NEW MEDICAL INSURANCE SCHEME – RENEWAL FOR 2020-2021 !

Comrades,

You are aware, renewal for New Medical Insurance Policy under IBA scheme is due from 1st November 2020.  As such, Bank has issued circular on the same vide Transient series 7F No.90/2020-21 dated 09.10.2020 giving out the details of Premium to be paid, the last date of payment being 27th October 2020.  The said circular is attached hereunder for your reference.

Salient features of the Renewal are as follows:

1. Insurance is for the period from 1.11.2020 to 31.10.2021.
2. This year Medical Insurance policy is undertaken by M/s. National Insurance Company Ltd. And the TPA is yet to be announced by the Bank.
3. All retirees including resigned officers/employees are eligible to join the Scheme. All those who missed to join previously can join now.
4. This year, slabs for lower insured amount are also introduced.
5. Award staff retirees can take Base Policy for an insured amount of Rs,1 lac, Rs.2 lacs and Rs.3 lacs.  Those who take Rs.3 lacs are only permitted to opt for Super Top-up policy of Rs.1 to 4 lacs.
6. Officer retirees can take Base Policy of Rs.1 lac, Rs.2 lacs, Rs.3 lacs and Rs.4 lacs. Those who take Rs.4 lacs are only permitted to take Super Top-up policy of Rs.1 to 5 lacs.
7. Single Insurance is permitted this year. That is, Retiree without spouse and family pensioner can take policy in his/her single name only by paying lesser premium affixed for them under each slab.
8. Last date for submission of option/payment is 27.10.2020.
9. Members have to login to our retirees portal using their roll number as user id and date of birth as password and follow the procedures given therein by clicking on “Click Here to Renewal of Medical Insurance Scheme for the period 1.11.2020 to 31.10.2021”.
10. For Rs. 1 & 2 lacs policies, Room rent per day is 1.5% of the sum insured and ICU charges per day is 2% of the sum insured.
11. For Rs.4 & 5 lac policies, Room rent per day is 5000/- and ICU charges is 7500/-.
12. Loan for payment of this premium is provided by the Bank with the maximum of Rs.38000/- with an interest rate of One year MCLR (7.5%), repayable in 10 equal monthly instalments.

Members are advised to take prudent caution before selecting their options and incorporate the details asked for correctly (mainly the name of their spouse as per Aadhar Card and her date of birth and selection of their policy amount) because it is very difficult to change or alter it later after the payment is done.

Ensure that you pay the premium on or before 27th of October 2020.

Regards,

Krishnaraj P

Joint General Secretary

MEDICAL INSURANCE FOR 2020-21 Circular dt 09102020

AMENDED_RETIREE_INSURANCE dt 13102020