
| Sum Insured (Rs) | Self + Spouce | Self |
| 1 lakh | 3730 | 2518 |
| 2 lakhs | 6291 | 4246 |
| 3 lakhs | 9639 | 6507 |
| 4 lakhs | 12475 | 8420 |
| 5 lakhs | 15180 | 10246 |
| SUPER TOP UP POLICY-PREMIUM-AWARD -STAFF RETIREES | ||
| Sum Insured (Rs) | Self + Spouce | Self |
| 1 lakh | 3730 | 2518 |
| 2 lakhs | 6291 | 4246 |
| 3 lakhs | 9639 | 6507 |
| 4 lakhs | 12475 | 8420 |
Reimbursement for the domiciliary claim is a maximum of 10% of the base policy. Domiciliary claims not available on Super-Top up cover Retirees who are not covered under Super-Top up policy may opt for Super-Top up policy for 2022-23. Retirees can opt for with or without domiciliary treatment for 2022-2023, irrespective of the cover they have availed for 2021-22
Source: Bank of India circular dated 23.09.2022
Good Sir. Your posts are informative, useful and timely. You can have your own web site on banking, finance, insurance and health etc. related topics.
The sum insured is never increased dispite the medical expenses shooting high & high day by day! On the contrary premium is increased year after year & benefit of no claim during the previous years is also not given!! Unfortunately the Group Insurance policies prove to be costlier than the individual policies which sounds totally illogical!!!