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.

[CHIRAMEL MATHEW SIMON]

As per the GST Revision proposed by GST Council, GST on health insurance and life insurance would be fully exempted from GST, with effect from 22 Sept 2025.

It would bring happiness to all GMIS beneficiaries.

[Veera Reddy]

It's an occasion and opportunity to extend a base policy of atleast for ₹2.00 to all the bank retirees at the cost of respective banks in a unified manner at the industry level. 

Regards 

Veera Reddy P 

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[krishna mohan nidumolu]

Individual Policies means

Pre existing diseases will not be covered 

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[MOHAN P]

Pl.Read

"Starting September 22, 2025, there will be a GST concession on individual health insurance policies, with the Goods and Services Tax (GST) rate reducing from 18% to 0%. 

The exemption applies to all individual health insurance policies, including family floater and senior citizen plans, but does not apply to group insurance policies provided by employers"

Hence,Bank retirees coveredunder IBA GMIS may not be eligible as of now for the benefit.

To view this discussion visit https://groups.google.com/d/msgid/bankpensioner/CALApWHHPr_AWQjkViUwMOZVkZJdx7zw5H5OD3KKWf_vMROT9gQ%40mail.gmail.com.