SALIENT FEATURES OF MODIFIED BANK RETIREES’ GROUP MEDICAL INSURANCE POLICY FOR 2023-24

Salient features in the modified policy are as under

1. Top up and Super top-up is one and the same:

 2. As per the expiring terms and conditions, domiciliary treatment will remain 10% of Base policy Sum Insured opted even for those who opted Single Person rate.

3. Domiciliary treatment is not covered under Top up policy, as per the conditions of previous years’ policies.

4. As per request received from IBA, separate rates were given for Single person i.e., either of the below mentioned cases:-

a) Retiree without Spouse (unmarried, legally separated and divorced)

b) Surviving Spouse (Family Pensioner)

(* If employee and spouse both are alive, family floater premium have to be paid.)

(i) For Base Policy of Sum Insured 2 Lacs: Room Rent/ICU Rent per day will be as per attached joint note of IBA Dated 19/07/2023 – https://www.iba.org.in/hr-ir/joint-notes.html

(ii) For Base policy + top up policy with Sum Insured ranging from Rs. 3 lacs to 12 lacs( i.e.

Base policy of Rs 2 lacs + top up of Rs 1 lac to Rs 10 Lacs ): Room rent per day shall be payable

up to Rs.5000/- and ICU charges upto Rs.7500/-

5. Retirees who are not covered under expiring Retirees policy 2022-23 ONLY can be covered under Retirees policy 2023-24.

6. Retirees can opt with/without domiciliary option in Retirees policy 2023-24 irrespective of

option they have chosen in last year’s policy 2022-23.

6. Retirees who are not covered under the top-up policy 2022-23, can avail Top-up policy for 2023-24.

7. TOP-UP POLICY AND SUPER TOP-UP POLICY IS SAME.

Other features in the modified policy are;

1. A base Policy of Rs.2 lakh with caps/limits along with top-up options varying from Rs.1 lakh to 10 lakhs.
2. Caps are applicable if the base policy is only opted for by retirees on the following occasions.
3. Caps on bedroom/room rent /boarding expenses per day.
4. Caps on ICU charges per day for base policy
5. Caps on stand-alone ceiling/cap on treatment.
6. Caps on costs of implants
7. Caps on Physician/Specialist consultation charges.
8. Caps on operation.
9. Once the top-up variant is opted for by the retiree, the entire policy i.e.base policy + top-up policy will not have the caps mentioned.

BASE RATES: 2023-24 for Retired Employees (Without Domiciliary)

Amount in Rupees

Base Sum insured	Premium for family	GST @ 18%	Total Premium	Premium for Single	GST @18%	Total
200000	22419	4035	26454	15133	2724	17857

BASE RATES: 2023-24 for Retired Employees (With Domiciliary)

Amount in Rupees

Base Sum insured	Premium for family	GST @ 18%	Total Premium	Premium for Single	GST @18%	Total
200000	41530	7475	49005	28033	5046	33079

Details of premium rates for base policies, top-up policies, and premiums for Single Retirees are attached below.

Top-up rates 2023-24 for retired employees without domiciliary                                            (Amt. in Rs)

Retirees top-up sum insured (Rs)	Top up premium family (without domiciliary)	GST 18%	Total top-up premium	Top-up premium (for Single)	GST 18%	Top up premium (single)
100000	23106	4143	27159	15536	2796	18332
200000	43152	7767	50919	29128	5243	34371
300000	49164	8850	58014	33186	5973	39159
400000	51576	9284	60860	34814	6267	41081
500000	59388	10690	70078	40087	7216	47303
600000	65364	11766	77130	44121	7942	52063
700000	68376	12308	80684	46154	8308	54462
800000	73788	13282	87070	49807	8965	58772
900000	79200	14256	93756	53460	9623	63083
1000000	86412	15554	101966	58329	10499	68828

Top-up rates 2023-24 for retired employees with domiciliary                                                (Amt. in Rs)

Retirees top-up sum insured (Rs)	Top up premium family	GST 18%	Total top-up premium	Top-up premium (for Single)	GST 18%	Top up premium (single)
100000	44810	8066	52876	30247	5444	35691
200000	76100	13698	89798	51368	9246	60614
300000	124450	22401	146851	84004	15121	99125
400000	165800	29844	195644	111915	20145	132060
500000	196150	35307	231457	132402	23832	156234
600000	219490	39508	258998	148156	26668	174824
700000	243820	43888	287708	164579	29624	194203
800000	271140	48805	319945	183020	32944	215964
900000	299450	53901	353351	202129	36383	238512
1000000	309750	55755	365505	209082	37635	246717

Source: Circular of National Insurance Company