Bankers Group Health Insurance for 2022
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Bankers Group Health Insurance for 2022
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Bankers Group Health Insurance Policy for 2022
IBA ISSUES RFP FOR RENEWAL OF THE POLICIES :
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 .
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 .
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 .
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 .
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 .
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 .
UFBU SUGGESTS INCLUSION OF TWO AILMENTS FOR DAY CARE TREATMENT
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 :
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.
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 :
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.
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 POLICY FOR BANK RETIREES :
UFBU suggests Merging of policies for staff and Retirees , and request banks to bear the cost :
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 .
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 .
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 :
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 .
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 .
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 SEEKS GST CONCESSION ON GROUP INSURANCE PREMIUM FOR RETIREES
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 .
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 .
We have to wait and see the response of the FM on the plea .
To read AIBEA letter dated 28.06.2022 , CLICK HERE
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 .
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 .
We have to wait and see the response of the FM on the plea .
To read AIBEA letter dated 28.06.2022 , CLICK HERE
RENEWAL OF GROUP INSURANCE POLICY FOR BANK RETIREES :
UFBU suggests Changes :
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 .
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 .
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 .
As the meeting was preliminary in nature , further discussions are expected .
Source : UFBU Circular
UFBU suggests Changes :
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 .
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 .
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 .
As the meeting was preliminary in nature , further discussions are expected .
Source : UFBU Circular
RENEWAL OF GROUP INSURANCE FOR BANK EMPLOYEES AND RETIREES FINALISED
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 .
FOR SERVING BANK EMPLOYEES / OFFICERS :
The premium will be paid by the bankers for the basic policy : Award staff Rs 3.00 lakhs and Officers Rs 4.00 lakhs :
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 .
GROUP POLICY FOR RETIREE BANK EMPLOYEES / OFFICERS :
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 :
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 domiciliary
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 domiciliary
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 .
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 domiciliary
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 .
UPDATED BLOG ARTICLE ON
RETIRED BANKERS AND HEALTH INSURANCE along with multiple option Premium Chart
CLICK HERE
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 .
FOR SERVING BANK EMPLOYEES / OFFICERS :
The premium will be paid by the bankers for the basic policy : Award staff Rs 3.00 lakhs and Officers Rs 4.00 lakhs :
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 .
GROUP POLICY FOR RETIREE BANK EMPLOYEES / OFFICERS :
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 :
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 domiciliary
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 domiciliary
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 .
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 domiciliary
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 .
UPDATED BLOG ARTICLE ON
RETIRED BANKERS AND HEALTH INSURANCE along with multiple option Premium Chart
CLICK HERE
New Updated Article :
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
TAX PLANNING FOR FY 2021-22 ( AY 2022-23 )
Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
CLICK HERE TO READ
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Chart published by AIBEA
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NEW BLOG ARTICLE ON
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
NEW ARTICLE
HEALTH INSURANCE PLANS FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
TO READ THE ARTICLE CLICK HERE
HEALTH INSURANCE PLANS FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
TO READ THE ARTICLE CLICK HERE
NEW BLOG ARTICLE ON
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
HEALTH INSURANCE OPTIONS FOR RETIRED BANKERS
The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
TO READ THE ARTICLE CLICK HERE
WEBSITES OF BANKS / BANKERS ASSOCIATION / RESERVE BANK OF INDIA ( CLICK ON THE NAME TO GO TO THE WEBSITE )
1. Reserve Bank of India
2. Indian Bankers Association
3. Ministry of Finance , Government of India
4. To go to websites of individual banks , CLICK HERE
2. Indian Bankers Association
3. Ministry of Finance , Government of India
4. To go to websites of individual banks , CLICK HERE
WEBSITES OF EMPLOYEES / OFFICERS UNIONS / ASSOCIATIONS
( 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 )
3.All India Bank Officers Association ( AIBOA )
4.All India Reserve Bank Employees Association ( AIRBEA )
5. Bank Employees Federation of India ( BEFI )
2. All India Bank Officers Confederation ( AIBOC )
3.All India Bank Officers Association ( AIBOA )
4.All India Reserve Bank Employees Association ( AIRBEA )
5. Bank Employees Federation of India ( BEFI )
WEBSITES OF VARIOUS ASSOCIATIONS OF RETIRED BANKERS
( CLICK ON THE NAME TO GO TO THE WEBSITE )
( CLICK ON THE NAME TO GO TO THE WEBSITE )
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