Medical Insurance scheme 2023 - 2024.

[Karunakaran N]

Dears,

I have joined this group behalf of my father who is a retired bank employee of Indian Bank.

He has stopped enrolling in Medical insurance for some years.

Now he wanted to enroll in it again. Please let me know if this is possible.

Second, I would like to know the Premium amount for the 2023 - 2024 period.

Any forecast available for this period ?

Regards, Karunakaran

[Karunakaran N]

[mohan p]

Dear Mr.Karunakaran,

Eligibility to renew IBA Group Medi Insurance Policy was restricted in earlier years to originally enrolled retirees only.

However now there is no such restrictions and banks are allowing retirees/family pensioners who have already covered under previous policy  and left out from renewing their policies in previous years to enroll fresh for latest policy.

So any retiree those who wish to  join in current IBA policy for 2023-24 on payment of prescribed premium can do that.You may contact the bank branch to proceed further once policy terms are announced.

Regarding rate of premium, some understanding has been reached on GMIS of IBA with Unions and details of new premium rate will be known shortly before Oct 2023.

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[Vvns Varaprasadrao]

Your father can enroll again in the insurance scheme during the month of  Oct,2023.

The premium details are yet to be known.  Wait for detailed circular from Indian Bank.

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[Karunakaran N]

Thanks Mr. Mohan & Mr. Varaprasad

I came to know the base policy - sum insured of 2 Lakhs will be bourne by the bank for retirees.

This is likely to happen ?

Regards, 

Karunakaran

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[mohan p]

Dear Mr Karunakaran,

Yes.There may have a basic policy of ₹2lakhs  for retirees.But premium is yet to be known.

It is not mentioned whether Bank will bear premium.

Wait for final communication.

Regards,

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[Vvns Varaprasadrao]

Details regarding base policy and the amount of health insurance premium to be borne by the retiree and the Bank are awaited.

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[kandala ashok]

Dear mohanji

The fact that as per MOU, all retirees will be covered is a pointer to the premium being born by the bank for base policy only. Any Top up,Super top up , if opted, the policy holder needs to bear it .

Let us wait for the circular before jumping to conclusions.

Ashok

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[mohan p]

Dear Ashokji,

I have only stated  the factual postion as of now, based specifically  on Minutes in IBA Group Medi

Insurance Scheme, signed by IBA-UFBU on 19th July'2023.

As per above minutes it is only mentioned that:

"e) Under this Scheme, the sum insured under the uniform base policy would be Rs. 2 lacs."

No where it is said that premium on above uniform base policy may borne by Banks!

Hence, unless banks bear the premium on above base policy there is no benefit for retirees.Let the banks do that.

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