IBA MEDICAL INSURANCE SCHEME – RENEWAL FOR 2021-2022 !

Comrades,

IBA Medical Insurance Scheme for Bank retirees for the period from 1.11.2021 to 31.10.2022 has been finalised and issued by IBA. Relevant circular in this regard issued by our Bank under Ref : 7F Cir. No.79 of 2021-22, Dated 13-10-2021 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. Brief features of the Policy are as follows :-

1. Renewal of IBA’s Group Medical Insurance Scheme for Retirees is for the period from 01.11.2021 to 31.10.2022.

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

Super Top-up Policy
Sum Insured	Premium Self + Spouse	Premium Single Person
Rs. 5 Lakhs	11601	7540
Rs. 4 Lakhs	8817	5731
Rs. 3 Lakhs	7449	4842
Rs. 2 Lakhs	5932	3856
Rs. 1 Lakh	3724	2421

( 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 can join in this year’s Retirees Policy 2021-22.

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 have 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 27th October 2021.

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.55,000/- whichever is less.

Interest Rates for loan is 5% p.a. – Repayable in 10 EMI.

Loan will be considered at the respective pension drawing branches adhering to 50% norms in addition to Pension Loan.

Loan can be availed even after payment of Insurance premium through some other sources.

Relevant Pension Loan Master circular 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 logging in, click Retirees portal on the left side -> click on Medical Insurance Renewal -> fill in all the details asked for -> once again read and check all the details -> click submit button which will take you to the payment procedures where you have two payment options — In online payment option you can make the payment through internet banking or debit or credit card. —- In off line payment option, you have two options 1. payment through your Savings Bank debit, which will be done by PAD-Welfare section on the next day of your submission and 2. taking out a offline challan and making payment at your pension paying branch or any nearby branch. ( Payment through SB account debit by Welfare section is the best option for those who cannot make online payment.

For payment of Single Insurance premium by a divorcee/widow/widower :-
1. If he/she is a retired staff, no problem… he can login to retirees portal with his roll number and date of birth, proceed for payment of single premium after clicking on NO dependents, selecting self only and filling all other data required.

2. If he/she is a family pensioner, then she has to login to the retirees portal with the deceased staff’s roll number and his date of birth… the data opens with deceased staff details.. Never mind.. proceed further by clicking on Dependents filling the details of the family pensioner, select Self only and fill all other data required. Just ensure that you are paying only single premium. Do not worry about the name of the deceased coming on screen.. IT Department will see that the ID card is issued only to the family member.. ( Even if the card is issued for deceased staff, no worries to us ).

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