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.