RENEWAL OF NEW MEDICAL INSURANCE POLICY FOR 2017-18

GSarise | October 20, 2017 | GS-Arise, New Medical Insurance Scheme for Pensioners | No Comments

Dear Comrades,

You might be aware that the New Medical Insurance Policy is due for renewal with effect from 1st November, 2017. As such, the Bank has issued circular No.76/2017-18 dated 19.10.2017 for payment of renewal premium by the insured retirees, with last date of payment being 27.10.2017. We advise you to go through the circular thoroughly and make payment for renewal on or before the last date.

Brief features of the renewal policy are hereunder:

Premium: With domiciliary cover for officers = Rs.36998 With domiciliary cover for award staff = Rs.27750

Without domiciliary cover for officers = Rs. 16443 Without domiciliary cover for award staff = Rs. 12333

Super Top-up premium for officers = Rs. 3806 Super Top-up premium for award staff = Rs. 3511

2. On renewal, those who were having domiciliary cover may switch over to Without domiciliary if they wish to; but one cannot opt for domiciliary cover from non-domicliary now.

3. Those who retired between 1.10.2016 and 30.09.2017 are permitted to opt for either domiciliary or non-domiciliary as they desire.

4. One more option is given now. Fresh optees are permitted to opt only without domiciliary cover. We request you to inform your retiree friends to make use of this option if they are not in the scheme already.

5. The options/payments may be submitted through IOB website – http://www.iob.in -> Staff and Ex-Staff -> Retiree Portal. You may get into Retiree Portal by logging in with your roll number, password is your date of birth. Then click on the “renew your Yearly Medical Insurance”; fill up the details required therein and submit which takes you to payment option. Pay through internet banking/ debit/credit card. Please ensure the details regarding you and your spouse names are correct, since only these details you furnish here, will be sent to Insurance Company/TPA for issuing ID card.

For those who cannot use internet, may go to your pension paying branch or any nearby branch taking with you Annexure II of this circular duly filled in, to enable the branch staff to help you in taking payment challan and also make payment of premium through cash / transfer from your account. Branch staff are advised to extend helping hand to retirees in this regard.

6. LOAN : For those who are not able to mobilise funds, for the present, for payment of premium, Bank has considered to sanction Loan amount to a maximum of Rs.30000/- or the premium amount whichever is lesser, repayable in 10 equated monthly instalments at an interest rate of one year MCLR, at the Branch discretion level. For availing this, retirees have to necessarily go to their pension paying branches only.

7. Members may also refer to the article on New Medical Insurance Scheme published in our ARISE magazine recently (already uploaded in this site).

In this connection, we append below the guidance message sent by Com. K V Acharya, President, AIBPARC for your information:

QUOTE

Dear Comrades,

We would like to advise you all to opt for Group Medical Insurance Scheme as per CO circular for the following reasons.

1.The premium for the Basic Policy remain the same as last year.

2.In addition to the Basic Policy, additional Rs.4 lacs lacs and Rs 5 lacs, as the case may be, is available as Super Top- up policy with same Special terms and conditions of Basic Policy.

3.Basic Policy and Super Top up policy together comes to Rs 7 lacs and Rs 9 lacs, as the case may be, is fairly a good coverage for medical contingencies.

4.Those who did not opt for Group Medical Insurance Scheme last time can opt now. Let us not get into the problem of missing the option, as many of us suffered by not opting for Pension when it was offered in 1996. Later on, it took nearly 15 long years to get it.

5. Domiciliary Policy one can take depending on one’s medicine needs in a year.

6.But once you decide to opt out of Domiciliary Policy, you can’t get into it again as per the present terms and conditions of the Insurance company.

7. We are not happy with the steep increase in the Premium for Domiciliary Policy.

8 . AIBPARC and CBPRO have taken up the matter with IBA and Ministry. But so far no positive response from IBA .

9 . We will pursue with IOB Management to subsidise the Premium amount as done last year.

10. We are of the firm view that REMAS members should get their due share and Banks must bear the Medical Insurance Policy Premium as in the case of serving Employees and Officers and also in line with the year 2012 communication of Ministry toIBA.

REGARDS ACHARYA.

UNQUOTE

Yours comradely

Krishnaraj P

Joint General Secretary

INSURANCE RENEWAL CIRCULAR DT 19.10.2017