GST on Group Health Insurance policy of IBA - Recent development

[Vvns Varaprasadrao]

Friends,

If GST is not brought to the zero level for 2025-26 on the above policy, it is better to take individual policy than to continuing in the IBA policy.

If individual Banks are ready to bear the GST burden of the retirees, we may consider such proposal.

 

Choice is yours.

With Best Regards.

[Ravinder Singh]

Sir,

Last year the cost 4 lac bank ind and 3 lac top i.e 7 lac was more than 81 thousand. I took an insurance for 7 lac for 79000 from a pvt co. There was limit restriction like room rent etc. More over if I used seven lacs on medical treatment then my policy will be recharged for fresh 7 lacs which I can again use. So go for pvt one and save 18% gst too

 Thanks

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[JSOMA SHEKARA]

The reforms in GST were made to give relief to common man  and not institutions and corporates.

The GIMS was introduced by IBA as a group Insurance policy on 25.05.2015, and consolidated premium is paid by IBA. On 25th May 2015, 7 lakhs retirees were anxiously waiting for details of BPS talks expecting that UFBU will clinch a deal with IBA for an updation scheme. But UFBU gave a big shock by signing the GIMS agreement agreeing that retirees shall bear 100% of Premium. No retiree asked for such a group Insurance policy and retirees including their associations had not even a clue that such agreement will be signed.

For the past 10 years UFBU giving false assurances that banks will bear premium for policies upto 2 lakhs but they never took up the issue with IBA.Now instead of wasting time writing letters to FM to change policy of the government, UFBU at least now convince Banks to bear GST portion of the premium for the current year. They will not do so and save their face, blame FM, Government.