NEW MEDICAL INSURANCE RENEWAL – 2024-25 !

Comrades,

IBA Medical Insurance Scheme for Bank retirees for the period from 1.11.2024 to 31.10.2025 has been finalised and issued by IBA. Relevant circular in this regard issued by our Bank under Trans 7F Cir. No.68 of 2024-25 dated 14.10.2024 is attached hereunder for your reference.

Please note that the Policy for this year is not a repeat of last year’s policy. Hence there is no need to worry about the lesser Base Policy as that of last year and the cappings on the medical expenses on the Base Policy as in last year for those who took only Base Policy.

This year, Policies for Existing staff and retirees are streamlined and commence from 1st November 2024. Also, premium for Base Policy is lesser and same for Existing staff and Retirees. However, the premiums for Super Top-up Policies are higher as usual and the retirees have to select the Super Top-up policy as per their needs. However, we advise members to take atleast the Base Policy to cover up their medical needs for this year.

We also suggest our members who are at the age of 70 years and above to register and get Health Card under Ayushman Bharath PM scheme so that you will have Rs.5 lacs additionally.

Few changes in this year Policy are :-

1. Domiciliary treatments are not covered in this year’s Policy for retirees.
2. Apart from the single retirees/spouses, Single person cover is also available to those retirees who does not require the insurance cover for their spouses even if they are alive, for obvious reasons.
3. Those retirees/spouses who had not subscribed to the current insurance policy will also have the option to join as a one-time measure.
4. Loan for Medical Insurance Premium payment is available upto Rs.1 lac or the Actual premium , whichever is lesser, under circular Trans 7F-67 of 2022-23 dated 21.10.2022, upto 15.11.2024.
5. Last Date for exercising Option/Payment of Premium is 25.10.2024.

We advise our Members to go through the Circular of Renewal and submit their option/payment on or before the due date 25.10.2024.

Regards,

Krishnaraj P

Joint General Secretary