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Bankers Group Health Insurance for 2023
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e-INSURANCE Account ( eIA )
Bankers Group Health Insurance for 2023
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Bankers Group Health Insurance Policy for 2023
OUR VIEWS ON IBA SPONSORED GROUP INSURANCE FOR BANK RETIREES 2023 :
1. BASE POLICY :
1. OPTIONS : Last year base policies were available for Rs 1, 2, 3 & 4 lakhs while it's available only for Rs 2 lakhs in 2023
2. Premiums are of the same level as of previous year , but the new policy has caps on many ailments and limit on per day bed charges reduced .
In 2022 , Base policy without domiciliary for a cover of Rs 2.00 lakhs carried a premium of Rs 27,557 for self and spouse and it has a premium of Rs 26,454 in 2023 . For single person premium was Rs 18,600 and now proposed is Rs 17,857 .
3. LIMITS / CAPS : The new policy offered comes with many additional restrictions . Daily bed limit was Rs 5,000 in 2022 policy and it's reduced to Rs 3,000/ 2500 in 2023 . Similarly ICU charges per day is reduced from Rs 7,500 to Rs 6,000 / Rs 5,000 in 2023 .
Ceiling / caps on various treatments have been imposed in 2023 which were hitherto not there . Details of caps are available in following paragraphs .
2. Policy with Domiciliary : It's a farce and of no real value . It's comical or tragedy to ask for an additional premium of Rs 22, 551 to issue domiciliary cover of Rs 20,000 , that too within the same insurance cover . Top -up policies carry premiums as high as
Rs 365,505 for a total cover of Rs 10 kahs , We don not know what portion of the cover will be allowed for domiciliary treatment
3. COMPARE WITH OTHER POLICIES AVAILABLE IN THE MARKET :
We are analyzing the various policies available to senior citizens in the market . But before migrating to other insurance policies , we have to take care of restrictive clauses that may be there in other policies , especially in pre-existing diseases , co-pay and pre-medical test . Many bank retirees in the age range of 60-65 may get attractive offers from other insurance companies .
You may go through our article SENIORS HEALTH INSURANCE . for the details . . One of the insurance companies offered a cover of Rs 10.00 lakhs with 10 % domiciliary cover at a premium of Rs 125, 610 for a person aged between 70-75 years .
1. BASE POLICY :
1. OPTIONS : Last year base policies were available for Rs 1, 2, 3 & 4 lakhs while it's available only for Rs 2 lakhs in 2023
2. Premiums are of the same level as of previous year , but the new policy has caps on many ailments and limit on per day bed charges reduced .
In 2022 , Base policy without domiciliary for a cover of Rs 2.00 lakhs carried a premium of Rs 27,557 for self and spouse and it has a premium of Rs 26,454 in 2023 . For single person premium was Rs 18,600 and now proposed is Rs 17,857 .
3. LIMITS / CAPS : The new policy offered comes with many additional restrictions . Daily bed limit was Rs 5,000 in 2022 policy and it's reduced to Rs 3,000/ 2500 in 2023 . Similarly ICU charges per day is reduced from Rs 7,500 to Rs 6,000 / Rs 5,000 in 2023 .
Ceiling / caps on various treatments have been imposed in 2023 which were hitherto not there . Details of caps are available in following paragraphs .
2. Policy with Domiciliary : It's a farce and of no real value . It's comical or tragedy to ask for an additional premium of Rs 22, 551 to issue domiciliary cover of Rs 20,000 , that too within the same insurance cover . Top -up policies carry premiums as high as
Rs 365,505 for a total cover of Rs 10 kahs , We don not know what portion of the cover will be allowed for domiciliary treatment
3. COMPARE WITH OTHER POLICIES AVAILABLE IN THE MARKET :
We are analyzing the various policies available to senior citizens in the market . But before migrating to other insurance policies , we have to take care of restrictive clauses that may be there in other policies , especially in pre-existing diseases , co-pay and pre-medical test . Many bank retirees in the age range of 60-65 may get attractive offers from other insurance companies .
You may go through our article SENIORS HEALTH INSURANCE . for the details . . One of the insurance companies offered a cover of Rs 10.00 lakhs with 10 % domiciliary cover at a premium of Rs 125, 610 for a person aged between 70-75 years .
GROUP POLICY FOR RETIREE BANK EMPLOYEES / OFFICERS :
RENEWAL OF GROUP INSURANCE FOR BANK RETIREES FINALISED
Dated 19.09.2023 : Indian Bankers Association ( IBA ) has advised member banks that they have opted to continue renewal of the group insurance health policy for bank retirees with National Insurance Company , from 01.11.2023 for one year till 31.10.2023 . Individual retirees can approach their employer banks for making payments of the premium .
The new finalized arrangement for health insurance is significantly different than the arrears and has following features :
Retiree staff and officers can renew the group insurance policy , which will expire on 31.10.2023 at the following cost with the National insurance company as follows :
1. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs without domiciliary at the premium of Rs 22,419 + GST
2. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs with domiciliary at the premium of Rs 41,530 + GST )
Note : There is no distinction between officers and staff FOR THE TERMS , CONDITIONS AND PREMIUM
3. Top up policies are available over the base policy . The base policy has caps on bed room / room rent / ICU charges cost of implants and operations . If one opts for base policy + top up policy , the caps will be removed .
RENEWAL OF GROUP INSURANCE FOR BANK RETIREES FINALISED
Dated 19.09.2023 : Indian Bankers Association ( IBA ) has advised member banks that they have opted to continue renewal of the group insurance health policy for bank retirees with National Insurance Company , from 01.11.2023 for one year till 31.10.2023 . Individual retirees can approach their employer banks for making payments of the premium .
The new finalized arrangement for health insurance is significantly different than the arrears and has following features :
Retiree staff and officers can renew the group insurance policy , which will expire on 31.10.2023 at the following cost with the National insurance company as follows :
1. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs without domiciliary at the premium of Rs 22,419 + GST
2. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs with domiciliary at the premium of Rs 41,530 + GST )
Note : There is no distinction between officers and staff FOR THE TERMS , CONDITIONS AND PREMIUM
3. Top up policies are available over the base policy . The base policy has caps on bed room / room rent / ICU charges cost of implants and operations . If one opts for base policy + top up policy , the caps will be removed .
PREMIUM CHART FOR BANKERS GROUP POLICIES 2023
BASE POLICY PREMIUMS :
1. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs without domiciliary at the premium of Rs 26, 454 inclusive of GST for total family . Single person's policy at Rs 17,857 inclusive of GST
2. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs with domiciliary at the premium of Rs 49,005 inclusive of GST for total family . Single person's policy at Rs 33,079 inclusive of GST
1. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs without domiciliary at the premium of Rs 26, 454 inclusive of GST for total family . Single person's policy at Rs 17,857 inclusive of GST
2. Retired bankers policy for a base policy with cover of Rs 2.00 lakhs with domiciliary at the premium of Rs 49,005 inclusive of GST for total family . Single person's policy at Rs 33,079 inclusive of GST
PREMIUM CHART FOR TOP UP POLICIES WITHOUT DOMICILIARY ( inclusive of GST )
A : Family policies :
1. Rs 1, 00,000 cover , premium is Rs 27, 159
2. Rs 2, 00,000 cover , premium is Rs 50,919
3. Rs 3, 00,000 cover , premium is Rs 58,014
4. Rs 4, 00,000 cover , premium is Rs 60,860
5. Rs 5, 00,000 cover , premium is Rs 70,078
6. Rs 6, 00,000 cover , premium is Rs 77,130
7. Rs 7, 00,000 cover , premium is Rs 80,684
8. Rs 8, 00,000 cover , premium is Rs 87,070
9. Rs 9 , 00,000 cover , premium is Rs 93, 456
10. Rs 10, 00,000 cover , premium is Rs101,966
B: Single policies :
1. Rs 1, 00,000 cover , premium is Rs 18, 332
2. Rs 2, 00,000 cover , premium is Rs 34,371
3. Rs 3, 00,000 cover , premium is Rs 39,159
4. Rs 4, 00,000 cover , premium is Rs 41,081
5. Rs 5, 00,000 cover , premium is Rs 47, 303
6. Rs 6, 00,000 cover , premium is Rs 52,063
7. Rs 7, 00,000 cover , premium is Rs 54,462
8. Rs 8, 00,000 cover , premium is Rs 58,772
9. Rs 9 , 00,000 cover , premium is Rs 63, 083
10. Rs 10, 00,000 cover , premium is Rs 68,828
PREMIUM CHART FOR TOP UP POLICIES WITH DOMICILIARY ( inclusive of GST ) :
A : Family policies :
1. Rs 1, 00,000 cover , premium is Rs 52, 876
2. Rs 2, 00,000 cover , premium is Rs 89, 798
3. Rs 3, 00,000 cover , premium is Rs 146,851
4. Rs 4, 00,000 cover , premium is Rs 195,644
5. Rs 5, 00,000 cover , premium is Rs 231,457
6. Rs 6, 00,000 cover , premium is Rs 258,998
7. Rs 7, 00,000 cover , premium is Rs 287,708
8. Rs 8, 00,000 cover , premium is Rs 319,945
9. Rs 9 , 00,000 cover , premium is Rs 353, 351
10. Rs 10, 00,000 cover , premium is Rs 365,505
B: Single policies :
1. Rs 1, 00,000 cover , premium is Rs 35, 691
2. Rs 2, 00,000 cover , premium is Rs 60,614
3. Rs 3, 00,000 cover , premium is Rs 99,125
4. Rs 4, 00,000 cover , premium is Rs 132,060
5. Rs 5, 00,000 cover , premium is Rs 156,234
6. Rs 6, 00,000 cover , premium is Rs 174,824
7. Rs 7, 00,000 cover , premium is Rs 194, 203
8. Rs 8, 00,000 cover , premium is Rs 215,964
9. Rs 9 , 00,000 cover , premium is Rs 238,512
10. Rs 10, 00,000 cover , premium is Rs 246,717
A : Family policies :
1. Rs 1, 00,000 cover , premium is Rs 27, 159
2. Rs 2, 00,000 cover , premium is Rs 50,919
3. Rs 3, 00,000 cover , premium is Rs 58,014
4. Rs 4, 00,000 cover , premium is Rs 60,860
5. Rs 5, 00,000 cover , premium is Rs 70,078
6. Rs 6, 00,000 cover , premium is Rs 77,130
7. Rs 7, 00,000 cover , premium is Rs 80,684
8. Rs 8, 00,000 cover , premium is Rs 87,070
9. Rs 9 , 00,000 cover , premium is Rs 93, 456
10. Rs 10, 00,000 cover , premium is Rs101,966
B: Single policies :
1. Rs 1, 00,000 cover , premium is Rs 18, 332
2. Rs 2, 00,000 cover , premium is Rs 34,371
3. Rs 3, 00,000 cover , premium is Rs 39,159
4. Rs 4, 00,000 cover , premium is Rs 41,081
5. Rs 5, 00,000 cover , premium is Rs 47, 303
6. Rs 6, 00,000 cover , premium is Rs 52,063
7. Rs 7, 00,000 cover , premium is Rs 54,462
8. Rs 8, 00,000 cover , premium is Rs 58,772
9. Rs 9 , 00,000 cover , premium is Rs 63, 083
10. Rs 10, 00,000 cover , premium is Rs 68,828
PREMIUM CHART FOR TOP UP POLICIES WITH DOMICILIARY ( inclusive of GST ) :
A : Family policies :
1. Rs 1, 00,000 cover , premium is Rs 52, 876
2. Rs 2, 00,000 cover , premium is Rs 89, 798
3. Rs 3, 00,000 cover , premium is Rs 146,851
4. Rs 4, 00,000 cover , premium is Rs 195,644
5. Rs 5, 00,000 cover , premium is Rs 231,457
6. Rs 6, 00,000 cover , premium is Rs 258,998
7. Rs 7, 00,000 cover , premium is Rs 287,708
8. Rs 8, 00,000 cover , premium is Rs 319,945
9. Rs 9 , 00,000 cover , premium is Rs 353, 351
10. Rs 10, 00,000 cover , premium is Rs 365,505
B: Single policies :
1. Rs 1, 00,000 cover , premium is Rs 35, 691
2. Rs 2, 00,000 cover , premium is Rs 60,614
3. Rs 3, 00,000 cover , premium is Rs 99,125
4. Rs 4, 00,000 cover , premium is Rs 132,060
5. Rs 5, 00,000 cover , premium is Rs 156,234
6. Rs 6, 00,000 cover , premium is Rs 174,824
7. Rs 7, 00,000 cover , premium is Rs 194, 203
8. Rs 8, 00,000 cover , premium is Rs 215,964
9. Rs 9 , 00,000 cover , premium is Rs 238,512
10. Rs 10, 00,000 cover , premium is Rs 246,717
CAPS FOR BASE POLICY :
i) Bed Charge/room rent/Boarding expenses per day:
Metro/Urban centres Rs. 3000 Other centres Rs.2500
ii) ICU Charges per day:
Metro/urban centres Rs.6000 Other centres Rs.5000
iii) Standalone Ceiling/cap on treatments:
1. High fever, typhoid, jaundice, other ailments, etc. requiring. hospitalisation Rs 40,000 maximum
2. Coronary Angiogram Rs 16,000
3. Angioplasty Rs 1,00,000
4. CABG bypass surgery Rs.200,000
5. Open heart surgery for valve replacement Rs.200,000
6. Cataract Rs 30,000
7. Cost of intra-ocular lens Rs 10,000
8. Knee Replacement Rs. 100,000
9. Lithotripsy multi sitting -- kidney stone removal Rs.35,000
10. Hip replacement Rs. 100,000
11. Lasik surgery package per eye Rs.15,000
12. Hernia Rs.40,000
13. Hydrocele Rs.20,000
14. Piles/hemorrhoidectomy Rs.30,000
15. Appendicectomy Rs.30,000
16. Cholecystectomy Rs.40,000
17. Prostatectomy Rs.40,000
18. FESS Rs.30,000
19 . Dialysis Rs.2,000
Female Diseases/Surgery
Hysterectomy Rs.40,000
Mastectomy Rs.40,000
Cost of implants
Temporary Pacemaker implantation. Rs.30,000
Permanent Pacemaker Implantation Rs.40,000
Cost of Stent Rs.30,000
( Max. Reimbursable )
In case the patient is to be moved to a hospital/nursing home outside the urban agglomeration / municipal limits, then the expenses incurred on conveyance may be reimbursed at the following rates:
Ambulance Category
Non-Cardiac Ceiling Rs.2,500/-
Cardiac Ceiling Rs.5,000/
Other Charges:
Ventilator or respiratory charges Rs.5,000/- per day + oxygen charges
Oxygen charges Rs. 100/- per hour (Max. Rs. 1,000/- per day)
Physician Consultation Charges per visit:
Registration charges Rs.200/-
Consultation / routine visit Rs.400/-
Night visit/emergency visit - Rs.600/-
Specialist Consultation charges per visit:
Consultation / Routine day visit Rs.500/-
Consultation with ECG/Night visit / Emergency visit Rs.700/-
Physiotherapy charges Rs. 300
Charges for Operations (maximum):
1. Minor operations under LA : Rs 5,000
2. Minor operations under GA :
Surgeons Fee Rs 5,500 + Anesthesia Rs 2,500 + Theatre Charges Rs 3,000
3. Minor operations :
Surgeons Fee Rs 17,000 + Anesthesia Rs 7,000 + Theatre Charges Rs 7,000
2. Supra Major operations :
Surgeons Fee Rs 26,000 + Anesthesia Rs 9,000 + Theatre Charges Rs 10,000
i) Bed Charge/room rent/Boarding expenses per day:
Metro/Urban centres Rs. 3000 Other centres Rs.2500
ii) ICU Charges per day:
Metro/urban centres Rs.6000 Other centres Rs.5000
iii) Standalone Ceiling/cap on treatments:
1. High fever, typhoid, jaundice, other ailments, etc. requiring. hospitalisation Rs 40,000 maximum
2. Coronary Angiogram Rs 16,000
3. Angioplasty Rs 1,00,000
4. CABG bypass surgery Rs.200,000
5. Open heart surgery for valve replacement Rs.200,000
6. Cataract Rs 30,000
7. Cost of intra-ocular lens Rs 10,000
8. Knee Replacement Rs. 100,000
9. Lithotripsy multi sitting -- kidney stone removal Rs.35,000
10. Hip replacement Rs. 100,000
11. Lasik surgery package per eye Rs.15,000
12. Hernia Rs.40,000
13. Hydrocele Rs.20,000
14. Piles/hemorrhoidectomy Rs.30,000
15. Appendicectomy Rs.30,000
16. Cholecystectomy Rs.40,000
17. Prostatectomy Rs.40,000
18. FESS Rs.30,000
19 . Dialysis Rs.2,000
Female Diseases/Surgery
Hysterectomy Rs.40,000
Mastectomy Rs.40,000
Cost of implants
Temporary Pacemaker implantation. Rs.30,000
Permanent Pacemaker Implantation Rs.40,000
Cost of Stent Rs.30,000
( Max. Reimbursable )
In case the patient is to be moved to a hospital/nursing home outside the urban agglomeration / municipal limits, then the expenses incurred on conveyance may be reimbursed at the following rates:
Ambulance Category
Non-Cardiac Ceiling Rs.2,500/-
Cardiac Ceiling Rs.5,000/
Other Charges:
Ventilator or respiratory charges Rs.5,000/- per day + oxygen charges
Oxygen charges Rs. 100/- per hour (Max. Rs. 1,000/- per day)
Physician Consultation Charges per visit:
Registration charges Rs.200/-
Consultation / routine visit Rs.400/-
Night visit/emergency visit - Rs.600/-
Specialist Consultation charges per visit:
Consultation / Routine day visit Rs.500/-
Consultation with ECG/Night visit / Emergency visit Rs.700/-
Physiotherapy charges Rs. 300
Charges for Operations (maximum):
1. Minor operations under LA : Rs 5,000
2. Minor operations under GA :
Surgeons Fee Rs 5,500 + Anesthesia Rs 2,500 + Theatre Charges Rs 3,000
3. Minor operations :
Surgeons Fee Rs 17,000 + Anesthesia Rs 7,000 + Theatre Charges Rs 7,000
2. Supra Major operations :
Surgeons Fee Rs 26,000 + Anesthesia Rs 9,000 + Theatre Charges Rs 10,000
HOW IBA CHOSE NATIONAL INSURANCE CO LTD ?
Group Medical Insurance scheme in-lieu of Reimbursement of Hospitalisation scheme was introduced as per 10th Bipartite Settlement / 7th Joint Note dated 25/05/2015. The said scheme was extended to retired employees and their spouse with a condition that the premium will be paid by them. The existing policy (2022-23) is covering 5,83,321 serving employees and 1,52,807 retired employees. As the premium of the retired employees' policy has been increasing disproportionally every year, a need was felt to revisit the terms of the settlement.
2. The parties to the Settlement/Joint Note met on 19/07/2023 and agreed to introduce concept of "Base Policy" with certain caps on room rent, consultation fees and a few procedures for the Retirees' Policy. It was agreed that the Top-Up options will also be made available as option for the amounts ranging from Rs. 1 lac to Rs. 10 lacs to those who opt for Base Policy.
3. Accordingly, to arrive at L1 bidder, with the approval of the Managing Committee of IBA an RFP was floated on 24.07.2023, duly incorporating the revised terms as mentioned in the agreement dated 19/07/2023. We called quotes from IRDA approved Insurance Companies for arranging Medical Insurance Policies for in-service employees and bank retirees.
4. The last date of submission of technical bids was on 7th August, 2023. Total 3 bidders. submitted Technical bids, namely:-
a. National Insurance Co. Ltd. (NICL) b. New India Assurance Co. Ltd. (NIA)
c. The Oriental Insurance Co. Ltd (OIC)
5. All of the above bidders were found technically qualified and therefore were asked to submit the commercial bids on 17th August, 2023. Accordingly, they submitted their bids and in the presence of Bank and IBA Officials, sealed envelopes containing bids were opened. It was observed that (NICL) emerged as L1 bidder, which was subsequently approved by the IBA
Group Medical Insurance scheme in-lieu of Reimbursement of Hospitalisation scheme was introduced as per 10th Bipartite Settlement / 7th Joint Note dated 25/05/2015. The said scheme was extended to retired employees and their spouse with a condition that the premium will be paid by them. The existing policy (2022-23) is covering 5,83,321 serving employees and 1,52,807 retired employees. As the premium of the retired employees' policy has been increasing disproportionally every year, a need was felt to revisit the terms of the settlement.
2. The parties to the Settlement/Joint Note met on 19/07/2023 and agreed to introduce concept of "Base Policy" with certain caps on room rent, consultation fees and a few procedures for the Retirees' Policy. It was agreed that the Top-Up options will also be made available as option for the amounts ranging from Rs. 1 lac to Rs. 10 lacs to those who opt for Base Policy.
3. Accordingly, to arrive at L1 bidder, with the approval of the Managing Committee of IBA an RFP was floated on 24.07.2023, duly incorporating the revised terms as mentioned in the agreement dated 19/07/2023. We called quotes from IRDA approved Insurance Companies for arranging Medical Insurance Policies for in-service employees and bank retirees.
4. The last date of submission of technical bids was on 7th August, 2023. Total 3 bidders. submitted Technical bids, namely:-
a. National Insurance Co. Ltd. (NICL) b. New India Assurance Co. Ltd. (NIA)
c. The Oriental Insurance Co. Ltd (OIC)
5. All of the above bidders were found technically qualified and therefore were asked to submit the commercial bids on 17th August, 2023. Accordingly, they submitted their bids and in the presence of Bank and IBA Officials, sealed envelopes containing bids were opened. It was observed that (NICL) emerged as L1 bidder, which was subsequently approved by the IBA
IBA INITIATES BIDDING PROCESS :
Dated 24.07.2023 : Indian Bankers Association has now initiated bidding process for the renewal of group health and has invited expression of interest from the IRDA approved general insurance companies and health insurance companies . The bidding process will be a three stage bidding process comprising of Expression of Interest,Technical Bid and Commercial Bids.
Bidders qualifying in the technical bid process would be asked to participate in the commercial bidding process . There would be three separate commercial bidding process for three group mediclaim policies
a. For Serving Employees
b.For Retired Employees without. Domiciliary Treatment
c. For Retired Employees with Domiciliary Treatment
d. Top up Policies for Retirees.
The policies will commence from 1st, October 2023 for the serving employees and 1st, November 2023 for the retired employees .
The technical bids will be opened on 7th , August 2023 and the commercial bidding dates are yet to be announced .
Dated 24.07.2023 : Indian Bankers Association has now initiated bidding process for the renewal of group health and has invited expression of interest from the IRDA approved general insurance companies and health insurance companies . The bidding process will be a three stage bidding process comprising of Expression of Interest,Technical Bid and Commercial Bids.
Bidders qualifying in the technical bid process would be asked to participate in the commercial bidding process . There would be three separate commercial bidding process for three group mediclaim policies
a. For Serving Employees
b.For Retired Employees without. Domiciliary Treatment
c. For Retired Employees with Domiciliary Treatment
d. Top up Policies for Retirees.
The policies will commence from 1st, October 2023 for the serving employees and 1st, November 2023 for the retired employees .
The technical bids will be opened on 7th , August 2023 and the commercial bidding dates are yet to be announced .
EXCLUSIVE HEALTH POLICY FOR RETIRED BANKERS :
Dated 19.07.2023 : In a meeting held between IBA and representatives of bank employees unions and officers associations , it was decided to float a separate new policy for the retired bankers and the policy will not be linked to the policy for the working bankers . The salient features of the new policy will be. :
1. The uniform base policy will be for Rs 2.00 lakhs only .
2. ceiling for bed charges - Rs 3,000 for metro / urban centres . Rs 2,500. in other centres
3. ceiling for ICU charges - Rs 6,000 for metro / urban centres . Rs 5,000. in other centres
4. Ceiling on various treatments will be fixed . For example , coronary angiogram Rs 16,000 , angioplasty Rs 1 lakh , bypass surgery 2 .00 lakhs , open heart surgery Rs 2.00 lakhs , cataract Rs 30,000 , knee replacement Rs 1.00 lakh .
5. Additional top up can be taken up to Rs 10.00 lakh cover without the above ceiling
6. Option of single person policy will be allowed .
Based on the above agreement , IBA will proceed to float tender and the new policy will be effective from 01.11.2023
To read the minutes of the meeting , CLICK HERE
Dated 19.07.2023 : In a meeting held between IBA and representatives of bank employees unions and officers associations , it was decided to float a separate new policy for the retired bankers and the policy will not be linked to the policy for the working bankers . The salient features of the new policy will be. :
1. The uniform base policy will be for Rs 2.00 lakhs only .
2. ceiling for bed charges - Rs 3,000 for metro / urban centres . Rs 2,500. in other centres
3. ceiling for ICU charges - Rs 6,000 for metro / urban centres . Rs 5,000. in other centres
4. Ceiling on various treatments will be fixed . For example , coronary angiogram Rs 16,000 , angioplasty Rs 1 lakh , bypass surgery 2 .00 lakhs , open heart surgery Rs 2.00 lakhs , cataract Rs 30,000 , knee replacement Rs 1.00 lakh .
5. Additional top up can be taken up to Rs 10.00 lakh cover without the above ceiling
6. Option of single person policy will be allowed .
Based on the above agreement , IBA will proceed to float tender and the new policy will be effective from 01.11.2023
To read the minutes of the meeting , CLICK HERE
IBA STANDING COMMITTEE MEETING
Dated17.07.2023 : IBA Standing committee on HR will be holding a meeting with the representatives of unions / associations on the Wednesday 19th July 2023 in Mumbai and discuss about the changes / improvements to be made to the group health insurance policy
Dated17.07.2023 : IBA Standing committee on HR will be holding a meeting with the representatives of unions / associations on the Wednesday 19th July 2023 in Mumbai and discuss about the changes / improvements to be made to the group health insurance policy
MAKE COMPOSITE POLICY FOR BOTH EMPLOYEES & RETIREES : UFBU
Dated 03.06.2023 : United Forum of Bank Unions ( UFBU ) has suggested to IBA for introducing a composite group Health policy for both serving employees and retires while renewing the existing policies . The present group policy expires on 30.09.2023 for the employees and on 31.10.2023 for the retirees .
The other important changes recommended by UFBU are :
1. There should be a base policy with optional top-up policy .
2. The premium for the base policy should be borne by the banks .
3. Insurance companies should submit the quotations for the composite policy
4. Insurance companies should offer additional coverage / top up and the premiums for top up to be borne by the retirees
5. There can be room rent / ICU ceilings
6. There can be maximum amount of reimbursement for specific treatments
To read the letter addressed to IBA dated 02.06.2023 , CLICK HERE
Dated 03.06.2023 : United Forum of Bank Unions ( UFBU ) has suggested to IBA for introducing a composite group Health policy for both serving employees and retires while renewing the existing policies . The present group policy expires on 30.09.2023 for the employees and on 31.10.2023 for the retirees .
The other important changes recommended by UFBU are :
1. There should be a base policy with optional top-up policy .
2. The premium for the base policy should be borne by the banks .
3. Insurance companies should submit the quotations for the composite policy
4. Insurance companies should offer additional coverage / top up and the premiums for top up to be borne by the retirees
5. There can be room rent / ICU ceilings
6. There can be maximum amount of reimbursement for specific treatments
To read the letter addressed to IBA dated 02.06.2023 , CLICK HERE
IBA Standing Committee Meeting on Group Health Insurance
Dated 25.04.2023 : The standing committee ( HR ) of Indian Bankers Association ( IBA ) held a meeting yesterday on Group Medical insurance for the bankers at their committee Hall in Mumbai .
The meeting was attended by Sri C.H .Venkatachalam of AIBEA , Sri Sanjeev . K Bandlish of NCBE and Sri Dilip Kumar Saha of AIBOC as representatives of Employees Unions and Officers Associations
It is reported that the meeting discussed the scope of reduction of premium for retirees, improvement in scheme for in service staff and removing difficulties in reimbursement by TPAs . Detailed circular on the matter is yet to be issued by UFBU or by the unions / associations concerned .
Dated 25.04.2023 : The standing committee ( HR ) of Indian Bankers Association ( IBA ) held a meeting yesterday on Group Medical insurance for the bankers at their committee Hall in Mumbai .
The meeting was attended by Sri C.H .Venkatachalam of AIBEA , Sri Sanjeev . K Bandlish of NCBE and Sri Dilip Kumar Saha of AIBOC as representatives of Employees Unions and Officers Associations
It is reported that the meeting discussed the scope of reduction of premium for retirees, improvement in scheme for in service staff and removing difficulties in reimbursement by TPAs . Detailed circular on the matter is yet to be issued by UFBU or by the unions / associations concerned .
IBA Standing Committee Meeting on Group Health Insurance
Dated 19.04.2023 : The standing committee ( HR ) of Indian Bankers Association ( IBA ) will hold a meeting on Group Medical insurance for the bankers on the Monday 24th , April , 2023 at their committee Hall in Mumbai . The present group policy expires on 30.09.2023 for the employees and on 31.10.2023 for the retirees .
The representatives of AIBEA , NCBE & AIBOC have been invited to attend the meeting .
In the charter of demands issued by employees unions , Unions had called for improvement in the Group medical schemes . But officers Associations had called for roll back of group policy and issue of insurance at the individual bank's levels .
Dated 19.04.2023 : The standing committee ( HR ) of Indian Bankers Association ( IBA ) will hold a meeting on Group Medical insurance for the bankers on the Monday 24th , April , 2023 at their committee Hall in Mumbai . The present group policy expires on 30.09.2023 for the employees and on 31.10.2023 for the retirees .
The representatives of AIBEA , NCBE & AIBOC have been invited to attend the meeting .
In the charter of demands issued by employees unions , Unions had called for improvement in the Group medical schemes . But officers Associations had called for roll back of group policy and issue of insurance at the individual bank's levels .
Retiree Bankers Group Health Insurance Policy
TERMS & CONDITIONS FOR TOP UP POLICY
BEING UPDATED
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NEW ARTICLE
HEALTH INSURANCE PLANS FOR SENIOR CITIZENS
WITH OR WITHOUT ENTRY AGE RESTRICTION
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WITH OR WITHOUT ENTRY AGE RESTRICTION
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NEW BLOG ARTICLE ON
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The article explores the alternative avenues for existing health insurance group policy for Retired Bankers
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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