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Bankers Group Health Insurance for 2023Â
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Bankers Group Health Insurance for 2023
   PLAN N PROGRESS CREATES NEW PAGE FOR EXCLUSIVE NEWS FOR BANKERS AND RETIREESÂ
To read latest news for working bankers , Â
​CLICK HERE Â
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GOVERNMENT TO AMEND BANKING LAW  TO FACILITATE PRIVATISATION :  CLICK HERE TO READ  ​
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FORÂ LATEST UPDATESÂ Â ON BANK PRIVATIZATIONÂ Â :Â Â
​CABINET PANEL MEETS TO DISCUSS NITI AYOG RECOMMENDATIONSÂ
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Bankers Group Health insurance policy for 2024
IBA FORMS AÂ COMMITTEE FOR RENEWAL OF THE GROUP HEALTH INSURANCEÂ POLICY :Â
Dated 22.02.24 : The current insurance policy is expiring on 30th , September 2024 for the serving employees and on 31st , October , 2024 for the retirees and are to be renewed . The cost of premium is escalating on every renewal and it has become unaffordable for the many retirees as premiums are to be borne by them .Â
In order to keep the premiums affordable and policies employee friendly , IBA has proposed to form a joint committee with the representatives both from the management and employees . The committee will have CGM / GM ( HR ) from the management side and three representatives from UFBU . UFBU has proposed to have one each representative from AIBEA , AIBOC and NCBE .Â
The group is expected to deliberate on the ways and means of  keeping the cost of renewal affordable with employee friendly featuresÂ
Dated 22.02.24 : The current insurance policy is expiring on 30th , September 2024 for the serving employees and on 31st , October , 2024 for the retirees and are to be renewed . The cost of premium is escalating on every renewal and it has become unaffordable for the many retirees as premiums are to be borne by them .Â
In order to keep the premiums affordable and policies employee friendly , IBA has proposed to form a joint committee with the representatives both from the management and employees . The committee will have CGM / GM ( HR ) from the management side and three representatives from UFBU . UFBU has proposed to have one each representative from AIBEA , AIBOC and NCBE .Â
The group is expected to deliberate on the ways and means of  keeping the cost of renewal affordable with employee friendly featuresÂ
Bankers Group Health Insurance Policy for 2023
 KM DASTUR LAUNCHES GROUP HEALTH POLICY FOR BANK RETIREES :Â
Dated 13.10.2023 : It is reported that M/S K.M Dastur Reinsurance Brokers Pvt Limited has launched  a group health insurance policy for bank retirees in association with New India Assurance company for base cover and top up cover being provided by SBI General insurance limited .Â
The policy has been made more competitive with lower premium and better coverage than the IBA sponsored National insurance Policy .Â
It is also reported that following bank retiree associations have endorsed the policy .( We have not independently verified the claim )Â
1 All India Bank Retiree Welfare Association
2 All India Canara Bank Retirees Federation
3 All India Syndicate Bank Retirees Federation –
Maharashtra State Committee
4 All India Union Bank Retirees Federation
5 Andhra Bank Pensioners & Retirees Federation
6 Bank Of Baroda Retirees Association Maharashtra
7 Bank Of Baroda Retired Officers Welfare Association
8 Bank Of Baroda Staff Pensioners Association
9 Bank Of Maharashtra Retirees’ Association
10 Central Bank Retired Employees’ Association
11 Indian Bank Retirees’ Association
12 United Bank of India Retirees Welfare Association
13 United Forum of Bank Retirees
14 UCO Bank Retirees’ Association
15 Dena Bank Pensioners and Retirees Association
For all Retirees who are not a part of any association may pay through any association if they belong to any of the above banks. For those who are not represented by any of the above banks may either join through Central Bank Retired employees association or All India Union Bank Retirees Federation. Â
For details with  the policy  , one can contact the above  retiree associations or  K.M. Dastur Reinsurance Broker Private Limited .Their contact details are available in the Website: www.aicbrf.in.
Dated 13.10.2023 : It is reported that M/S K.M Dastur Reinsurance Brokers Pvt Limited has launched  a group health insurance policy for bank retirees in association with New India Assurance company for base cover and top up cover being provided by SBI General insurance limited .Â
The policy has been made more competitive with lower premium and better coverage than the IBA sponsored National insurance Policy .Â
It is also reported that following bank retiree associations have endorsed the policy .( We have not independently verified the claim )Â
1 All India Bank Retiree Welfare Association
2 All India Canara Bank Retirees Federation
3 All India Syndicate Bank Retirees Federation –
Maharashtra State Committee
4 All India Union Bank Retirees Federation
5 Andhra Bank Pensioners & Retirees Federation
6 Bank Of Baroda Retirees Association Maharashtra
7 Bank Of Baroda Retired Officers Welfare Association
8 Bank Of Baroda Staff Pensioners Association
9 Bank Of Maharashtra Retirees’ Association
10 Central Bank Retired Employees’ Association
11 Indian Bank Retirees’ Association
12 United Bank of India Retirees Welfare Association
13 United Forum of Bank Retirees
14 UCO Bank Retirees’ Association
15 Dena Bank Pensioners and Retirees Association
For all Retirees who are not a part of any association may pay through any association if they belong to any of the above banks. For those who are not represented by any of the above banks may either join through Central Bank Retired employees association or All India Union Bank Retirees Federation. Â
For details with  the policy  , one can contact the above  retiree associations or  K.M. Dastur Reinsurance Broker Private Limited .Their contact details are available in the Website: www.aicbrf.in.
 IBA REVISES PREMIUM FOR TOP UP POLICIES WITH DOMCILIARY TREATMENT :Â
Dated 12.10.2023 :  Indian Bankers Association ( IBA ) has now clarified that top up policy and super top up policy are one and the same . Retirees top up policy with domiciliary does not cover Domiciliary expenses  ( Editor :  We do not understand the logic of issuing such policy   at a higher  premium  and the policy prima facie carries  no meaning  ) .  They have also reworked the premium rates  for top-up policies  with domiciliary policies as follows :Â
PREMIUM CHART FOR  TOP UP  POLICIES WITH DOMICILIARY (  inclusive of GST ) :Â
A :Â Family policies :Â
1.  Rs 1, 00,000 cover , premium is  Rs 35,307   ( earlier  Rs 52, 876 )
2.  Rs 2, 00,000 cover , premium is Rs 66,196 ( earlier Rs 89, 798 )
3.  Rs 3, 00,000 cover , premium is Rs 75,417 ( earlier Rs  146,851 )
4.  Rs 4, 00,000 cover , premium is Rs 79,118 ( earlier Rs 195,644  )
5.  Rs 5, 00,000 cover , premium is Rs 91,101 ( earlier Rs 231,457  )
6.  Rs 6, 00,000 cover , premium is Rs 100,268 ( earlier Rs 258,998 )
7.  Rs 7, 00,000 cover , premium is Rs 104,889 ( earlier Rs 287,708 )
8.  Rs 8, 00,000 cover , premium is  Rs 113,190  ( earlier Rs 319,945 )
9.  Rs 9 , 00,000 cover , premium is  Rs 121,493 ( earlier Rs  353, 351 )
10. Rs 10, 00,000 cover , premium is  Rs 132,556 ( earlier Rs 365,505  )
B:Â Â Single policies :Â
​
1.  Rs 1, 00,000 cover , premium is Rs 23 , 832 ( earlier Rs 35, 691 )
2.  Rs 2, 00,000 cover , premium is Rs 44,683 ( earlier Rs 60,614 )
3.  Rs 3, 00,000 cover , premium is Rs 50,908 ( earlier  Rs 99,125 )
4.  Rs 4, 00,000 cover , premium is Rs 53,406  ( earlier Rs 132,060 )
5.  Rs 5, 00,000 cover , premium is Rs 61,493 ( earlier Rs 156,234   )
6.  Rs 6, 00,000 cover , premium is Rs  67,681 ( earlier  Rs 174,824 )
7.  Rs 7, 00,000 cover , premium is Rs 70,801  ( earlier Rs  194, 203 )
8.  Rs 8, 00,000 cover , premium is Rs 76,404  ( earlier  Rs 215,964 )
9.  Rs 9 , 00,000 cover , premium is Rs 82,008 ( earlier  Rs  238,512 )
10. Rs 10, 00,000 cover , premium is Rs 89,476 ( earlier  Rs 246,717 )
​
IBA has also clarified  on single person policies as follows :Â
a. Single person premium is applicable when Â
1. Retiree has no surviving spouse .Â
2. Where retiree has passes away and spouse wants the coverÂ
3. where retiree does nor require any cover for the spouse  .Â
 Bed charges limit : For policies with top up cover , limit for bed charges Is Rs 5,000 per day and ICU charges Rs 7,500 per day Â
Now all retirees will be eligible to exercise option for joining the scheme for base policy as well as top policy irrespective of the fact whether they were members of the scheme in previous years, as one time measure.
Dated 12.10.2023 :  Indian Bankers Association ( IBA ) has now clarified that top up policy and super top up policy are one and the same . Retirees top up policy with domiciliary does not cover Domiciliary expenses  ( Editor :  We do not understand the logic of issuing such policy   at a higher  premium  and the policy prima facie carries  no meaning  ) .  They have also reworked the premium rates  for top-up policies  with domiciliary policies as follows :Â
PREMIUM CHART FOR  TOP UP  POLICIES WITH DOMICILIARY (  inclusive of GST ) :Â
A :Â Family policies :Â
1.  Rs 1, 00,000 cover , premium is  Rs 35,307   ( earlier  Rs 52, 876 )
2.  Rs 2, 00,000 cover , premium is Rs 66,196 ( earlier Rs 89, 798 )
3.  Rs 3, 00,000 cover , premium is Rs 75,417 ( earlier Rs  146,851 )
4.  Rs 4, 00,000 cover , premium is Rs 79,118 ( earlier Rs 195,644  )
5.  Rs 5, 00,000 cover , premium is Rs 91,101 ( earlier Rs 231,457  )
6.  Rs 6, 00,000 cover , premium is Rs 100,268 ( earlier Rs 258,998 )
7.  Rs 7, 00,000 cover , premium is Rs 104,889 ( earlier Rs 287,708 )
8.  Rs 8, 00,000 cover , premium is  Rs 113,190  ( earlier Rs 319,945 )
9.  Rs 9 , 00,000 cover , premium is  Rs 121,493 ( earlier Rs  353, 351 )
10. Rs 10, 00,000 cover , premium is  Rs 132,556 ( earlier Rs 365,505  )
B:Â Â Single policies :Â
​
1.  Rs 1, 00,000 cover , premium is Rs 23 , 832 ( earlier Rs 35, 691 )
2.  Rs 2, 00,000 cover , premium is Rs 44,683 ( earlier Rs 60,614 )
3.  Rs 3, 00,000 cover , premium is Rs 50,908 ( earlier  Rs 99,125 )
4.  Rs 4, 00,000 cover , premium is Rs 53,406  ( earlier Rs 132,060 )
5.  Rs 5, 00,000 cover , premium is Rs 61,493 ( earlier Rs 156,234   )
6.  Rs 6, 00,000 cover , premium is Rs  67,681 ( earlier  Rs 174,824 )
7.  Rs 7, 00,000 cover , premium is Rs 70,801  ( earlier Rs  194, 203 )
8.  Rs 8, 00,000 cover , premium is Rs 76,404  ( earlier  Rs 215,964 )
9.  Rs 9 , 00,000 cover , premium is Rs 82,008 ( earlier  Rs  238,512 )
10. Rs 10, 00,000 cover , premium is Rs 89,476 ( earlier  Rs 246,717 )
​
IBA has also clarified  on single person policies as follows :Â
a. Single person premium is applicable when Â
1. Retiree has no surviving spouse .Â
2. Where retiree has passes away and spouse wants the coverÂ
3. where retiree does nor require any cover for the spouse  .Â
 Bed charges limit : For policies with top up cover , limit for bed charges Is Rs 5,000 per day and ICU charges Rs 7,500 per day Â
Now all retirees will be eligible to exercise option for joining the scheme for base policy as well as top policy irrespective of the fact whether they were members of the scheme in previous years, as one time measure.
 OUR VIEWS ON  IBA SPONSORED GROUP INSURANCE FOR BANK RETIREES 2023 :Â
1. BASE POLICY :Â
 1. OPTIONS :  Last  year base policies  were available for Rs 1, 2, 3 & 4 lakhs while it's  available only for Rs 2 lakhs in 2023Â
 2. Premiums are of the  same level as of previous year , but the new policy has caps on many ailments and limit on per day bed charges  reduced .Â
In 2022 , Base policy without domiciliary  for a cover of Rs 2.00 lakhs carried a premium of  Rs 27,557  for self and spouse  and it has a premium of Rs 26,454 in 2023 . For single person premium was Rs 18,600 and now proposed is  Rs 17,857 .Â
3. LIMITS / CAPS  : The new policy offered comes with many additional restrictions . Daily bed limit was Rs 5,000  in 2022 policy and it's reduced to Rs 3,000/ 2500 in 2023 . Similarly ICU charges per day is reduced from Rs 7,500  to Rs 6,000 / Rs 5,000 in 2023 .Â
Ceiling / caps on various treatments have been imposed  in 2023 which were hitherto not  there  . Details of caps  are available in following paragraphs .Â
2. Policy with Domiciliary : It's a farce  and of no real value .  It's comical or tragedy to ask for an additional premium of  Rs 22, 551  to  issue domiciliary cover of Rs 20,000 , that too within the same insurance cover .  Top -up policies  carry  premiums as  high asÂ
​  Rs 365,505 for a total cover of Rs 10 kahs , We don not know what portion of the cover will be allowed for domiciliary treatment Â
3. COMPARE WITH OTHER POLICIES AVAILABLE IN THE MARKETÂ :Â
We are analyzing the various policies available to senior citizens in the market  . But before migrating to other insurance policies , we have to take care of  restrictive clauses that may be there in other policies , especially in pre-existing diseases , co-pay  and pre-medical test . Many bank retirees in the age range of 60-65 may get attractive offers from other insurance companies . Â
You may go through our article SENIORS HEALTH INSURANCE . for the details . . One of the insurance companies offered a cover of Rs 10.00 lakhs  with 10 % domiciliary cover at a premium of Rs 125, 610  for a person aged between 70-75 years  .Â
1. BASE POLICY :Â
 1. OPTIONS :  Last  year base policies  were available for Rs 1, 2, 3 & 4 lakhs while it's  available only for Rs 2 lakhs in 2023Â
 2. Premiums are of the  same level as of previous year , but the new policy has caps on many ailments and limit on per day bed charges  reduced .Â
In 2022 , Base policy without domiciliary  for a cover of Rs 2.00 lakhs carried a premium of  Rs 27,557  for self and spouse  and it has a premium of Rs 26,454 in 2023 . For single person premium was Rs 18,600 and now proposed is  Rs 17,857 .Â
3. LIMITS / CAPS  : The new policy offered comes with many additional restrictions . Daily bed limit was Rs 5,000  in 2022 policy and it's reduced to Rs 3,000/ 2500 in 2023 . Similarly ICU charges per day is reduced from Rs 7,500  to Rs 6,000 / Rs 5,000 in 2023 .Â
Ceiling / caps on various treatments have been imposed  in 2023 which were hitherto not  there  . Details of caps  are available in following paragraphs .Â
2. Policy with Domiciliary : It's a farce  and of no real value .  It's comical or tragedy to ask for an additional premium of  Rs 22, 551  to  issue domiciliary cover of Rs 20,000 , that too within the same insurance cover .  Top -up policies  carry  premiums as  high asÂ
​  Rs 365,505 for a total cover of Rs 10 kahs , We don not know what portion of the cover will be allowed for domiciliary treatment Â
3. COMPARE WITH OTHER POLICIES AVAILABLE IN THE MARKETÂ :Â
We are analyzing the various policies available to senior citizens in the market  . But before migrating to other insurance policies , we have to take care of  restrictive clauses that may be there in other policies , especially in pre-existing diseases , co-pay  and pre-medical test . Many bank retirees in the age range of 60-65 may get attractive offers from other insurance companies . Â
You may go through our article SENIORS HEALTH INSURANCE . for the details . . One of the insurance companies offered a cover of Rs 10.00 lakhs  with 10 % domiciliary cover at a premium of Rs 125, 610  for a person aged between 70-75 years  .Â
  GROUP POLICY FOR RETIREE BANK EMPLOYEES / OFFICERS   :Â
RENEWAL OF GROUP INSURANCEÂ Â FOR BANKÂ RETIREESÂ FINALISEDÂ
Dated 19.09.2023 : Indian Bankers Association ( IBA )  has advised  member banks that they have opted to continue renewal of  the group insurance health policy for bank retirees  with National Insurance Company ,  from 01.11.2023 for one year till 31.10.2023  . Individual retirees can approach their employer banks for making payments of the premium .Â
The new finalized arrangement for health insurance  is significantly different than the arrears and has following features :Â
Retiree staff and officers can  renew the group insurance policy  , which will expire on  31.10.2023 at the following cost with the National insurance company as follows :Â
1. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs without domiciliary   at the premium of Rs 22,419 +  GST    Â
2. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs with domiciliary   at the premium of Rs 41,530 +  GST )    Â
Note : There is no distinction between officers and staff FOR THE TERMSÂ , CONDITIONSÂ AND PREMIUM
​3. Top up policies are available  over the base policy  . The base policy has caps on bed room / room rent / ICU charges cost of implants and operations . If one opts for base policy + top up policy , the caps will be removed .Â
RENEWAL OF GROUP INSURANCEÂ Â FOR BANKÂ RETIREESÂ FINALISEDÂ
Dated 19.09.2023 : Indian Bankers Association ( IBA )  has advised  member banks that they have opted to continue renewal of  the group insurance health policy for bank retirees  with National Insurance Company ,  from 01.11.2023 for one year till 31.10.2023  . Individual retirees can approach their employer banks for making payments of the premium .Â
The new finalized arrangement for health insurance  is significantly different than the arrears and has following features :Â
Retiree staff and officers can  renew the group insurance policy  , which will expire on  31.10.2023 at the following cost with the National insurance company as follows :Â
1. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs without domiciliary   at the premium of Rs 22,419 +  GST    Â
2. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs with domiciliary   at the premium of Rs 41,530 +  GST )    Â
Note : There is no distinction between officers and staff FOR THE TERMSÂ , CONDITIONSÂ AND PREMIUM
​3. Top up policies are available  over the base policy  . The base policy has caps on bed room / room rent / ICU charges cost of implants and operations . If one opts for base policy + top up policy , the caps will be removed .Â
PREMIUM CHART FOR BANKERS GROUP POLICIES 2023
 BASE POLICY PREMIUMS :Â
1. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs without domiciliary   at the premium of Rs 26, 454  inclusive of GST  for total family . Single person's policy at  Rs 17,857 inclusive of GSTÂ
2. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs with domiciliary   at the premium of Rs 49,005  inclusive of   GST   for total family . Single person's policy at  Rs 33,079 inclusive of GSTÂ
​
1. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs without domiciliary   at the premium of Rs 26, 454  inclusive of GST  for total family . Single person's policy at  Rs 17,857 inclusive of GSTÂ
2. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs with domiciliary   at the premium of Rs 49,005  inclusive of   GST   for total family . Single person's policy at  Rs 33,079 inclusive of GSTÂ
​
 PREMIUM CHART FOR TOP UP  POLICIES WITHOUT DOMICILIARY  ( inclusive of GST  )Â
A :Â Family policies :Â
1.  Rs 1, 00,000 cover , premium is  Rs 27, 159
2.  Rs 2, 00,000 cover , premium is  Rs 50,919
3.  Rs 3, 00,000 cover , premium is Rs  58,014
4.  Rs 4, 00,000 cover , premium is  Rs  60,860
5.  Rs 5, 00,000 cover , premium is  Rs 70,078Â
6.  Rs 6, 00,000 cover , premium is Rs  77,130
7.  Rs 7, 00,000 cover , premium is Rs  80,684
8.  Rs 8, 00,000 cover , premium is  Rs  87,070Â
9.  Rs 9 , 00,000 cover , premium is  Rs  93, 456
10. Rs 10, 00,000 cover , premium is  Rs101,966Â
B:Â Â Single policies :Â
​
1.  Rs 1, 00,000 cover , premium is  Rs 18, 332
2.  Rs 2, 00,000 cover , premium is  Rs 34,371
3.  Rs 3, 00,000 cover , premium is Rs  39,159
4.  Rs 4, 00,000 cover , premium is  Rs  41,081
5.  Rs 5, 00,000 cover , premium is  Rs 47, 303 Â
6.  Rs 6, 00,000 cover , premium is Rs  52,063
7.  Rs 7, 00,000 cover , premium is Rs  54,462
8.  Rs 8, 00,000 cover , premium is  Rs  58,772
9.  Rs 9 , 00,000 cover , premium is  Rs  63, 083
10. Rs 10, 00,000 cover , premium is  Rs 68,828
PREMIUM CHART FOR  TOP UP  POLICIES WITH DOMICILIARY (  inclusive of GST ) :Â
A :Â Family policies :Â
1.  Rs 1, 00,000 cover , premium is  Rs 52, 876
2.  Rs 2, 00,000 cover , premium is  Rs 89, 798
3.  Rs 3, 00,000 cover , premium is Rs  146,851
4.  Rs 4, 00,000 cover , premium is  Rs  195,644Â
5.  Rs 5, 00,000 cover , premium is  Rs 231,457Â
6.  Rs 6, 00,000 cover , premium is Rs  258,998
7.  Rs 7, 00,000 cover , premium is Rs  287,708
8.  Rs 8, 00,000 cover , premium is  Rs  319,945
9.  Rs 9 , 00,000 cover , premium is  Rs  353, 351
10. Rs 10, 00,000 cover , premium is  Rs 365,505Â
B:Â Â Single policies :Â
​
1.  Rs 1, 00,000 cover , premium is  Rs 35, 691
2.  Rs 2, 00,000 cover , premium is  Rs 60,614
3.  Rs 3, 00,000 cover , premium is Rs  99,125
4.  Rs 4, 00,000 cover , premium is  Rs  132,060
5.  Rs 5, 00,000 cover , premium is  Rs 156,234 Â
6.  Rs 6, 00,000 cover , premium is Rs  174,824
7.  Rs 7, 00,000 cover , premium is Rs  194, 203
8.  Rs 8, 00,000 cover , premium is  Rs  215,964
9.  Rs 9 , 00,000 cover , premium is  Rs  238,512
10. Rs 10, 00,000 cover , premium is  Rs 246,717
A :Â Family policies :Â
1.  Rs 1, 00,000 cover , premium is  Rs 27, 159
2.  Rs 2, 00,000 cover , premium is  Rs 50,919
3.  Rs 3, 00,000 cover , premium is Rs  58,014
4.  Rs 4, 00,000 cover , premium is  Rs  60,860
5.  Rs 5, 00,000 cover , premium is  Rs 70,078Â
6.  Rs 6, 00,000 cover , premium is Rs  77,130
7.  Rs 7, 00,000 cover , premium is Rs  80,684
8.  Rs 8, 00,000 cover , premium is  Rs  87,070Â
9.  Rs 9 , 00,000 cover , premium is  Rs  93, 456
10. Rs 10, 00,000 cover , premium is  Rs101,966Â
B:Â Â Single policies :Â
​
1.  Rs 1, 00,000 cover , premium is  Rs 18, 332
2.  Rs 2, 00,000 cover , premium is  Rs 34,371
3.  Rs 3, 00,000 cover , premium is Rs  39,159
4.  Rs 4, 00,000 cover , premium is  Rs  41,081
5.  Rs 5, 00,000 cover , premium is  Rs 47, 303 Â
6.  Rs 6, 00,000 cover , premium is Rs  52,063
7.  Rs 7, 00,000 cover , premium is Rs  54,462
8.  Rs 8, 00,000 cover , premium is  Rs  58,772
9.  Rs 9 , 00,000 cover , premium is  Rs  63, 083
10. Rs 10, 00,000 cover , premium is  Rs 68,828
PREMIUM CHART FOR  TOP UP  POLICIES WITH DOMICILIARY (  inclusive of GST ) :Â
A :Â Family policies :Â
1.  Rs 1, 00,000 cover , premium is  Rs 52, 876
2.  Rs 2, 00,000 cover , premium is  Rs 89, 798
3.  Rs 3, 00,000 cover , premium is Rs  146,851
4.  Rs 4, 00,000 cover , premium is  Rs  195,644Â
5.  Rs 5, 00,000 cover , premium is  Rs 231,457Â
6.  Rs 6, 00,000 cover , premium is Rs  258,998
7.  Rs 7, 00,000 cover , premium is Rs  287,708
8.  Rs 8, 00,000 cover , premium is  Rs  319,945
9.  Rs 9 , 00,000 cover , premium is  Rs  353, 351
10. Rs 10, 00,000 cover , premium is  Rs 365,505Â
B:Â Â Single policies :Â
​
1.  Rs 1, 00,000 cover , premium is  Rs 35, 691
2.  Rs 2, 00,000 cover , premium is  Rs 60,614
3.  Rs 3, 00,000 cover , premium is Rs  99,125
4.  Rs 4, 00,000 cover , premium is  Rs  132,060
5.  Rs 5, 00,000 cover , premium is  Rs 156,234 Â
6.  Rs 6, 00,000 cover , premium is Rs  174,824
7.  Rs 7, 00,000 cover , premium is Rs  194, 203
8.  Rs 8, 00,000 cover , premium is  Rs  215,964
9.  Rs 9 , 00,000 cover , premium is  Rs  238,512
10. Rs 10, 00,000 cover , premium is  Rs 246,717
 CAPS FOR BASE POLICY :Â
i) Bed Charge/room rent/Boarding expenses per day:Â Â
Metro/Urban centres      Rs. 3000         Other centres       Rs.2500  Â
ii) ICU Charges per day:Â Â Â Â Â
Metro/urban centres      Rs.6000           Other centres       Rs.5000Â
iii) Standalone Ceiling/cap on treatments:Â
1. High fever, typhoid, jaundice, other ailments, etc. requiring. hospitalisation  Rs 40,000 maximumÂ
2. Coronary Angiogram    Rs 16,000
3.  Angioplasty            Rs 1,00,000Â
4. CABG bypass surgery     Rs.200,000Â
5. Open heart surgery for valve replacement  Rs.200,000Â
6. Cataract                Rs 30,000
7. Cost of intra-ocular lens  Rs 10,000
8. Knee Replacement       Rs. 100,000Â
9. Lithotripsy multi sitting -- kidney stone removal      Rs.35,000Â
10. Hip replacement        Rs. 100,000Â
11. Lasik surgery package per eye    Rs.15,000Â
12. Hernia                 Rs.40,000 Â
13. Hydrocele             Rs.20,000Â
14.  Piles/hemorrhoidectomy  Rs.30,000
15. Appendicectomy        Rs.30,000Â
16. Cholecystectomy       Rs.40,000Â
17.  Prostatectomy         Rs.40,000Â
18. FESS                 Rs.30,000Â
19 . Dialysis              Rs.2,000Â
Female Diseases/SurgeryÂ
Hysterectomy          Rs.40,000Â
Mastectomy            Rs.40,000Â
Cost of implantsÂ
Temporary Pacemaker implantation.   Rs.30,000Â
Permanent Pacemaker Implantation  Rs.40,000Â
Cost of Stent                        Rs.30,000Â
 ( Max. Reimbursable )
In case the patient is to be moved to a hospital/nursing home outside the urban agglomeration / municipal limits, then the expenses incurred on conveyance may be reimbursed at the following rates:Â
Ambulance CategoryÂ
Non-Cardiac          Ceiling   Rs.2,500/-Â
Cardiac              Ceiling    Rs.5,000/
Other Charges:Â
Ventilator or respiratory charges   Rs.5,000/- per day + oxygen chargesÂ
Oxygen charges             Rs. 100/- per hour (Max. Rs. 1,000/- per day)    Â
Physician Consultation Charges per visit:Â
Registration charges           Rs.200/- Â
Consultation / routine visit      Rs.400/-Â
Night visit/emergency visit -Â Â Â Â Â Rs.600/-Â
Specialist Consultation charges per visit:Â
Consultation / Routine day visit   Rs.500/-Â
Consultation with ECG/Night visit / Emergency visit  Rs.700/-Â
Physiotherapy charges     Rs. 300
Charges for Operations (maximum):Â
1. Minor operations under LA :  Rs 5,000Â
2. Minor operations under GA : Â
Surgeons Fee  Rs 5,500 + Anesthesia  Rs 2,500 + Theatre Charges Rs 3,000
3. Minor operations : Â
Surgeons Fee  Rs 17,000 + Anesthesia  Rs 7,000 + Theatre Charges Rs 7,000
Â
2. Supra Major operations  : Â
Surgeons Fee  Rs 26,000 + Anesthesia  Rs 9,000 + Theatre Charges Rs 10,000
i) Bed Charge/room rent/Boarding expenses per day:Â Â
Metro/Urban centres      Rs. 3000         Other centres       Rs.2500  Â
ii) ICU Charges per day:Â Â Â Â Â
Metro/urban centres      Rs.6000           Other centres       Rs.5000Â
iii) Standalone Ceiling/cap on treatments:Â
1. High fever, typhoid, jaundice, other ailments, etc. requiring. hospitalisation  Rs 40,000 maximumÂ
2. Coronary Angiogram    Rs 16,000
3.  Angioplasty            Rs 1,00,000Â
4. CABG bypass surgery     Rs.200,000Â
5. Open heart surgery for valve replacement  Rs.200,000Â
6. Cataract                Rs 30,000
7. Cost of intra-ocular lens  Rs 10,000
8. Knee Replacement       Rs. 100,000Â
9. Lithotripsy multi sitting -- kidney stone removal      Rs.35,000Â
10. Hip replacement        Rs. 100,000Â
11. Lasik surgery package per eye    Rs.15,000Â
12. Hernia                 Rs.40,000 Â
13. Hydrocele             Rs.20,000Â
14.  Piles/hemorrhoidectomy  Rs.30,000
15. Appendicectomy        Rs.30,000Â
16. Cholecystectomy       Rs.40,000Â
17.  Prostatectomy         Rs.40,000Â
18. FESS                 Rs.30,000Â
19 . Dialysis              Rs.2,000Â
Female Diseases/SurgeryÂ
Hysterectomy          Rs.40,000Â
Mastectomy            Rs.40,000Â
Cost of implantsÂ
Temporary Pacemaker implantation.   Rs.30,000Â
Permanent Pacemaker Implantation  Rs.40,000Â
Cost of Stent                        Rs.30,000Â
 ( Max. Reimbursable )
In case the patient is to be moved to a hospital/nursing home outside the urban agglomeration / municipal limits, then the expenses incurred on conveyance may be reimbursed at the following rates:Â
Ambulance CategoryÂ
Non-Cardiac          Ceiling   Rs.2,500/-Â
Cardiac              Ceiling    Rs.5,000/
Other Charges:Â
Ventilator or respiratory charges   Rs.5,000/- per day + oxygen chargesÂ
Oxygen charges             Rs. 100/- per hour (Max. Rs. 1,000/- per day)    Â
Physician Consultation Charges per visit:Â
Registration charges           Rs.200/- Â
Consultation / routine visit      Rs.400/-Â
Night visit/emergency visit -Â Â Â Â Â Rs.600/-Â
Specialist Consultation charges per visit:Â
Consultation / Routine day visit   Rs.500/-Â
Consultation with ECG/Night visit / Emergency visit  Rs.700/-Â
Physiotherapy charges     Rs. 300
Charges for Operations (maximum):Â
1. Minor operations under LA :  Rs 5,000Â
2. Minor operations under GA : Â
Surgeons Fee  Rs 5,500 + Anesthesia  Rs 2,500 + Theatre Charges Rs 3,000
3. Minor operations : Â
Surgeons Fee  Rs 17,000 + Anesthesia  Rs 7,000 + Theatre Charges Rs 7,000
Â
2. Supra Major operations  : Â
Surgeons Fee  Rs 26,000 + Anesthesia  Rs 9,000 + Theatre Charges Rs 10,000
HOWÂ IBA CHOSEÂ NATIONAL INSURANCE CO LTD ?Â
Group Medical Insurance scheme in-lieu of Reimbursement of Hospitalisation scheme was introduced as per 10th Bipartite Settlement / 7th Joint Note dated 25/05/2015. The said scheme was extended to retired employees and their spouse with a condition that the premium will be paid by them. The existing policy (2022-23) is covering 5,83,321 serving employees and 1,52,807 retired employees. As the premium of the retired employees' policy has been increasing disproportionally every year, a need was felt to revisit the terms of the settlement.Â
2. The parties to the Settlement/Joint Note met on 19/07/2023 and agreed to introduce concept of "Base Policy" with certain caps on room rent, consultation fees and a few procedures for the Retirees' Policy. It was agreed that the Top-Up options will also be made available as option for the amounts ranging from Rs. 1 lac to Rs. 10 lacs to those who opt for Base Policy.Â
3. Accordingly, to arrive at L1 bidder, with the approval of the Managing Committee of IBA an RFP was floated on 24.07.2023, duly incorporating the revised terms as mentioned in the agreement dated 19/07/2023. We called quotes from IRDA approved Insurance Companies for arranging Medical Insurance Policies for in-service employees and bank retirees.Â
4. The last date of submission of technical bids was on 7th August, 2023. Total 3 bidders. submitted Technical bids, namely:-Â
a. National Insurance Co. Ltd. (NICL) b. New India Assurance Co. Ltd. (NIA)Â
c. The Oriental Insurance Co. Ltd (OIC)Â
5. All of the above bidders were found technically qualified and therefore were asked to submit the commercial bids on 17th August, 2023. Accordingly, they submitted their bids and in the presence of Bank and IBA Officials, sealed envelopes containing bids were opened. It was observed that (NICL) emerged as L1 bidder, which was subsequently approved by the IBAÂ Â
Group Medical Insurance scheme in-lieu of Reimbursement of Hospitalisation scheme was introduced as per 10th Bipartite Settlement / 7th Joint Note dated 25/05/2015. The said scheme was extended to retired employees and their spouse with a condition that the premium will be paid by them. The existing policy (2022-23) is covering 5,83,321 serving employees and 1,52,807 retired employees. As the premium of the retired employees' policy has been increasing disproportionally every year, a need was felt to revisit the terms of the settlement.Â
2. The parties to the Settlement/Joint Note met on 19/07/2023 and agreed to introduce concept of "Base Policy" with certain caps on room rent, consultation fees and a few procedures for the Retirees' Policy. It was agreed that the Top-Up options will also be made available as option for the amounts ranging from Rs. 1 lac to Rs. 10 lacs to those who opt for Base Policy.Â
3. Accordingly, to arrive at L1 bidder, with the approval of the Managing Committee of IBA an RFP was floated on 24.07.2023, duly incorporating the revised terms as mentioned in the agreement dated 19/07/2023. We called quotes from IRDA approved Insurance Companies for arranging Medical Insurance Policies for in-service employees and bank retirees.Â
4. The last date of submission of technical bids was on 7th August, 2023. Total 3 bidders. submitted Technical bids, namely:-Â
a. National Insurance Co. Ltd. (NICL) b. New India Assurance Co. Ltd. (NIA)Â
c. The Oriental Insurance Co. Ltd (OIC)Â
5. All of the above bidders were found technically qualified and therefore were asked to submit the commercial bids on 17th August, 2023. Accordingly, they submitted their bids and in the presence of Bank and IBA Officials, sealed envelopes containing bids were opened. It was observed that (NICL) emerged as L1 bidder, which was subsequently approved by the IBAÂ Â
 IBA INITIATES BIDDING PROCESS  :Â
Dated 24.07.2023 : Indian Bankers Association has now initiated bidding process for the renewal of group health and has invited expression of interest from the IRDA approved general insurance companies and health insurance companies .  The bidding process will be a three stage bidding process comprising of Expression of Interest,Technical Bid and Commercial Bids.Â
Bidders qualifying in the technical bid process would be asked to participate in the commercial bidding process . There would be three separate commercial bidding process for three group mediclaim policiesÂ
a. For Serving Employees
b.For Retired Employees without. Domiciliary Treatment
c. For Retired Employees with Domiciliary Treatment
d. Top up Policies for Retirees.Â
The policies will commence from 1st, October 2023Â for the serving employees and 1st, November 2023 for the retired employees .
The technical bids will be opened on 7th , August 2023 and the commercial bidding dates are yet to be announced .Â
Dated 24.07.2023 : Indian Bankers Association has now initiated bidding process for the renewal of group health and has invited expression of interest from the IRDA approved general insurance companies and health insurance companies .  The bidding process will be a three stage bidding process comprising of Expression of Interest,Technical Bid and Commercial Bids.Â
Bidders qualifying in the technical bid process would be asked to participate in the commercial bidding process . There would be three separate commercial bidding process for three group mediclaim policiesÂ
a. For Serving Employees
b.For Retired Employees without. Domiciliary Treatment
c. For Retired Employees with Domiciliary Treatment
d. Top up Policies for Retirees.Â
The policies will commence from 1st, October 2023Â for the serving employees and 1st, November 2023 for the retired employees .
The technical bids will be opened on 7th , August 2023 and the commercial bidding dates are yet to be announced .Â
EXCLUSIVE HEALTHÂ POLICY FOR RETIRED BANKERS :Â
Dated 19.07.2023 : In a meeting held between IBA and representatives of bank employees unions and officers associations , it was  decided to float a separate new policy for the retired bankers and the policy will not be linked to the policy for the working bankers . The salient features of the new policy will be. :Â
1. The  uniform base policy will be for Rs 2.00 lakhs only . Â
2. ceiling for bed charges - Rs 3,000 for metro / urban centres . Rs 2,500. in other centresÂ
3. ceiling for ICU charges - Rs 6,000 for metro / urban centres . Rs 5,000. in other centresÂ
4. Ceiling on various treatments will be fixed . For example , coronary angiogram Rs 16,000 , angioplasty Rs 1 lakh , bypass surgery 2 .00 lakhs , open heart surgery Rs 2.00 lakhs , cataract Rs 30,000 , knee replacement Rs 1.00 lakh .Â
5. Additional top up can be taken up to Rs 10.00 lakh cover without the above ceilingÂ
6. Option of single person policy will be allowed .Â
Based on the above agreement , IBA will proceed to float tender and the new policy will be effective from 01.11.2023Â
To read the minutes of the meeting , CLICK HEREÂ
Dated 19.07.2023 : In a meeting held between IBA and representatives of bank employees unions and officers associations , it was  decided to float a separate new policy for the retired bankers and the policy will not be linked to the policy for the working bankers . The salient features of the new policy will be. :Â
1. The  uniform base policy will be for Rs 2.00 lakhs only . Â
2. ceiling for bed charges - Rs 3,000 for metro / urban centres . Rs 2,500. in other centresÂ
3. ceiling for ICU charges - Rs 6,000 for metro / urban centres . Rs 5,000. in other centresÂ
4. Ceiling on various treatments will be fixed . For example , coronary angiogram Rs 16,000 , angioplasty Rs 1 lakh , bypass surgery 2 .00 lakhs , open heart surgery Rs 2.00 lakhs , cataract Rs 30,000 , knee replacement Rs 1.00 lakh .Â
5. Additional top up can be taken up to Rs 10.00 lakh cover without the above ceilingÂ
6. Option of single person policy will be allowed .Â
Based on the above agreement , IBA will proceed to float tender and the new policy will be effective from 01.11.2023Â
To read the minutes of the meeting , CLICK HEREÂ
IBA STANDINGÂ COMMITTEEÂ MEETINGÂ
Dated17.07.2023 : IBA Standing committee on HR will be holding a meeting with the representatives of unions / associations on the Wednesday 19th July 2023 in Mumbai and discuss about the changes / improvements to be made to the group health insurance policy
Dated17.07.2023 : IBA Standing committee on HR will be holding a meeting with the representatives of unions / associations on the Wednesday 19th July 2023 in Mumbai and discuss about the changes / improvements to be made to the group health insurance policy
 MAKE COMPOSITE POLICY FOR BOTH EMPLOYEES & RETIREES : UFBUÂ
Dated 03.06.2023 : United Forum of Bank Unions ( UFBU ) has suggested to IBA  for introducing a composite group Health policy for both serving employees and retires while renewing the existing policies .  The present group policy expires on 30.09.2023 for the employees and on 31.10.2023 for the retirees . Â
The other important changes recommended by UFBU are :Â
1. There should be a base policy with optional top-up policy .Â
2. The premium for the base policy should be borne by the banks .Â
3. Insurance companies should submit the quotations for the composite policyÂ
4. Insurance companies should offer additional coverage / top up  and the premiums for top up to be borne by the retireesÂ
5. There can be room rent / ICU ceilingsÂ
6. There can be maximum amount of reimbursement for specific treatments Â
To read the letter addressed to IBA dated 02.06.2023 , CLICK HEREÂ
Dated 03.06.2023 : United Forum of Bank Unions ( UFBU ) has suggested to IBA  for introducing a composite group Health policy for both serving employees and retires while renewing the existing policies .  The present group policy expires on 30.09.2023 for the employees and on 31.10.2023 for the retirees . Â
The other important changes recommended by UFBU are :Â
1. There should be a base policy with optional top-up policy .Â
2. The premium for the base policy should be borne by the banks .Â
3. Insurance companies should submit the quotations for the composite policyÂ
4. Insurance companies should offer additional coverage / top up  and the premiums for top up to be borne by the retireesÂ
5. There can be room rent / ICU ceilingsÂ
6. There can be maximum amount of reimbursement for specific treatments Â
To read the letter addressed to IBA dated 02.06.2023 , CLICK HEREÂ
IBA Standing Committee Meeting  on Group Health InsuranceÂ
Dated 25.04.2023 : The standing committee ( HR ) of Indian Bankers Association ( IBA ) held a meeting yesterday on Group Medical insurance for the bankers  at their committee Hall in Mumbai  .Â
The meeting was attended by Sri C.H .Venkatachalam of AIBEA , Sri Sanjeev . K Bandlish of NCBE and Sri Dilip Kumar Saha of AIBOC as representatives of Employees Unions and Officers AssociationsÂ
It is reported that  the meeting  discussed the scope of reduction of premium for retirees, improvement in scheme for in service staff and removing difficulties in reimbursement by TPAs . Detailed circular on the matter  is yet to be issued by UFBU or by the unions / associations concerned .Â
Dated 25.04.2023 : The standing committee ( HR ) of Indian Bankers Association ( IBA ) held a meeting yesterday on Group Medical insurance for the bankers  at their committee Hall in Mumbai  .Â
The meeting was attended by Sri C.H .Venkatachalam of AIBEA , Sri Sanjeev . K Bandlish of NCBE and Sri Dilip Kumar Saha of AIBOC as representatives of Employees Unions and Officers AssociationsÂ
It is reported that  the meeting  discussed the scope of reduction of premium for retirees, improvement in scheme for in service staff and removing difficulties in reimbursement by TPAs . Detailed circular on the matter  is yet to be issued by UFBU or by the unions / associations concerned .Â
IBA Standing Committee Meeting  on Group Health InsuranceÂ
Dated 19.04.2023 : The standing committee ( HR ) of Indian Bankers Association ( IBA ) will hold a meeting on Group Medical insurance for the bankers on the Monday 24th , April , 2023 at their committee Hall in Mumbai  . The present group policy expires on 30.09.2023 for the employees and on 31.10.2023 for the retirees .Â
​
The representatives of  AIBEA , NCBE & AIBOC have been invited to attend the meeting .Â
In the charter of demands issued by employees unions ,  Unions had called for improvement in the Group medical schemes . But officers Associations had called for roll back of group policy and issue of insurance at the individual bank's levels . Â
Dated 19.04.2023 : The standing committee ( HR ) of Indian Bankers Association ( IBA ) will hold a meeting on Group Medical insurance for the bankers on the Monday 24th , April , 2023 at their committee Hall in Mumbai  . The present group policy expires on 30.09.2023 for the employees and on 31.10.2023 for the retirees .Â
​
The representatives of  AIBEA , NCBE & AIBOC have been invited to attend the meeting .Â
In the charter of demands issued by employees unions ,  Unions had called for improvement in the Group medical schemes . But officers Associations had called for roll back of group policy and issue of insurance at the individual bank's levels . Â
Retiree Bankers Group Health Insurance Policy
TERMS & CONDITIONS FOR TOP UP POLICY
 BEING UPDATEDÂ
New Updated Article :Â
​
TAX PLANNING FOR FY 2023-24 ( AY 2024-25 )Â
Comprehensive  Article on Income tax changes in Rules, Rates , Slabs , Rebates  and EstimationÂ
CLICK HERE TO READ ​
​
TAX PLANNING FOR FY 2023-24 ( AY 2024-25 )Â
Comprehensive  Article on Income tax changes in Rules, Rates , Slabs , Rebates  and EstimationÂ
CLICK HERE TO READ ​
 NEW ARTICLE    Â
                  HEALTH INSURANCE PLANS FOR SENIOR CITIZENSÂ
Â
                                        WITH OR WITHOUT ENTRY AGE RESTRICTION Â
TO READ THE ARTICLE                               CLICK HERE ​
                  HEALTH INSURANCE PLANS FOR SENIOR CITIZENSÂ
Â
                                        WITH OR WITHOUT ENTRY AGE RESTRICTION Â
TO READ THE ARTICLE                               CLICK HERE ​
NEWÂ BLOGÂ ARTICLE ONÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
                              HEALTH INSURANCE OPTIONS FOR RETIRED BANKERSÂ
​
The article explores the alternative avenues for existing health insurance group policy for Retired BankersÂ
TO READ THE ARTICLE                              CLICK HERE ​
                              HEALTH INSURANCE OPTIONS FOR RETIRED BANKERSÂ
​
The article explores the alternative avenues for existing health insurance group policy for Retired BankersÂ
TO READ THE ARTICLE                              CLICK HERE ​
CLICK HERE TO READÂ Â Â Â Â TAX ON RETIREMENT
                          MORE THAN 2000 VIEWS   IN ITS FIRST WEEK OF PUBLICATION Â
          Â
                          MORE THAN 2000 VIEWS   IN ITS FIRST WEEK OF PUBLICATION Â
          Â