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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
Retiree Bankers Group Health Insurance Policy
BANK RETIREES TO HAVE ONE MORE CHANCE TO OPT FOR GROUP INSURANCE :
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 :
1. Any of the bank retirees who have not joined earlier can join for the scheme
2. Cover for the insurance will begin from 1st, December , 2022 and end on 30.10.2022 .
3. New applicants have to pay the premium already prescribed and no pro-rata reduction in premium will be given .
4. Claims for the treatments / hospitalizations during month of November 2022 will not be entertained .
5. No further extension will be offered .
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 :
1. Any of the bank retirees who have not joined earlier can join for the scheme
2. Cover for the insurance will begin from 1st, December , 2022 and end on 30.10.2022 .
3. New applicants have to pay the premium already prescribed and no pro-rata reduction in premium will be given .
4. Claims for the treatments / hospitalizations during month of November 2022 will not be entertained .
5. No further extension will be offered .
Bank retirees who are interested to join the scheme may contact their banks for further information .
WEBINAR ARRANGED ON 13.10.2022 BY IBA :
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 .
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 .
RENEWAL OF GROUP INSURANCE FOR BANK EMPLOYEES AND RETIREES FINALISED
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 .
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 )
The renewed policy for the retirees with National insurance co ltd will be effective from 01.11.2022 for one year .
Individual retirees can approach their employer banks for making payments of the premium .
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 also
GROUP POLICY FOR RETIREE BANK EMPLOYEES / OFFICERS :
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 :
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 domiciliary
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 domiciliary
3. Super Top up policies are available with the following conditions :
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 .
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 )
The renewed policy for the retirees with National insurance co ltd will be effective from 01.11.2022 for one year .
Individual retirees can approach their employer banks for making payments of the premium .
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 also
GROUP POLICY FOR RETIREE BANK EMPLOYEES / OFFICERS :
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 :
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 domiciliary
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 domiciliary
3. Super Top up policies are available with the following conditions :
FEDERAL BANK TO SUBSIDIZE PREMIUM PAID BY THEIR RETIREES
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 :
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 )
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 :
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 )
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 :
3. Super Top up policies are available with the following conditions :
(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 :
(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 :
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 .
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.
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.
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 .
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.
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.
RETIREE BANK EMPLOYEES GROUP INSURANCE POLICY PREMIUM
IBA GROUP POLICY FOR RETIREE BANKERS -PREMIUM CHART
BASIC POLICY WITHOUT DOMICILIARY ( IN RUPEES AND PREMIUM INCLUDING GST )
BASIC POLICY WITHOUT DOMICILIARY :
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 :
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 :
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 POLICY :
BASIC POLICY WITHOUT DOMICILIARY :
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 POLICY WITHOUT DOMICILIARY :
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
IBA CHOSES NATIONAL INSURANCE AS LEAD INSURER FOR THE YEAR 22-23 :
Premium Goes up
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 .
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 .
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 .
The policy for the year 2022-23 will cover following additional conditions :
1. Approved Targeted therapies for Cancer in daycare and standalone basis .
2. Intra vitreal injections for eye disorders except ARMD
The premium for retirees is yet to be finalized
Premium Goes up
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 .
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 .
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 .
The policy for the year 2022-23 will cover following additional conditions :
1. Approved Targeted therapies for Cancer in daycare and standalone basis .
2. Intra vitreal injections for eye disorders except ARMD
The premium for retirees is yet to be finalized
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
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Comprehensive Article on Income tax changes in Rules, Rates , Slabs , Rebates and Estimation
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PLAN N PROGRESS HAS COMPARED AROGYA SANJEEVANI PREMIUMS WITH IBA GROUP INSURANCE TO KNOW WHICH IS BETTER 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
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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