Units are aware that the Group Medical Insurance Policy for the in-service employees/officers as well as for the retirees are to be renewed for the ensuing year 2021-22.
The Policy for in-service employees/officers is to be renewed from October, 2021 to September, 2022. The Policy for Retirees is to be renewed from November, 2021 to October, 2022.
National Insurance Co. has given their premium rates for the renewal and IBA has also advised the Banks accordingly.
For In-service Employees/Officers: ( Payable by the Bank)
Sum Assured/coverage Existing premium for 2020-21 Revised premium for 2021-22
For Workmen
3 lacs 12,851 + GST 16,720 + GST
For Officers
4 lacs 17,133 + GST 22,085 + GST
For Retired Employees/Officers ( Payable by retirees)
Without Domiciliary
With Domiciliary
Sum Assured Premium for 2020-21 Premium for 2021-22
Workmen
3 lacs 20,508 + GST 28,715 + GST
Officer
4 lacs 27,342 + GST 36,652 + GST
Workmen
3 lacs 50,893 + GST 55,175 + GST
Officer
4 lacs 67,853 + GST 72,917 + GST
We learn that the increase in the premium rates is due to higher Incurred Claim Ratio (ICR) which is around 130% in the case of in-service employees/officers and about 147% for retirees. During the current year, we have observed hospitals charging (looting) huge amounts as Bills for treatment of covid-19 patients and hence the Claim Ratio has gone up.
The other facilities like option for reduced coverage, lesser premium for single pensioner where spouse is no more, top-up scheme, etc. will be extended by the Insurance Co. to Banks directly and retirees can choose these options.
With greetings,
Yours comradely,
C.H. VENKATACHALAM GENERAL SECRETARY
