NEW MEDICAL INSURANCE SCHEME – IBA CIRCULAR ON RENEWAL

Dear Comrades,

Please find attached herewith IBA circular dated 9.10.2018 on Renewal of New Medical Insurance Scheme for Bank retirees. On persistent follow up by CBPRO, United India Insurance Company has now reduced the increase in premium quoted earlier from 110% to 75% now.  CBPRO circular dated 10.102018 on this subject is also attached.

You may observe from IBA circular that though they have given various options for us, the best option would be to take policy of Rs.4 lacs for Officers and Rs.3 lacs for Award staff without domiciliary cover, since the policy with domiciliary cover is of no use since they are collecting more premium for domiciliary coverage than the amount to be reimbursed by them.  Hence it is prudent to keep the extra premium amount with us and spend for domiciliary treatement expenses on our own. Members who require more than this, may take up the Super Top-up policy of Rs.5 lacs for Officers and Rs.4 lacs for Award staff,  premium for which is affordable.

Likewise, though there is another option given by them by reducing the policy amount to Rs.3 lacs for Officers and Rs.2 lacs for Award staff, difference in its premium is very meagre from that of the premium for 4 lacs/3 lacs; More over, super top-up policy premium for this option is more, making the total premium on this option higher than that of the total premium for 4 lacs/3 lacs.

Hence, it is advisable to take up the basic policy of Rs.4 lacs/3 lacs alongwith the Super top-up of Rs.5 lacs/4 lacs, if at all you decide to continue/take up the New Medical Insurance Policy under IBA scheme.

Let us wait for the circular from our Bank to be issued shortly and be prepared for the payment to be made by the third week of this month.

Regards,

Krishnaraj P

Joint General Secretary

IBA CIRCULAR – INSURANCE RENEWAL

CBPRO AIBRF Circular 006

CBPRO_AIBRF_Letter_to_IBA_16.10.2018

Our General Secretary’s Message