Medial Insurance Policy for retired employees/officers will end on 31-10-2018 and hence has to be renewed from 1-11-2018 upto 31-10-2019. United India Insurance Company had quoted steep increase in the premium for the next renewal.
Hence UFBU took up the issue with IBA and submitted its suggestions for reducing the premium. Based on these discussions and suggestions, IBA took up the matter with UIIC and after that UIIC has given its revised premium rate.
IBA has now advised all Banks to renew the Medical Insurance Policy for Retired Employees/Officers based on the following revised quotation from UIIC.
Nov. 2018 to Oct 2019
|
Total payable Premium + GST
|
Retired Workmen - Rs. 3 lacs
Without Domiciliary / Without Top Up
|
Premium 18301
GST 3294
Total 21595
|
Retired Workmen - Rs. 3 lacs +
With Top up of Rs. 4 lacs /Without Domiciliary
|
Premium 22248
GST 4004
Total 26252
|
Retired Workmen Rs. 3 lacs +
Domiciliary Rs. 30,000 / Without Top up
|
Premium 52359
GST 9425
Total 61784
|
Retired Workmen - Rs. 3 lacs +
Top up of Rs. 4 lacs + Domiciliary Rs. 30,000
|
Premium 55306
GST 10135
Total 66441
|
Nov. 2018 to Oct 2019
|
Total payable Premium + GST
|
Retired Officers - Rs. 4 lacs
Without Domiciliary /Without Top Up
|
Premium 24400
GST 4392
Total 28792
|
Retired Officers - Rs. 4 lacs +
With Top up of Rs. 5 lacs/ Without Domiciliary
|
Premium 28679
GST 5162
Total 33841
|
Retired Officers - Rs. 4 lacs +
Domiciliary Rs. 40000 / Without Top up
|
Premium 69808
GST 12565
Total 82373
|
Retired Officers - Rs. 4 lacs +
Top up of Rs. 5 lacs + Dom. Rs. 40,000
|
Premium 82873
GST 5049
Total 87432
|
Note: As agreed between IBA and UFBU, bed charge/room rent per day is revised from Rs.5,000 to Rs.4,000 from 1-11-2018 for retired employees/ officers
Retirees can choose any one of the above options according to their needs and requirements.
Each Bank will now ask for the option from the retirees, collect the premium from them and remit to UICC for renewal of the Policy.
Those who are now covered for domiciliary can opt for non-domiciliary but not vice versa.
Some of the suggestions made by us and UFBU have not been considered by the UIIC under this renewal. These issues will be further pursued by AIBEA in due course.
All our Bankwise organisations are requested to take up the matter with their management and ensure that Banks obtain the option from the willing retired employees and collect the premium from them for remittance to UIIC so that the Policy is renewed in time.