PERSONAL FINANCEÂ Â Â Â Â FINANCIAL PLANNINGÂ Â Â Â Â TAX PLANNINGÂ
BANK ACCOUNTSÂ Â Â Â Â CREDIT CARDSÂ Â Â Â INSURANCEÂ Â Â Â Â DEPOSITSÂ Â Â Â Â STOCKSÂ Â Â Â Â Â Â Â MUTUAL FUNDSÂ Â Â Â Â Â PAYMENT BANKSÂ
Bankers Group Health Insurance for 2022Â
|
 FOR NEWS ON DEMONETISTION AND NEW CURRENCY FEATURES  CLICK HERE Â
​
 FOR BANKING TIPS , CLICK HERE      FOR INCOME TAX NEWS  , CLICK HERE      FOR SAFE BANKING TIPS  , CLICK HEREÂ
  FOR INCOME TAX RETURN  FORMS  AND INFORMATION ,  CLICK HEREÂ
FOR BANKING NEWSÂ Â CLICK HEREÂ
​
 FOR BANKING TIPS , CLICK HERE      FOR INCOME TAX NEWS  , CLICK HERE      FOR SAFE BANKING TIPS  , CLICK HEREÂ
  FOR INCOME TAX RETURN  FORMS  AND INFORMATION ,  CLICK HEREÂ
FOR BANKING NEWSÂ Â CLICK HEREÂ
​
                                    NEW  ARTICLES ON  Â
                                   Â
 SMALL FINANCE BANKS                                     PAYMENT  BANKS   Â
                                    Â
UNIFIED Â PAYMENT INTERFACEÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â BHARAT BILL PAYMENT SYSTEMÂ Â Â
     BHIM APP                                                AADHAR  Â
                              e-INSURANCE  Account (  eIA  )   Â
​
                                    NEW  ARTICLES ON  Â
                                   Â
 SMALL FINANCE BANKS                                     PAYMENT  BANKS   Â
                                    Â
UNIFIED Â PAYMENT INTERFACEÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â BHARAT BILL PAYMENT SYSTEMÂ Â Â
     BHIM APP                                                AADHAR  Â
                              e-INSURANCE  Account (  eIA  )   Â
​
Bankers Group Health Insurance for 2022
   PLAN N PROGRESS CREATES NEW PAGE FOR EXCLUSIVE NEWS FOR BANKERS AND RETIREESÂ
To read latest news for working bankers , Â
​CLICK HERE Â
FORÂ LATEST UPDATESÂ Â ON BANK PRIVATIZATIONÂ Â :Â Â
​CABINET PANEL MEETS TO DISCUSS NITI AYOG RECOMMENDATIONSÂ
GOVERNMENT TO AMEND BANKING LAW  TO FACILITATE PRIVATISATION :  CLICK HERE TO READ  ​
​CLICK HERE Â
FORÂ LATEST UPDATESÂ Â ON BANK PRIVATIZATIONÂ Â :Â Â
​CABINET PANEL MEETS TO DISCUSS NITI AYOG RECOMMENDATIONSÂ
GOVERNMENT TO AMEND BANKING LAW  TO FACILITATE PRIVATISATION :  CLICK HERE TO READ  ​
WEBINAR ON GROUP HEALTH INSURANCE POLICY :Â
Dated 27.04.2023 : ​IBA will conduct a Knowledge Sharing Webinar on Medical Insurance Scheme on 28th of April, 2023 from 11.00 am for two hours wherein Senior officials from National Insurance Company Limited would be responding to the queries of IBA. The participants may join the same through the above ‘YouTube Link’ which shall be streamed live. The recordings of the meeting shall be available on YouTube after the meeting also.Â
Dated 27.04.2023 : ​IBA will conduct a Knowledge Sharing Webinar on Medical Insurance Scheme on 28th of April, 2023 from 11.00 am for two hours wherein Senior officials from National Insurance Company Limited would be responding to the queries of IBA. The participants may join the same through the above ‘YouTube Link’ which shall be streamed live. The recordings of the meeting shall be available on YouTube after the meeting also.Â
Bankers Group Health Insurance Policy for 2023
Retiree Bankers Group Health Insurance Policy
BANK RETIREES TO HAVE ONEÂ MORE CHANCE TO OPT FOR GROUP INSURANCE :Â
Dated 01.11.2022: Window  to take Group Medical Insurance policy of National Insurance Company for bank retirees was closed by the end of last month . Now National insurance Company is permitting to pay the premium and join the scheme with the same premium and terms & conditions except for the following :Â
1. Any of the bank retirees who have not joined earlier can join for the schemeÂ
2. Cover for the insurance will begin from 1st, December , 2022 and end on 30.10.2022 .Â
3. New applicants  have to pay the premium already prescribed and no pro-rata reduction in premium will be given .Â
4. Claims for the treatments / hospitalizations during month of November 2022 will not be entertained .Â
5. No further extension will be offered .Â
Bank retirees who are interested to join the scheme may contact their banks for further information .
Dated 01.11.2022: Window  to take Group Medical Insurance policy of National Insurance Company for bank retirees was closed by the end of last month . Now National insurance Company is permitting to pay the premium and join the scheme with the same premium and terms & conditions except for the following :Â
1. Any of the bank retirees who have not joined earlier can join for the schemeÂ
2. Cover for the insurance will begin from 1st, December , 2022 and end on 30.10.2022 .Â
3. New applicants  have to pay the premium already prescribed and no pro-rata reduction in premium will be given .Â
4. Claims for the treatments / hospitalizations during month of November 2022 will not be entertained .Â
5. No further extension will be offered .Â
Bank retirees who are interested to join the scheme may contact their banks for further information .
 WEBINAR ARRANGED ON 13.10.2022 BY IBA :Â
Dated 12.10.2022 : Indian Bankers Association , who have arranged the renewal of group insurance Policy for the retirees  for 2022 , has arranged a webinar on the Thursday 13.10.2022  at 3.00 PM  . In the webinar , various queries with regard to the policy will be answered  .Â
Dated 12.10.2022 : Indian Bankers Association , who have arranged the renewal of group insurance Policy for the retirees  for 2022 , has arranged a webinar on the Thursday 13.10.2022  at 3.00 PM  . In the webinar , various queries with regard to the policy will be answered  .Â
  RENEWAL OF GROUP INSURANCE  FOR BANK EMPLOYEES AND RETIREES FINALISEDÂ
Dated 24.09.2022 : Indian Bankers Association ( IBA )  has advised  member banks to continue renewal of  the group insurance health policy for bank employees with National Insurance Company ,  from 01.10.2022 for one year till 30.09.2023  . While premium  for base  policy for working bankers will be borne by the respective banks , the premium is to be borne by the retirees .Â
The premium structure higher by 22 % for the retired clerical staff to the premiums paid during the last year ( without   domiciliary  )  . The premium structure higher by  33.66 % for the retired officers  to the premiums paid during the last year ( without  domiciliary )  Â
The renewed policy for the retirees with National insurance co ltd will be effective from 01.11.2022 for one year .Â
Individual retirees can approach their employer banks for making payments of the premium .Â
NOTE : In July 2022, UFBU had  given various suggestions with regard to retirees group health insurance policy including issue of composite policy  for both working and retired bankers , bearing of premium by banks and waiver of GST . It appears IBA has not  looked in to the UFBU Request. Now with the issue of a  separate policy for retirees  which costs steep higher premium to be borne by the retirees , Retirees wish for an affordable health policy does not appear to happen this year alsoÂ
GROUPÂ POLICY FORÂ RETIREE BANK EMPLOYEES / OFFICERSÂ Â Â :Â
Retiree staff and officers can  renew the group insurance policy  , which will expire on  31.10.2022 at the following cost with the National insurance company as follows :Â
1. Retired workmen staff for a cover of Rs 3.00 lakhs  at the premium of Rs 41,334   ( inclusive GST )  without domiciliary   and Rs 77,920 ( Inclusive GST ) with domiciliaryÂ
2. Retired  officers for a cover of Rs 4.00 lakhs  at the premium of Rs 57,808  ( inclusive GST  )    without domiciliary and Rs 97,776 ( inclusive GST ) with  domiciliaryÂ
​3. Super Top up policies are available with the following conditions :Â
Dated 24.09.2022 : Indian Bankers Association ( IBA )  has advised  member banks to continue renewal of  the group insurance health policy for bank employees with National Insurance Company ,  from 01.10.2022 for one year till 30.09.2023  . While premium  for base  policy for working bankers will be borne by the respective banks , the premium is to be borne by the retirees .Â
The premium structure higher by 22 % for the retired clerical staff to the premiums paid during the last year ( without   domiciliary  )  . The premium structure higher by  33.66 % for the retired officers  to the premiums paid during the last year ( without  domiciliary )  Â
The renewed policy for the retirees with National insurance co ltd will be effective from 01.11.2022 for one year .Â
Individual retirees can approach their employer banks for making payments of the premium .Â
NOTE : In July 2022, UFBU had  given various suggestions with regard to retirees group health insurance policy including issue of composite policy  for both working and retired bankers , bearing of premium by banks and waiver of GST . It appears IBA has not  looked in to the UFBU Request. Now with the issue of a  separate policy for retirees  which costs steep higher premium to be borne by the retirees , Retirees wish for an affordable health policy does not appear to happen this year alsoÂ
GROUPÂ POLICY FORÂ RETIREE BANK EMPLOYEES / OFFICERSÂ Â Â :Â
Retiree staff and officers can  renew the group insurance policy  , which will expire on  31.10.2022 at the following cost with the National insurance company as follows :Â
1. Retired workmen staff for a cover of Rs 3.00 lakhs  at the premium of Rs 41,334   ( inclusive GST )  without domiciliary   and Rs 77,920 ( Inclusive GST ) with domiciliaryÂ
2. Retired  officers for a cover of Rs 4.00 lakhs  at the premium of Rs 57,808  ( inclusive GST  )    without domiciliary and Rs 97,776 ( inclusive GST ) with  domiciliaryÂ
​3. Super Top up policies are available with the following conditions :Â
 FEDERAL BANK TO SUBSIDIZE PREMIUM PAID BY THEIR RETIREESÂ
Dated 01.10.2022  . Kerala based private banker , the Federal bank  has decided to subsidize  the premium paid by the bank's retiree officers for renewal of IBA sponsored Group health insurance policy to the following extent : Â
1. Subsidy of Rs 34,700  for a base floater  policy of Rs 4.00 lakhs  ( Rs 23,450  for  single policy )
2. Subsidy of Rs 23,450  for a base floater policy of Rs 3.00 lakhs .  ( Rs 16,750  for  single policy )
3. Subsidy of Rs 16,550  for a base floater policy of Rs 2.00 lakhs .  ( Rs 11,200  for  single policy )
4. Subsidy of Rs  9,200   for a base floater policy of Rs 1.00 lakhs .  ( Rs  6,200 for  single policy )
Â
In its website , Federal Bank has stated " As a gesture of goodwill, the Bank shall bear a portion of premium applicable under Option I - Without Domiciliary Coverage in respect of all Retired Employees, subject to a maximum of Rs.34,700/- for Retired Officers and Rs.24,800/- for Retired members of Award Staff [at a differential rate on the basis of the type of coverage (family/single) and the Basic Sum Insured slab opted by the beneficiary]. Accordingly, the details of premium to be remitted by a Retired Employee in connection with renewal/joining of the Policy under each category as per Option I and Option II
Dated 01.10.2022  . Kerala based private banker , the Federal bank  has decided to subsidize  the premium paid by the bank's retiree officers for renewal of IBA sponsored Group health insurance policy to the following extent : Â
1. Subsidy of Rs 34,700  for a base floater  policy of Rs 4.00 lakhs  ( Rs 23,450  for  single policy )
2. Subsidy of Rs 23,450  for a base floater policy of Rs 3.00 lakhs .  ( Rs 16,750  for  single policy )
3. Subsidy of Rs 16,550  for a base floater policy of Rs 2.00 lakhs .  ( Rs 11,200  for  single policy )
4. Subsidy of Rs  9,200   for a base floater policy of Rs 1.00 lakhs .  ( Rs  6,200 for  single policy )
Â
In its website , Federal Bank has stated " As a gesture of goodwill, the Bank shall bear a portion of premium applicable under Option I - Without Domiciliary Coverage in respect of all Retired Employees, subject to a maximum of Rs.34,700/- for Retired Officers and Rs.24,800/- for Retired members of Award Staff [at a differential rate on the basis of the type of coverage (family/single) and the Basic Sum Insured slab opted by the beneficiary]. Accordingly, the details of premium to be remitted by a Retired Employee in connection with renewal/joining of the Policy under each category as per Option I and Option II
TERMS & CONDITIONS FOR SUPER TOP UP POLICY
 TERMS & CONDITIONS FOR AVAILING SUPER TOP POLICY :Â
​3. Super Top up policies are available with the following conditions :Â
(i) The Officers and Award Staff are covered under the Base Policy coverage of Rs.4.00 lac and Rs.3.00 lac respectively. Therefore, the Officers can opt for any sum insured from Rs.1-0O lac to Rs.4.00 lac in the Base Policy and Award Staff can opt for any sum  insured from Rs.1.00 lac to Rs.3,00 lac in the Base Policy.
(ii) Super top up policy is available to only those Retirees who opt for Rs.3.00 lac (Award Staff) and Rs.4.00 lac (Officers) sum insured in the Base Policy.
(iii) Reimbursement of expenses towards domiciliary treatment under Domiciliary' option is 10% of the Base Policy of sum insured. The said criteria is applicable even for those who opt for single person premium.
(iv) Reimbursement of expenses towards domiciliary treatment is not covered under the Supertop policy.
(v) The provision of payment of single person premium is considered only where the retired person is single or the surviving spouse (family pensioner). However, if the retired employee and his / her spouse, both are alive, then in such case family floater premium has to be paid.
(vi) Those retirees who are not covered under the Retirees Policy for the year 2021-22 can join the Retirees Policy for the year 2022-23.
(vii) The Retirees can opt with / without domiciliary option in Retirees Policy 2022-23,irrespective of the option they have chosen in the last year policy 2O2'l-22_
(viii) The Retirees who are not covered under Super Top-up Policy 2021-22 can avail Super Topup policy for 2022-23.
​3. Super Top up policies are available with the following conditions :Â
(i) The Officers and Award Staff are covered under the Base Policy coverage of Rs.4.00 lac and Rs.3.00 lac respectively. Therefore, the Officers can opt for any sum insured from Rs.1-0O lac to Rs.4.00 lac in the Base Policy and Award Staff can opt for any sum  insured from Rs.1.00 lac to Rs.3,00 lac in the Base Policy.
(ii) Super top up policy is available to only those Retirees who opt for Rs.3.00 lac (Award Staff) and Rs.4.00 lac (Officers) sum insured in the Base Policy.
(iii) Reimbursement of expenses towards domiciliary treatment under Domiciliary' option is 10% of the Base Policy of sum insured. The said criteria is applicable even for those who opt for single person premium.
(iv) Reimbursement of expenses towards domiciliary treatment is not covered under the Supertop policy.
(v) The provision of payment of single person premium is considered only where the retired person is single or the surviving spouse (family pensioner). However, if the retired employee and his / her spouse, both are alive, then in such case family floater premium has to be paid.
(vi) Those retirees who are not covered under the Retirees Policy for the year 2021-22 can join the Retirees Policy for the year 2022-23.
(vii) The Retirees can opt with / without domiciliary option in Retirees Policy 2022-23,irrespective of the option they have chosen in the last year policy 2O2'l-22_
(viii) The Retirees who are not covered under Super Top-up Policy 2021-22 can avail Super Topup policy for 2022-23.
 FRESH BENEFITS UNDER  RENEWED IBA GROUP POLICY 2022 :Â
The Indian Banks' Association (IBA), on the suggestion of FBU , have mentioned that, inclusion of following treatments  have to made in the policy year 2022-23 , which is accepted by the insurer .Â
1.  Inclusion of approved targeted therapies for treatment of Cancer in day care  and on a standalone basis. The term Immunotherapy- Monoclonal Antibody cancer treatment on standalone basis be added in the list of Daycare and domiciliary treatments.Â
2.  Inclusion of Intra vitreal injections for eye disorders other than ARMD also. The current Bipartite agreement specifies Treatment for Age related Macular Degeneration (ARMD) only.Â
The Indian Banks' Association (IBA), on the suggestion of FBU , have mentioned that, inclusion of following treatments  have to made in the policy year 2022-23 , which is accepted by the insurer .Â
1.  Inclusion of approved targeted therapies for treatment of Cancer in day care  and on a standalone basis. The term Immunotherapy- Monoclonal Antibody cancer treatment on standalone basis be added in the list of Daycare and domiciliary treatments.Â
2.  Inclusion of Intra vitreal injections for eye disorders other than ARMD also. The current Bipartite agreement specifies Treatment for Age related Macular Degeneration (ARMD) only.Â
RETIREE BANK EMPLOYEES GROUP INSURANCE POLICY PREMIUM
IBA GROUP POLICY FOR RETIREE BANKERS -PREMIUM CHARTÂ
BASIC POLICYÂ Â Â WITHOUT DOMICILIARYÂ (Â IN RUPEES AND PREMIUMÂ INCLUDINGÂ GST )
​BASIC POLICY WITHOUT DOMICILIARY :Â
1. For sum insured Rs 1,00,000 Premium is   Rs 15,308   for self and spouse  ( Rs 10,333  for self only )
2. For sum insured Rs 2,00,000 Premium is  Rs 27,557 for self and spouse  ( Rs 18,600  for self only )
3. For sum insured Rs 3,00,000 Premium is  Rs 41,334 for self and spouse  ( Rs 27,901  for self only )
4. For sum insured Rs 4,00,000 Premium is  Rs 57,808 for self and spouse  ( Rs 39,020  for self only )- ONLY FOR RETIRED OFFICERS
​BASIC POLICY WITHOUT DOMICILIARY :Â
1. For sum insured Rs 1,00,000 Premium is   Rs 15,308   for self and spouse  ( Rs 10,333  for self only )
2. For sum insured Rs 2,00,000 Premium is  Rs 27,557 for self and spouse  ( Rs 18,600  for self only )
3. For sum insured Rs 3,00,000 Premium is  Rs 41,334 for self and spouse  ( Rs 27,901  for self only )
4. For sum insured Rs 4,00,000 Premium is  Rs 57,808 for self and spouse  ( Rs 39,020  for self only )- ONLY FOR RETIRED OFFICERS
BASIC POLICY WITH DOMICILIARY :Â
1. For sum insured Rs 1,00,000 Premium is  Rs 25,520  for self and spouse  ( Rs 17,226 for self only )
2. For sum insured Rs 2,00,000 Premium is  Rs  51,047 for self and spouse  ( Rs 34,457 for self only )
3. For sum insured Rs 3,00,000 Premium is  Rs 77,920 for self and spouse  ( Rs 52,596 for self only )
4. For sum insured Rs 4,00,000 Premium is  Rs  97,776 for self and spouse  ( Rs  65,999 for self only ) -ONLY FOR RETIRED OFFICERS
​
1. For sum insured Rs 1,00,000 Premium is  Rs 25,520  for self and spouse  ( Rs 17,226 for self only )
2. For sum insured Rs 2,00,000 Premium is  Rs  51,047 for self and spouse  ( Rs 34,457 for self only )
3. For sum insured Rs 3,00,000 Premium is  Rs 77,920 for self and spouse  ( Rs 52,596 for self only )
4. For sum insured Rs 4,00,000 Premium is  Rs  97,776 for self and spouse  ( Rs  65,999 for self only ) -ONLY FOR RETIRED OFFICERS
​
SUPER TOP UP POLICYÂ :Â
BASIC POLICYÂ WITHOUT DOMICILIARY :Â
1. For sum insured Rs 1,00,000 Premium is Rs 3,730   for self and spouse  ( Rs 2,518  for self only )
2. For sum insured Rs 2,00,000 Premium is  Rs 6,291  for self and spouse  ( Rs 4,246  for self only )
3. For sum insured Rs 3,00,000 Premium is Rs 9,639   for self and spouse  ( Rs 6,507  for self only )
4. For sum insured Rs 4,00,000 Premium is Rs 12,475   for self and spouse  ( Rs 8,420 for self only )
5. For sum insured Rs 5,00,000 Premium is  Rs 15,180   for self and spouse ( Rs 10,246  for self only ) -ONLY FOR RETIRED OFFICERS​
BASIC POLICYÂ WITHOUT DOMICILIARY :Â
1. For sum insured Rs 1,00,000 Premium is Rs 3,730   for self and spouse  ( Rs 2,518  for self only )
2. For sum insured Rs 2,00,000 Premium is  Rs 6,291  for self and spouse  ( Rs 4,246  for self only )
3. For sum insured Rs 3,00,000 Premium is Rs 9,639   for self and spouse  ( Rs 6,507  for self only )
4. For sum insured Rs 4,00,000 Premium is Rs 12,475   for self and spouse  ( Rs 8,420 for self only )
5. For sum insured Rs 5,00,000 Premium is  Rs 15,180   for self and spouse ( Rs 10,246  for self only ) -ONLY FOR RETIRED OFFICERS​
IBAÂ CHOSESÂ NATIONAL INSURANCE AS LEAD INSURER FORÂ Â THE YEAR 22-23Â :Â
Premium Goes upÂ
Dated 16.09.2022 :  In response to RFP issued by Indian Bankers Association , six insurance companies had submitted  the technical bid . Those insurance companies are  are National Insurance co Limited , New India Assurance Company , The oriental Insurance Co , SBI General insurance co Ltd , Bajaj Allianz General Insurance co ltd  & Universal Sompo General Insurance co ltd . IBA found all the six bids were in order .Â
Further out of the six insurance companies , 5 insurance companies , except SBI General insurance company  submitted their commercial bids and quotes in closed covers on 26.08.2022 . Â
Now it is reported that IBA has appointed National Insurance Co Limited as the lead insurer for the group medical insurance policy for the year 2022-23  . The premium payable by the banks for both the categories of staff and officers have gone up by 18.27 % and 25.32 % respectively . Banks have to pay Rs 19,775 per workman  insurance of Rs 3 lakhs  ( Earlier premium for 2021 was 16,720 ) and Rs 27,676 for officer employees insurance for Rs 4.00 lakhs ( up from Rs 22,085 in 2021 ) . GST is to be added to the above premium .Â
The policy for the year 2022-23  will cover following additional  conditions :Â
1. Approved Targeted therapies for Cancer in daycare and standalone basis .Â
2. Intra vitreal injections for eye disorders except ARMD
The  premium for retirees is yet to be finalizedÂ
Premium Goes upÂ
Dated 16.09.2022 :  In response to RFP issued by Indian Bankers Association , six insurance companies had submitted  the technical bid . Those insurance companies are  are National Insurance co Limited , New India Assurance Company , The oriental Insurance Co , SBI General insurance co Ltd , Bajaj Allianz General Insurance co ltd  & Universal Sompo General Insurance co ltd . IBA found all the six bids were in order .Â
Further out of the six insurance companies , 5 insurance companies , except SBI General insurance company  submitted their commercial bids and quotes in closed covers on 26.08.2022 . Â
Now it is reported that IBA has appointed National Insurance Co Limited as the lead insurer for the group medical insurance policy for the year 2022-23  . The premium payable by the banks for both the categories of staff and officers have gone up by 18.27 % and 25.32 % respectively . Banks have to pay Rs 19,775 per workman  insurance of Rs 3 lakhs  ( Earlier premium for 2021 was 16,720 ) and Rs 27,676 for officer employees insurance for Rs 4.00 lakhs ( up from Rs 22,085 in 2021 ) . GST is to be added to the above premium .Â
The policy for the year 2022-23  will cover following additional  conditions :Â
1. Approved Targeted therapies for Cancer in daycare and standalone basis .Â
2. Intra vitreal injections for eye disorders except ARMD
The  premium for retirees is yet to be finalizedÂ
IBA ISSUES RFP FORÂ RENEWAL OFÂ THE POLICIES :Â
Dated 25.07.2022 : The present group health insurance policy for serving employees  is expiring on 30th September 2022 while the policy for retirees is expiring on 31.10.2022 . In order to kickstart the process of renewal , Indian Bankers Association ( IBA ) has issued request for Proposal ( RFP ) from the General insurers and Health insurance companies in India . The renewed policy will be valid for one year .Â
The process will have first technical bid and  the successful applicants in technical bid will be called for commercial bids .   The technical bids will be opened on 11th, August 2022 .Â
Retirees policies will have , as usual  ,  two covers -one with Domiciliary treatment and the other will be without Domiciliary treatment .  They will have choice  to select the insurance amount . The  policy will have both cashless treatment and  cover for claims . Insurance company is expected to settle a claim within 30 days of submission of claim .Â
​
Dated 25.07.2022 : The present group health insurance policy for serving employees  is expiring on 30th September 2022 while the policy for retirees is expiring on 31.10.2022 . In order to kickstart the process of renewal , Indian Bankers Association ( IBA ) has issued request for Proposal ( RFP ) from the General insurers and Health insurance companies in India . The renewed policy will be valid for one year .Â
The process will have first technical bid and  the successful applicants in technical bid will be called for commercial bids .   The technical bids will be opened on 11th, August 2022 .Â
Retirees policies will have , as usual  ,  two covers -one with Domiciliary treatment and the other will be without Domiciliary treatment .  They will have choice  to select the insurance amount . The  policy will have both cashless treatment and  cover for claims . Insurance company is expected to settle a claim within 30 days of submission of claim .Â
​
UFBU SUGGESTS INCLUSION OF TWO AILMENTS FORÂ DAY CARE TREATMENTÂ
Dated 14.07.2022 : Further  to meeting UFBU had with IBA on 11.07.2022 , UFBU has now suggested to IBA for inclusion of two ailments  in Day care treatment and domiciliary treatment as follows :Â
1. Inclusion of approved targeted therapies for treatment of Cancer in day care  and on standalone basis: The term Immunotherapy- Monoclonal Antibody cancer treatment on standalone basis may be added in the list of Day- care and  Domiciliary treatments.
2. Inclusion of Intra vitreal injections for eye disorders.Â
UFBU has also suggested further meetings with IBA on working out a basic policy for retirees up to a mutually agreed sum  assured, for which the premium is to be paid by the Banks and additional items of coverage to be made optional and premium to be borne by retirees,
Dated 14.07.2022 : Further  to meeting UFBU had with IBA on 11.07.2022 , UFBU has now suggested to IBA for inclusion of two ailments  in Day care treatment and domiciliary treatment as follows :Â
1. Inclusion of approved targeted therapies for treatment of Cancer in day care  and on standalone basis: The term Immunotherapy- Monoclonal Antibody cancer treatment on standalone basis may be added in the list of Day- care and  Domiciliary treatments.
2. Inclusion of Intra vitreal injections for eye disorders.Â
UFBU has also suggested further meetings with IBA on working out a basic policy for retirees up to a mutually agreed sum  assured, for which the premium is to be paid by the Banks and additional items of coverage to be made optional and premium to be borne by retirees,
RENEWAL OF GROUP INSURANCE POLICYÂ Â FOR BANK RETIREESÂ :Â Â
UFBU suggests  Merging of policies for staff and Retirees , and  request  banks to bear the cost :Â
Dated 09.07.2022 : The group insurance policy taken for bank retirees will expire on 31.10.2022 . The present policy is taken  with National Insurance Company .Â
 IBA had constituted a committee of CGMS/ GMS of various public sector banks to handle the issue of renewal of group health insurance policy .  A meeting  between the committee and UBFU was held on 8th , June , 2002 to discuss the issues involving group policy especially for retirees  .Â
Now UFBU has come out with the various suggestions including clubbing  of policies for staff and retirees . It has also urged IBA to bear the expenses for the combined policy as  the cost  involved for retirees may be borne out of staff welfare fund . The other modifications suggested by UFBU are
1. The existing uniform rate of bed charges/room rent per day at Rs. 5000 uniformly  applicable all over the country may be revised and re-fixed in a graded manner  according to the areas like, metro, urban, semi-urban, etc. or based on population  bracket of the centres.
2. For certain specific treatments, some ceiling or cap may be worked out, if found  necessary.
3. The Basic policy can be designed to cover all treatments of normal diseases, surgical treatments but exclude very major and complicated surgical treatments like kidney transplantation, major heart/brain surgeries, etc.
4. These complicated surgeries and otherwise uncommon treatments in the normal course may be made optional at the choice of the insured and at additional premium.
5. The policy relating to in-service employees and retirees can be clubbed together as a single composite Policy with Part I for in-service employees and Part II for retirees.
6. While Part I of the Policy will be applicable to in-service employees and officers, Part II of the Policy to be made applicable to retirees.
7. Part I of the Policy can cover insured amount as per existing Settlement and for Part II applicable to retirees, a separate graded and minimum basic sum assured  can be mutually worked out.
8. The premium on this composite and combined Policy to be paid by the respective  Banks. As per Government guidelines to Banks F. No. 12/6/32/2006-IR dated 7-2-2007 and IBA communication to Banks No. PD/76/674/ 2006-07/1330 dated 28-2-2007, Banks were advised to allocate a portion of the Staff Welfare Fund towards welfare of retirees. Hence Banks would not find it difficult to pay the premium of
the Policy up to the Basic sum assured.
9. Over and above this, other flexible and additional cover may be offered by the  Insurance Companies on an optional basis, for which the retirees would bear the cost of such additional premium.
10. Since medical expenses are not directly related to consumption of goods and services by the insured, Government to be approached for exemption of GST on the premium.
 ​
UFBU suggests  Merging of policies for staff and Retirees , and  request  banks to bear the cost :Â
Dated 09.07.2022 : The group insurance policy taken for bank retirees will expire on 31.10.2022 . The present policy is taken  with National Insurance Company .Â
 IBA had constituted a committee of CGMS/ GMS of various public sector banks to handle the issue of renewal of group health insurance policy .  A meeting  between the committee and UBFU was held on 8th , June , 2002 to discuss the issues involving group policy especially for retirees  .Â
Now UFBU has come out with the various suggestions including clubbing  of policies for staff and retirees . It has also urged IBA to bear the expenses for the combined policy as  the cost  involved for retirees may be borne out of staff welfare fund . The other modifications suggested by UFBU are
1. The existing uniform rate of bed charges/room rent per day at Rs. 5000 uniformly  applicable all over the country may be revised and re-fixed in a graded manner  according to the areas like, metro, urban, semi-urban, etc. or based on population  bracket of the centres.
2. For certain specific treatments, some ceiling or cap may be worked out, if found  necessary.
3. The Basic policy can be designed to cover all treatments of normal diseases, surgical treatments but exclude very major and complicated surgical treatments like kidney transplantation, major heart/brain surgeries, etc.
4. These complicated surgeries and otherwise uncommon treatments in the normal course may be made optional at the choice of the insured and at additional premium.
5. The policy relating to in-service employees and retirees can be clubbed together as a single composite Policy with Part I for in-service employees and Part II for retirees.
6. While Part I of the Policy will be applicable to in-service employees and officers, Part II of the Policy to be made applicable to retirees.
7. Part I of the Policy can cover insured amount as per existing Settlement and for Part II applicable to retirees, a separate graded and minimum basic sum assured  can be mutually worked out.
8. The premium on this composite and combined Policy to be paid by the respective  Banks. As per Government guidelines to Banks F. No. 12/6/32/2006-IR dated 7-2-2007 and IBA communication to Banks No. PD/76/674/ 2006-07/1330 dated 28-2-2007, Banks were advised to allocate a portion of the Staff Welfare Fund towards welfare of retirees. Hence Banks would not find it difficult to pay the premium of
the Policy up to the Basic sum assured.
9. Over and above this, other flexible and additional cover may be offered by the  Insurance Companies on an optional basis, for which the retirees would bear the cost of such additional premium.
10. Since medical expenses are not directly related to consumption of goods and services by the insured, Government to be approached for exemption of GST on the premium.
 ​
AIBEA SEEKSÂ GST CONCESSION ON GROUP INSURANCE PREMIUM FOR RETIREESÂ
Dated 28.06.2022 : In a  letter addressed to the Finance Minister Ms Nirmala Sitharaman  , AIBEA ( All India Bank Employees Association )  has urged the FM to consider extension of  concession / waiver on GST added to the premium payable by Bank retirees on the Group insurance policy .Â
The letter details how the group insurance policy  was introduced as a welfare measure to the retirees and how  the steep premium hike that has taken place in the recent years on the group insurance policies  . Along with steep hike in the premium , GST component has also grown proportionately and bank retirees   are paying up to Rs 6,597 as GST alone  along with annual premium up to  Rs 36,652 for a mere Rs 4.00 lakhs insurance . Hence AIBEA has requested the FM to consider the plea sympathetically and offer some relief to the bank retirees  on GST component .Â
 We have to wait and see the response of the FM on  the plea .Â
​To read AIBEA letter dated 28.06.2022 , CLICK HEREÂ
Dated 28.06.2022 : In a  letter addressed to the Finance Minister Ms Nirmala Sitharaman  , AIBEA ( All India Bank Employees Association )  has urged the FM to consider extension of  concession / waiver on GST added to the premium payable by Bank retirees on the Group insurance policy .Â
The letter details how the group insurance policy  was introduced as a welfare measure to the retirees and how  the steep premium hike that has taken place in the recent years on the group insurance policies  . Along with steep hike in the premium , GST component has also grown proportionately and bank retirees   are paying up to Rs 6,597 as GST alone  along with annual premium up to  Rs 36,652 for a mere Rs 4.00 lakhs insurance . Hence AIBEA has requested the FM to consider the plea sympathetically and offer some relief to the bank retirees  on GST component .Â
 We have to wait and see the response of the FM on  the plea .Â
​To read AIBEA letter dated 28.06.2022 , CLICK HEREÂ
RENEWAL OF GROUP INSURANCE POLICYÂ Â FOR BANK RETIREES :Â Â
UFBU suggests Changes :Â
Dated 11.06.2022 : The group insurance policy taken for bank retirees will expire on 31.10.2022 . The present policy is taken  with National Insurance Company .Â
 IBA has constituted a committee of CGMS/ GMS of various public sector banks to handle the issue of renewal of group health insurance policy and the committee had called for a meeting with various constituents of UFBU ( except BEFI ) to discuss the issue on the Wednesday 08th , June 2022 at their office of IBA in Mumbai .  The meeting was called to find ways and means of reducing the  premium burden on the bank retirees , as premiums have escalated in the last few years and  has become unbearable .Â
In the meeting  UFBU representatives have suggested graded rates for bed charges depending up on the place where hospital is situated  depending up on Rural , semi-urban or urban center  . It has also suggested capping on certain medical packages  . Presently the ccap per bed charges for a day is fixed at Rs 5,000 uniformly  irrespective of  nature of the center .Â
As  the meeting was preliminary in nature , further discussions are expected .Â
Source :Â UFBU CircularÂ
UFBU suggests Changes :Â
Dated 11.06.2022 : The group insurance policy taken for bank retirees will expire on 31.10.2022 . The present policy is taken  with National Insurance Company .Â
 IBA has constituted a committee of CGMS/ GMS of various public sector banks to handle the issue of renewal of group health insurance policy and the committee had called for a meeting with various constituents of UFBU ( except BEFI ) to discuss the issue on the Wednesday 08th , June 2022 at their office of IBA in Mumbai .  The meeting was called to find ways and means of reducing the  premium burden on the bank retirees , as premiums have escalated in the last few years and  has become unbearable .Â
In the meeting  UFBU representatives have suggested graded rates for bed charges depending up on the place where hospital is situated  depending up on Rural , semi-urban or urban center  . It has also suggested capping on certain medical packages  . Presently the ccap per bed charges for a day is fixed at Rs 5,000 uniformly  irrespective of  nature of the center .Â
As  the meeting was preliminary in nature , further discussions are expected .Â
Source :Â UFBU CircularÂ
RENEWAL OF GROUP INSURANCEÂ Â FOR BANK EMPLOYEES AND RETIREESÂ FINALISEDÂ
Dated 18.09.2021 : Indian Bankers Association ( IBA )  has advised  member banks to continue renewal of  the group insurance health policy for bank employees with National Insurance Company ,  from 01.10.2021 for one year till 30.09.2022  .Â
FORÂ SERVING BANK EMPLOYEES / OFFICERSÂ :Â
The premium will be paid by the bankers for the basic policy  : Award staff Rs 3.00 lakhs and Officers  Rs 4.00 lakhs :Â
However  clerical staff will have to pay for super top up policy for total cover of Rs 7.00 lakhs a premium of RS 5,567 invclusive of GST . Similarly  officers have to pay a premium of Rs 6,957  inclusive of GST if they opt for a total cover of Rs 9.00 lakhs  for the super top up policy .Â
GROUPÂ POLICY FORÂ RETIREE BANK EMPLOYEES / OFFICERSÂ Â :Â
Retiree staff and officers can  renew the group insurance policy  , which will expire on  31.10.2021 at the following cost with the National insurance company as follows :Â
1. Retired clerical staff for a cover of Rs 3.00 lakhs  at the premium of Rs 28,715   ( Plus GST  )  without domiciliary   and Rs 55,175 + GST  with domiciliaryÂ
2. Retired  officers for a cover of Rs 4.00 lakhs  at the premium of Rs 36, 652  ( plus GST  )    without domiciliary and Rs 72,917 + GST with  domiciliaryÂ
The premium structure higher by 40.02 % for the clerical staff to the premiums paid during the last year ( without  domiciliary  ) and  8.41 % for the policy with   domiciliary  .Â
The premium structure higher by 34.05 % for the retired officers  to the premiums paid during the last year ( without  domiciliary )  and  7.46 %  for the policy with  domiciliaryÂ
The new policy for the retirees with National insurance co ltd will be effective from 01.11.2021 for one year . It is reported that the insurance company will directly inform the individual banks with regard to  multiple policy variants for premiums
 Rs 1 .00 lakh , Rs 2.00 lakh and Rs 3.00 lakhs .  Further details regarding change of terms & conditions if any and Top up policy / other  information  are awaited and we will report as soon as we have information .Â
UPDATEDÂ Â BLOGÂ ARTICLE ONÂ
RETIRED BANKERS AND HEALTH INSURANCE along with multiple  option Premium ChartÂ
CLICK HEREÂ
Dated 18.09.2021 : Indian Bankers Association ( IBA )  has advised  member banks to continue renewal of  the group insurance health policy for bank employees with National Insurance Company ,  from 01.10.2021 for one year till 30.09.2022  .Â
FORÂ SERVING BANK EMPLOYEES / OFFICERSÂ :Â
The premium will be paid by the bankers for the basic policy  : Award staff Rs 3.00 lakhs and Officers  Rs 4.00 lakhs :Â
However  clerical staff will have to pay for super top up policy for total cover of Rs 7.00 lakhs a premium of RS 5,567 invclusive of GST . Similarly  officers have to pay a premium of Rs 6,957  inclusive of GST if they opt for a total cover of Rs 9.00 lakhs  for the super top up policy .Â
GROUPÂ POLICY FORÂ RETIREE BANK EMPLOYEES / OFFICERSÂ Â :Â
Retiree staff and officers can  renew the group insurance policy  , which will expire on  31.10.2021 at the following cost with the National insurance company as follows :Â
1. Retired clerical staff for a cover of Rs 3.00 lakhs  at the premium of Rs 28,715   ( Plus GST  )  without domiciliary   and Rs 55,175 + GST  with domiciliaryÂ
2. Retired  officers for a cover of Rs 4.00 lakhs  at the premium of Rs 36, 652  ( plus GST  )    without domiciliary and Rs 72,917 + GST with  domiciliaryÂ
The premium structure higher by 40.02 % for the clerical staff to the premiums paid during the last year ( without  domiciliary  ) and  8.41 % for the policy with   domiciliary  .Â
The premium structure higher by 34.05 % for the retired officers  to the premiums paid during the last year ( without  domiciliary )  and  7.46 %  for the policy with  domiciliaryÂ
The new policy for the retirees with National insurance co ltd will be effective from 01.11.2021 for one year . It is reported that the insurance company will directly inform the individual banks with regard to  multiple policy variants for premiums
 Rs 1 .00 lakh , Rs 2.00 lakh and Rs 3.00 lakhs .  Further details regarding change of terms & conditions if any and Top up policy / other  information  are awaited and we will report as soon as we have information .Â
UPDATEDÂ Â BLOGÂ ARTICLE ONÂ
RETIRED BANKERS AND HEALTH INSURANCE along with multiple  option Premium ChartÂ
CLICK HEREÂ
New Updated Article :Â
​
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )Â
Comprehensive  Article on Income tax changes in Rules, Rates , Slabs , Rebates  and EstimationÂ
CLICK HERE TO READ ​
​
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )Â
Comprehensive  Article on Income tax changes in Rules, Rates , Slabs , Rebates  and EstimationÂ
CLICK HERE TO READ ​
 PLAN N PROGRESS HAS COMPARED AROGYA SANJEEVANI PREMIUMS WITH IBA GROUP INSURANCE TO KNOW WHICH IS BETTER CLICK HEREÂ
 NEW BLOG ARTICLE ON                    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 ​
 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 ​
WEBSITES OFÂ BANKSÂ / BANKERS ASSOCIATIONÂ Â / RESERVE BANK OF INDIAÂ Â Â ( CLICK ON THE NAME TO GO TO THE WEBSITE )
 1. Reserve Bank of IndiaÂ
2. Indian Bankers AssociationÂ
​
3. Ministry of Finance , Government of India Â
4. To go to websites of individual banks  , CLICK HERE
2. Indian Bankers AssociationÂ
​
3. Ministry of Finance , Government of India Â
4. To go to websites of individual banks  , CLICK HERE
 WEBSITES OF EMPLOYEES / OFFICERS  UNIONS / ASSOCIATIONSÂ
​ ( CLICK ON THE NAME TO GO TO THE WEBSITE )
​ ( CLICK ON THE NAME TO GO TO THE WEBSITE )
1. All India Bank Employees Association  ( AIBEA )
2. All India Bank Officers Confederation ( AIBOC ) Â
3.All India Bank Officers Association  ( AIBOA ) Â
4.All India Reserve Bank Employees Association  ( AIRBEA ) Â
​5. Bank Employees Federation of India  ( BEFI )
2. All India Bank Officers Confederation ( AIBOC ) Â
3.All India Bank Officers Association  ( AIBOA ) Â
4.All India Reserve Bank Employees Association  ( AIRBEA ) Â
​5. Bank Employees Federation of India  ( BEFI )
 WEBSITES OF  VARIOUS ASSOCIATIONS OF  RETIRED BANKERSÂ
​ ( CLICK ON THE NAME TO GO TO THE WEBSITE )
​ ( CLICK ON THE NAME TO GO TO THE WEBSITE )
HAVE CAKE AND EAT IT TOOÂ
Plan your Expenses and Credit Card use , Tweak your Bank Accounts  and  Earn Extra Income Click Here to read   HAVE CAKE AND EAT IT CLICK HERE TO READ     TAX ON RETIREMENT
                          MORE THAN 2000 VIEWS   IN ITS FIRST WEEK OF PUBLICATION             |