Our units and members are aware that since the current Policy will expire on 30-9-
2024/31-10-2024, the issue of renewal had been taken up by AIBEA/ UFBU with the
IBA. There were few rounds of discussions with the IBA and minutes were signed by
UFBU with IBA on 2-7-2024.
The main points of the Minutes are as under:
- Single combined insurance policy will be taken for “In service staff and their families” and
Retirees and spouses (atpresent there are two separate policies). - The common Policy will commence from 1-11-2024. (existing Policy of in-service
employees will be extended upto 31-10-2024 and Banks will pay the pro-rata one month
premium for the same.) - Definition of family for the purpose of Serving employees and retired employees shall
continue as hitherto as BP settlement. - Domiciliary benefit will continue to be extended to serving employees and families.
- Employees will be permitted to update dependents during the currency of the insurance
policy on account of Birth, Marriage of employee and Death of dependents. Substitution
of dependent/s can be carried out by employees before commencement of Policy every
year. - Critical illness benefits (Rs. 1 lac) as provided in BP settlement dated 25.05.2015 shall
continue. - Corporate Buffer of Rs. 100 Crores which is available to serving employees as defined in
BP settlement dated 25.05.2015 shall continue on the same terms as hitherto. - A Committee will be formed to participate in the process of selection/ allocation of TPAs
by the Insurance company. This Committee will monitor performance of TPAs on regular
basis and will recommend to delist hospitals/ medical units in the event of adverse
feedbacks. - Since the Policy will be a combined one, there will be same premium for the retirees.
- Medical Insurance cover would be Rs. 3 lacs for clerical/substaff retires and Rs. 4 lacs for
officer retirees. - Top-up facility will be available on additional premium payment.
- Those retirees who are not members of the IBA Policy will be given an opportunity to join
the policy.
IBA has initiated the process for inviting quotations for the common Policy with uniform
premium and is expected to be finalised during the next month. We will keep our units
informed.
