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Renewal of Medical Insurance Policy for Retired Employees-officers
Date 22/10/2018 10:48  Author admin  Hits 1720  Language Global
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.

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