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  RETIREE BANKERS HEALTH INSURANCE - UIIC  GROUP VERSUS  OTHERS 

 - UPDATED  version 

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​No one should have to choose between medicine and other necessities. No one should have to use the emergency room every time a child gets sick. And no one should have to live in constant fear that a medical problem will become a financial crisis.
                                                                                 -   Brad Henry

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RETIREE BANKERS HEALTH INSURANCE - UIIC GROUP VERSUS OTHERS

READ   OUR ARTICLES ON    TOPICS IN HEALTH INSURANCE 

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  OFFER BY K M DASTUR REINSURANCE  BROKERS PVT LTD 

Dated  07.10.2019 :  We  are getting queries about an offer , purported to be made by the above company to retiree bankers  with regard to group insurance  being offered by them   with a policy similar to that being  offered by UIIC  with a lesser premium  . The letter is being circulated in social media   . We  do not know the authenticity  or the sponsors of the scheme . Once   we get  full correct picture of the offer ,we  will  pass our opinion on the same . 

    Synopsis :    Indian Bankers Association ( IBA ) conveyed   to member banks    the new offer  / quotation issued by United India Insurance Company    for the renewal of group health insurance policy   to retired bankers  effective from 01.011.2019.    The  renewal premium  is around 15 %  higher than the current year  premium .   As reviewed last year  ,   this year also we checked the internet  to find if  any alternative plan  is available to the plan offered by united India Insurance Company  .   In the  quotation of UIIC   , we find that  additional  premium amount   for domiciliary  is  more than the  insurance amount eligible for total  domiciliary claim . 

  We could find    some insurance companies are offering insurance for senior citizens and we also could find quotations    for various  age groups of senior citizens  on their websites itself  . Hence  we have compared the  premium  quoted by UIIC with   the other plans available on the internet .  We took an uniform   health cover for  Rs 3.00 lakhs   for two persons    as offered  by UIIC for retired clerks   ( For retired officers   , insured amount is Rs 4.00 lakhs  )  .  To help the family pensioners  who need insurance for only one person ,  we compared  individual insurance plans of various   insurance companies  with that of UIIC .   As  most of the quotations vary with age  , we have taken   quotes for people of different ages  for comparison purpose   .  One can go through the comparison     and come to their own conclusion   about the suitability of any plan  .  ​We also found that other insurance companies have not enhanced any premia during the year and they are continuing to offer  same benefits as in last year for the same premium .

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 News dated 30.09.2019 :   Member banks   of  IBA  are making arrangements  to collect renewal  premium for    the group insurance health policy  for the interested retirees   , on their paying quoted premium  as per the new quotation      issued by public sector insurance company United India Insurance Company      .   The  renewal is for 1 year  from 01.11.2019 to 31.10.2020   .     The  room rent charge has been  to Rs  5,000 from existing  Rs  4,000  per day in the renewal proposal . 

 One can go through the revised  rates    which  are as follows  : 

1.  For retired officer , premium  without domiciliary is  Rs  33,193  for a cover of Rs 4 .00 lakhs   including tax  . 

2.  For retiree officer , premium with domiciliary is  Rs 82,373 with policy of cover of Rs 4.00 lakhs including tax . 

3. For retired clerk , premium without domiciliary is Rs 24,897  for a cover of rs 3.00 lakh   including tax . 

4. For retired clerk , premium with domiciliary is Rs 61,784 for a cover of  Rs 3.00 lakhs including tax . 
  

  DOMICILIARY  COVER   :   If the domiciliary  limit continues at 10 % of the insurance cover  ,  the additional premium   quoted   for domiciliary  policy  is more than the   domiciliary  cover  . For  a domiciliary cover of Rs 40,000 for a retired  officer  , additional premium quoted is  Rs 49,180  . Similarly  for retired clerks ,  additional premium demanded is  Rs  36,867    for  domiciliary cover of Rs 30,000 .    No one would like to pay  a premium more than the cover  amount and hence the quotation becomes redundant .   

    ADVANTAGES  OF RENEWING THE EXISTING POLICY WITH UIIC   : 

There are inherent advantages  in renewing  the policy with UIIC  , compared to other plans    if premium amount does not matter  : 

1.  Group policy  provides 100 % cover  and no co-pay is expected  and there is no waiting period  . 
2. Pre- existing   medical condition is accepted  for the purpose of cover  . 
3.   No medical test is required   for renewal , while going in for any other cover may require  a medical approval  . ( There are some exceptions   )  . 
4. Same premium   is quoted for retirees of all ages , while premiums vary according to age in other policies  
5. Once  opting out of group  insurance ,  one may not be able to re-enter the scheme . 

  We have taken      premium quotation as available    on websites of insurance companies   and are subject to  compilation errors , commissions and omissions .  The chart is prepared for comparison purpose only  .  Please take up with  insurance company   directly for getting  your personal   quotation  

    PREMIUMS  QUOTED FOR TWO PERSONS FOR HEALTH INSURANCE  COVER   OF  RS 3.00 LAKHS (  FLOATER POLICY )    EXCEPT GROUP INSURANCE FOR RETIRED  OFFICERS WHICH IS FOR  RS 4.00 LAKHS

Insurance company / plan	For aged 61 years	​For aged 66 years	​For aged 71 years	For aged 76 years	For aged 81 years
GROUP INSURANCE UIIC / IBA FOR  RETIRED OFFICERS	33,193 ​( Inclusive of Tax ) ​	​33,193 ​( Inclusive of Tax )	33,193 ​( Inclusive of Tax ) ​​	​33,193 ​( Inclusive of Tax ) ​	33,193 ​( Inclusive of Tax ) ​​
GROUP INSURANCE UIIC / IBA FOR  RETIRED CLERKS	24,897​( Inclusive of Tax )	24,897​( Inclusive of Tax ) ​	24,897​( Inclusive of Tax ) ​	24,897​( Inclusive of Tax ) ​	24,897​( Inclusive of Tax ) ​
Religare  Senior citizen	34,846​( Inclusive of Tax )	62,210​( Inclusive of Tax )	92,619​( Inclusive of Tax )	1,19,820​( Inclusive of Tax )	1,57,588​( Inclusive of Tax )
​HDFC ERGO	​18,683​+ tax	25,222​+ tax	34,050​+ tax	44,265​+ tax	53,561​+ tax
​IOB Easy Health	12,497​​( Inclusive of Tax )	12,497​​( Inclusive of Tax )	​Not Available	​Not Available	​Not Available

PREMIUMS  QUOTED FOR   FOR INDIVIDUAL HEALTH INSURANCE  COVER FOR   Rs 3.00 LAKHS . 

( Group Insurance of UIIC expects same payment  from   family pensioners also   ) 

​Insurance company / plan	​For aged 61 years	​For aged 66 years	​For aged 71 years	​For aged 76 years	​For aged 81 years
​GROUP INSURANCE UIIC / IBA FOR  RETIRED OFFICERS	​33,193 ​( Inclusive of Tax ) ​​	33,193 ​( Inclusive of Tax ) ​​	33,193 ​( Inclusive of Tax ) ​​	​33,193 ​( Inclusive of Tax ) ​​	33,193 ​( Inclusive of Tax ) ​​
GROUP INSURANCE UIIC / IBA FOR  RETIRED CLERKS	​24,897 ​( Inclusive of Tax )	​24,897 ​( Inclusive of Tax ) ​	24,897 ​( Inclusive of Tax ) ​​	24,897 ​( Inclusive of Tax ) ​	24,897 ​( Inclusive of Tax ) ​​
Religare  Senior Citizen	26,004​( Inclusive of Tax )	40,415​( Inclusive of Tax )	59,289​( Inclusive of Tax )	74,001​( Inclusive of Tax )	99,255​( Inclusive of Tax )
Optima Apollo Munich	14,615​+ tax	19,201​+ tax	23,986​+ tax	31,629​+ tax	42,433 ​+ tax
HDFC Ergo	​12,455​+ tax	16,815​+ tax	22,700​+ tax	29,510​+ tax	35,707​+ tax
Future Generali	29,734​+ tax	37,151​+ tax	41,096​+ tax	55,102​+ tax	65,661​+ tax
Star Health  Red carpet	12,900 + tax	​12,900 + tax	​12,900 + tax	Not Available	​Not Available
​​IOB Easy Health	7,140​​( Inclusive of Tax )	7,140​​( Inclusive of Tax )	​Not Available	​Not Available	​Not Available
​Bajaj Allianz Silver Health	14,004+ tax	21,006 + tax	Not Available	​Not Available	​Not Available
​Oriental Medicliam	16,836 + Tax	​16,836 + Tax   ( Subject to Approval	​​Not Available	​​Not Available	​​Not Available

  OUR OBSERVATIONS : 
 (It is    our opinion  and the readers can have their own judgement  of the situation  )

  1.  IOB Easy health policy  ( in association with Apollo Munich )    is the cheapest  option for both floater policy as well as individual   plans  among the various plans   compared for the senior citizens  up to 70 years    .    There is  a waiting period of 12 months for certain  conditions and 36 months   for pre-existing conditions   . Additional condition is that policy holder has to be customer of Indian Overseas Bank  . 

2.  Star Health Red carpet  is the cheapest  option   among  individual   plans  among the various plans   compared for the senior citizens    between  71   years   to 75 years  .    There is  a waiting period of 12 months  for pre-existing conditions   .   

3. In all other cases , for     Retirees with their spouses ,  United India Insurnce Company  - Group policy is the cheapest among the plans compared  .   

4  Some  of the insurance companies are providing cheaper insurance for  family pensioners  ( for securing only the insured ) below 70 years of age 

5. If any one wants to migrate  to any other insurance cover from the group plan already enrolled in   ,  it will be good   if he / she has no pre-existing medical condition which warrants   a waiting period .   

6. Migration from group cover to individual cover  will not have  portability  benefits . 

7 . All the senior retirees  aged above 75 years   , there is no other option other than  renewing   the existing  group policy  being the cheapest offered to them .    As their   pension amount will also be  much lower than the  new retirees  , it is    really disheartening situation for them .     
8. Retirees / family pensioners  below the age   of 70 can consider   switching over provided they are healthy ,  having no  pre- medical condition  .  Just  a cheaper policy may not be the   right policy  as it may have  many  strings attached    to   the terms and conditions  , co-pay conditions  and other terms .  Further they have to check  the suitability of any other plan  to their personal conditions   with regard to availability of cashless hospitals near the place they  reside .  Hence they have to take  a  studied  decision before  considering any change in their insurers . 

8 . Each plan comes with various terms and conditions , inclusions and exclusions . Please go through prospectus to find whether  the policy  does not contain clauses   that are  adverse  to you and   and will make the cover unavailable  for  your claim  / hospitalization .   
Readers are welcome to bring to our notice any other  insurance company / plan offering cheaper / better  than the plans compared above .  We shall  be glad to   add  such policies in the list compared . 

We do not have interest  in any of the insurance companies    and the observations should not be treated as  recommendation for  any plan / scheme  . Readers are  advised to make independent  enquiries  and decide up on suitability of any insurance plan . 

   To go to  the individual Insurance companies  listed above   , click on the name of the insurance company  / plan  below  

​1. Religare Senior Citizen ​   
2.Apollo Munich Optima Senior   ​
3.HDFC Ergo Suraksha ​
4.​Future Generali   
5. Star Health Senior Citizen
6.IOB Easy Health 
7.Bajaj Allianz Silver Health 
​8.Oriental Mediclaim ​

NEW  BLOG  ARTICLE ON                                    
                                                         HEALTH INSURANCE  OPTIONS FOR RETIRED BANKERS 
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The article explores the alternative avenues for existing health insurance group policy for Retired Bankers 



TO  READ THE ARTICLE                                                         CLICK HERE ​

​

NEW ARTICLE PUBLISHED     :                     
​                                          PLANNING FOR CONTINGENCIES   
​                                                                                                                      CLICK HERE TO READ 

  TITBITS : From   a recent   report  of  Sample Survey Office ,  it is revealed that   80 percent of Indians , who mainly rely up on  private   health care ,   do not  have any medical insurance .  The government has brought   only about 12 %  of population under  health protection schemes like   Rashtriya Swasthya  Bima Yojana . In  the absence of health insurance  , 75 % of Indians  use their hard earned savings  while  18% have to borrow . In order to escape from financial gloom  in the events of  medical emergencies , one has to    definitely require some form of Health insurance .       

​HEALTH  INSURANCE  - Basics 


A Health Insurance Policy would normally cover expenses incurred under the following heads in respect of each insured person subject to overall ceiling of sum insured 

a.     Room, Boarding expenses

b.     Nursing expenses

c.     Fees of surgeon, anesthetist, physician, consultants, specialists

d.     Anesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines, drugs, diagnostic materials, X-ray, Dialysis, chemotherapy, Radio therapy, cost of pace maker, Artificial limbs, cost or organs and similar expenses.

Sum Insured
The Sum Insured    may   have a maximum amount for each of the insured under the policy or cumulative for all the insured  or a   fixed amount to be paid out  on particular type of disease or surgery needed  or  affixed amount per day for the period of hospitalization. 

 Pre and post hospitalization expenses
Expenses incurred during a certain number of days prior to hospitalization and post hospitalization expenses for a specified period from the date of discharge may be considered as part of the claim provided the expenses relate to the disease / sickness.

Cashless Facility
Insurance companies have tie-up arrangements with a network of hospitals in the country. If policyholder takes treatment in any of the net work hospitals, there is no need for the insured person to pay hospital bills. The Insurance Company, through its Third Party Administrator (TPA) will arrange direct payment to the Hospital. Expenses beyond sub limits prescribed by the policy or items not covered under the policy have to be settled by the insured direct to the Hospital. The insured can take treatment in a non-listed hospital in which case he has to pay the bills first and then seek reimbursement from Insurance Co. There will be no cashless facility applicable here.  


​TO READ THE FULL ARTICLE ON HEALTH INSURANCE , CLICK HERE 

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​ARTICLE ON INVESTMENT OPTIONS  FOR RETIREES  ,   CLICK HERE      WHAT IS SYSTEMATIC INVESTMENT PLAN  ?    CLICK HERE   
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ISSUERS OF HEALTH INSURANCE POLICIES


Health Insurance policies are issued by specialised Health Insurance companies ,  Life Insurors as well as General Insurors . 
To get the list and visit their websites , Click Here

 

TIPS FOR BUYING HEALTH INSURANCE FOR SENIOR CITIZENS

1.     Various Insurance companies offer health Insurance Policies . But the terms , diseases covered  and premiums vary . Hence   first write down your needs  and  Medical history of your  spouse / children  to be covered , and the amount of coverage you may require .  Please remember the medical costs are  increasing year after year and what looks like suffice today  may not cover fraction of  your requirement  after 5 years . Hence keep cushion  while having the  amount fixed .

2.     You check the hospitals in your city , especially which are convenient to you , are covered  under cashless  facility by TPA .

3.     Compare the premiums    from three or four insurance companies for the least  and you can find huge variation from company to company and chose   the one  which    suits your budget  and requirements .

4.     Floaters policies  covering all the members of your family are cheaper than taking individual policies  and hence get   a policy which can cover   your family members .

5.     Check whether premiums are kept at the same level as offered for at least   for few years . Otherwise every year you will have to  pay higher  demanded premiums .

6.     Check up to what your age the  policy will cover  . There are policies which cover  till lifelong .  Otherwise  at the ripe age when you require insurance , umbrella of insurance would be removed .

7.     Check  towards the conditions on pre -existing diseases . Lesser period will be better .   

8.  Even if pre-existing conditions  are covered after a  lapse  of waiting period , some insurance company will  charge as much as
 50 %  after the waiting period is lifted . Hence check 

9.    If you  have already covered  by   a health insurance policy taken by yourself or your employer  or any of your family members  and if you feel the amount covered is not sufficient , you may go in  for  a Top up Health Insurance or Super top up health insurance which will cover you beyond the amount covered by your initial policy .  
 
10. Health Insurance policies get income tax  rebates under  SEC 80D .  For details  ,  CLICK HERE 

 
 PLEASE NOTE WE HAVE NO COMMERCIAL INTEREST  WITH ANY OF THE INSURANCE COMPANIES 

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