IBA has advised all Banks to renew the Medical Insurance Policy for in-service employees/officers based on revised quotation from UIIC.

Year

Employees

Officers

1-10-2015 to 30-9-2016

Premium 4930

GST 690

Total 6620

Premium 6573

GST 920

Total 7593

1-10-2016 to 30-9-2017

Increase of 112%

Premium 10452

GST 1568

Total 12020

Premium 13935

GST 2090

Total 16025

1-10-2017 to 30-9-2018

No increase

Premium 10452

GST 1881

Total 12333

Premium 13935

GST 2508

Total 16433

1-10-2018 to 30-9-2019

Original proposal of UIIC

Increase of 29%

Premium 13433

GST 2418

Total 15851

Premium 17909

GST 3224

Total 21133

1-10-2018 to 30-9-2019

Revised rate

Increase of 11%

Premium 11613

GST 2090

Total 13703

Premium 15483

GST 2787

Total 18270

Note: As agreed between IBA and UFBU, bed charge/room rent per day is revised from Rs. 5000 to Rs. 4000 from 1-10-2018

Policy for Retirees is due for renewal from 1-11-2018. Reduction in premium rate is under discussion.

With greetings,