PRO RATA PREMIUM FOR THOSE RETIRED BETWEEN 1.10.2017 AND 30.09.2018
Comrades,
You might be aware that those who had retired after 1.10.2017 are covered under the Bank’s Working Employees’ Policy till 30.09.2018. After that they are supposed to take up the Bank Retirees’ Policy wherein premium is payable by the retirees.
Since the Retirees’ policy commence from 1st November of every year, there will be a gap of one month for those who retired between 1.10.2017 and 30.09.2018. Hence in order to have continuity, they are offered to pay pro-rata premium for the month of October 2018 so that they can renew from 1.11.2018 alongwith other retirees. Our Bank has issued circular in this regard vide 7F circular No.58 of 2018 dated 14.09.2018 with the pro rata premium rates offered by United India Insurance Company Ltd. The said circular is attached herewith.
Please note that though the premium rates for renewal of retirees’ policy is under negotiation, it is better to keep the Insurance policy alive, by paying the pro rata premium for the month of October 2018 on or before 22.09.2018 as per the procedure given in the circular. It is upto the decision of the retirees whether to opt for Non-Domiciliary cover or with Domiciliary cover (they were provided with domiciliary cover during their tenure in Bank) because there is difference in the rate of premium for Non-Domiciliary cover and Domiciliary cover for retirees. Once option taken, they are not allowed to change it during renewal.
Also please note that those who do not pay the pro rata premium now, may not be permitted to renew the policy on 1.11.2018. Since the main feature of the Retirees’ policy is covering the pre-existing diseases, it is always better to keep the policy alive now by paying the prorata premium.
These retirees are advised to take prudent decision now taking into their other factors like personal policy they have, their son or daughter’s policy wherein they are covered, etc.
Regards,
Krishnaraj P
Joint General Secretary
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