IBA MEDICAL INSURANCE SCHEME – RENEWAL FOR 2022 – 2023 !

Comrades,

IBA Medical Insurance Scheme for Bank retirees for the period from 1.11.2022 to 31.10.2023 has been finalised and issued by IBA. Relevant circular in this regard issued by our Bank under Ref : 7F Cir. No.58 of 2022-23 dated 10.10.2022 is attached hereunder for your reference.

There are no changes in the terms and conditions of the Insurance of last year except for the increase in the premium rates and two improvements as given below:-

The folowing treatments have been included for the Retirees Policies for the year 2022-23:

(A) Inclusion of approved targeted therapies for treatment of Cancer in day care and on a standalone basis. The term immunotherapy – Monoclonal Antibody cancer treatment on standalone basis has been added in the list of Day-care and domiciliary treatments;

(B) Inclusion of Intra vitreal injections for eye disorders other than ARMD also has been done. The current Bipartite agreement specified Treatment for Age related Macular Degeneration (ARMD) only.

Brief features of the Policy are as follows :-

1. Renewal of IBA’s Group Medical Insurance Scheme for Retirees is for the period from 01.11.2022 to 31.10.2023.

2. National Insurance Company Ltd., advised the following Premium Rates:-

Base Policy	Option I – Without Domiciliary
Sum Insured	Premium Self + Spouse	Premium Single Person
Rs.4Lakhs	57808	39020
Rs.3Lakhs	41334	27901
Rs.2Lakhs	27557	18600
Rs. 1 Lakh	15308	10333

Super Top-upPolicy
Sum Insured	Premium Self + Spouse	Premium Single Person
Rs.5Lakhs	15180	10246
Rs.4Lakhs	12475	8420
Rs.3Lakhs	9639	6507
Rs.2Lakhs	6291	4246
Rs. 1 Lakh	3730	2518

( Annual Premium is inclusive of GST @ 18%)

3. Retired Award Staff can opt to the maximum of Rs.3 lakhs as Sum insured in Base Policy. Retired Award Staff who opt for Rs.3 lakhs Base Policy only are eligible for Super Top up Policy up to Rs.4 lakhs Sum Insured.

4. Retired Officers can opt to the maximum of Rs.4 lakhs as Sum insured in Base Policy. Retired Officers who opt for Rs. 4 lakhs Base Policy only are eligible for Super Top-up Policy up to Rs.5 Lakhs Sum Insured.

5. Retirees who are not covered under expiring Retirees Policy 2020-21/2021-22 can join in this year’s Retirees Policy 2022-23.

6. Room Rent and ICU charges :

For Rs.1 lac and 2 lacs Base Policy – 1.5% and 2% of the sum insured.

For Rs. 3 lacs and 4 lacs Base Policy – Rs.5000/- and Rs.7500/= per day.

7. Single Premium eligibility :

• If Employee and Spouse both are alive, family floater premium has to be paid.
• Single person means Retiree without Spouse / Surviving Spouse (Family Pensioner).

8. Premium for Base Policy with Domiciliary options can be seen in the Bank Circular attached.

9. Last date for payment of premium amount is 28th October 2022.

Loan for payment of Insurance Premium :

Maximum loan amount will be according to their option of Total Sum Insured including Super Top-up Premium (OR ) Rs.1,00,000/- whichever is less.

Interest Rates for loan is 5% p.a. compound monthly – Repayable in 12 EMI.

Loan will be considered at the respective pension drawing branches adhering to 40% norms in addition to Pension Loan.

Loan can be availed till 15th of November, even after payment of Insurance premium through some other sources.

Relevant Loan 7F Circular No. 67 of 2022-23 dated 21.10.2022 is attached hereunder for your reference.

PAYMENT PROCEDURES :

Member has to login to our bank Retirees Portal in our IOB website www.iob.in under Staff and Ex-Staff.

After clicking the “view” on the right side of Retirees portal -> log in with your Roll No. & Date of birth ->open the “retirees portal” on the left top corner and click on Medical Insurance Renewal -> check your spouse details prefilled** -> fill in others columns as required by you -> click submit button which will take you to the payment procedures wherein you have two payment options — In online payment option you can make the payment through internet banking or debit or credit card. —- Another one is Account Debit option i.e. payment through your Savings Bank debit, which will be done by PAD-Welfare section on the next day of your submission.

**In case of errors in data, you should stop proceeding further and have to take up with Staff Pension Cell through email at staffpensioncell@iobnet.co.in . (Landline No.28519644)

i) in case of correction in spouse name, copy of the photo id proof to be submitted, preferably Aadhar card.

ii) in case of no dependent, copy of death certificate of spouse to be submitted.

iii) Other errors shall be taken up with PAD Welfare section at their email padwelfare@iob.in (Landline No.28889228)

We advise you to take your wise decision at the earliest to join/renew this IBA policy, if you do not have any other Health Insurance Policy on hand for sufficient coverage.

Regards,

Krishnaraj P

Joint General Secretary