Revised Premium for Group Medical Insurance for Bank Retirees for the year 2021-22

On Friday (September 17), IBA has advised MDs and CEOs of member banks (party to 11th BPS & 8th Jt.Note) about the premium payable by bank retirees for the Employees Group Medical Insurance Policies for the year 2021-22. “The renewal quotes of premium to be paid arrived at through the REP process and approved thereafter by the Managing Committee of IBA”, it said.

Medical Insurance premium -per family (excluding GST)

Retirees option 1 (without Domiciliary)

Retirees option 2 (with Domiciliary)

“We have been informed by National Insurance Co, that they shall be directly offering banks with multiple policy variants viz.1 Lakh, 2 Lakhs, or 3 lakhs sum insured along with the option for reduced premium where retiree does not have surviving spouse and also where the retiree is survived by the spouse (retiree has passed away)”, the letter said.

High Incurred Claim Ratio (ICR) was 147.21% for retirees without domiciliary Policy and 163.31% for  retirees with domiciliary Policy as of 31.07.2021,  is the cause of the increase in premiums for renewal of the policies compared to the last year, it added

The All India Bank Pensioner’s and Retiree’s Confederation (AIBPARC), has demanded IBA to immediately advise Banks for subsidization of premium and also bearing the Cost of GST component, failing which they shall have to demand in a vociferously way to bring themselves under the coverage of Central Government Health Scheme for Retired Employees. The Bank retiree’s organization said that the situation has been continuing year after year with increasing premiums without subsidy.