PREMIUM PAYABLE BY BANK RETIREES FOR GROUP MEDICAL INSURANCE POLICY 2022-23 --too High

The Indian Banks’ Association (IBA) communicated to all member banks informing them that National Insurance Company has been allotted the Group Medical Insurance Policy 2022-23 for the bank retirees. According to the communication received by banks, the National Insurance Company has sent their revised rates for Flexible Option coverage of Sum Insured for the year 2022-23. There is also an option to choose self + Spouse or Self alone (in the case of single-person coverage). However, if the retired employee and his/her spouse both are alive then in such case family floater premium has to be paid and they cannot buy single-person coverage. The group policy for a period of 12 months which commences from 1st November 2022 and ends on 31st October 2023 has a flexible coverage scheme. According to the circular, the Officer Retirees can also opt for the base insurance coverage of Rs.1,2,3 or 4 lacs and Super Top-up coverage of Rs.2,3,4, and 5 lacs. Workmen Retirees can also opt for the base insurance coverage of Rs.1,2,or3 lacs and Super Top-up coverage of Rs.2,3, and 4, lacs.   The details are as under

BASE POLICY WITHOUT DOMICILIARY – PREMIUM
OFFICER RETIREES
Sum Insured (Rs)	Self + Spouce	Self
1 lakh	15308	10333
2 lakhs	27557	18600
3 lakhs	41334	27901
4 lakhs	57808	39020
AWARD -STAFF
BASE POLICY WITHOUT DOMICILIARY – PREMIUM
For WORKMEN RETIREES
Sum Insured (Rs)	Self + Spouce	Self
1 lakh	15308	10333
2 lakhs	27557	18600
3 lakhs	41334	27901
II- BASE POLICY   WITH DOMICILIARY – PREMIUM
(A) OFFICER Retirees
Sum Insured (Rs)	Self + Spouce	Self
1 lakh	25520	17226
2 lakhs	51047	34457
3 lakhs	77920	52596
4 lakhs	97776	65999
(B) AWARD -STAFF
BASE POLICY WITH DOMICILIARY – PREMIUM
FOR WORKMEN RETIREES
Sum Insured (Rs)	Self + Spouce	Self
1 lakh	25520	17226
2 lakhs	51047	34457
3 lakhs	77920	52596
III – SUPER TOP UP POLICY-PREMIUM-OFFICER RETIREES
Sum Insured (Rs)	Self + Spouce	Self
1 lakh	3730	2518
2 lakhs	6291	4246
3 lakhs	9639	6507
4 lakhs	12475	8420
5 lakhs	15180	10246
SUPER TOP UP POLICY-PREMIUM-AWARD -STAFF RETIREES
Sum Insured (Rs)	Self + Spouce	Self
1 lakh	3730	2518
2 lakhs	6291	4246
3 lakhs	9639	6507
4 lakhs	12475	8420

Reimbursement for the domiciliary claim is a maximum of 10% of the base policy. Domiciliary claims not available on Super-Top up cover Retirees who are not covered under Super-Top up policy may opt for Super-Top up policy for 2022-23. Retirees can opt for with or without domiciliary treatment for 2022-2023, irrespective of the cover they have availed for 2021-22
Source: Bank of India circular dated 23.09.2022