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Monday, September 25, 2017

Latest Development On Insurance Premium

Date: 25th September,'17

All the regular recipients of our Association's e-mails,


E-mails from Master Insurance Broker in reply to our
protest for unjustified increased in insurance premium

According to decision in Lucknow Central Committee Meeting of our Federation, we had advised our members to send protest e-mails to IBA, United India Insurance Company and M/s. K.M.Dastur & Co., Master Insurance Broker. 

All those members of our Association are receiving replies from the Master Insurance Broker as shown in the attachment to this e-mail.

Yours sincerely,
General Secretary
We thank you for your mail addressed to . In response to the same we would like to quote that :
For the year 2017-2018 United India Insurance Co. Ltd has renewed the Retiree policy without the domiciliary cover without any increase in the premium, even though the incurred claim ratio as on today is 126% and may touch 132% at the close of the policy period.
Also please note that the incurred claim ratio for the Retiree Policy with the domiciliary cover has touched 200% and will increase at the close of the policy period.
As regards to the Retiree policy with the Domiciliary cover initially we got the below quote from United India Insurance company Ltd. which was very high.
Initial Premium Quoted by United India Insurance company Ltd
Sum Insured
Net Premium
GST @18%
Total Premium
Rs. 300000
Rs. 27,894/-
Rs. 32,915/-
Rs. 400000
Rs. 37,189/-
Rs. 43,883/-
 The point raised by United India Insurance Co. Ltd. was that in this policy with domiciliary cover most of the retirees’ and their spouse claimed 10% domiciliary which turns out more than the premium collected for the same.
After various rounds of negotiations from our side with the United India Insurance Company Ltd HO we got the premium reduced as below:
 Sum Insured
Net Premium
GST @18%
Total Premium
Rs. 300000
Rs. 23,517/-
Rs. 27,750/-
Rs. 400000
Rs. 31,354/-
Rs. 36,998/-
 Even after increase in premium this year the retirees will be benefited.
 For the Rs.3,00,000/-policy the retiree and spouse will claim a total amount of Rs. 30,000 as against the premium Rs.23,517 + GST 18% 4,233    =  Rs 27,750/-.
 And against Rs. 4,00,000/- policy the retiree and spouse will claim Rs.40,000/-domiciliary against the premium of  Rs. 31,354  + GST  5,644  = Rs  36,998/-.
Inspite of the above increase in premium, United India Insurance Co. Ltd., feels that there would be an adverse claim ratio under this policy with the domiciliary cover.
 The incidence ratio under Retiree policy with the domiciliary cover policy works out to be 169% as against a normal high incidence claim ratio as per the Highest Industry standard of 18%
 In view of the above though we were able to reduce the initial premium quoted with United India Insurance Co. Ltd. but they did not agree to go down any further.

In addition to the above, United India Insurance Co. Ltd. has also given a very competitive super top up policy for a very low premium to benefit the retirees.
 Request you to communicate this to the Retirees’ Association.
 In case of any further clarification please do revert or call us on +91 22 66179852/ +91 22 66179852/+91 22 66179891 / +91 22 66179824
 Thanks & Regards,
 Dr. Jasmine Tijoriwalla
 K M Dastur Reinsurance Brokers Pvt. Ltd.
Eros Theatre Building, 3rd  Floor,
42 Maharshi Karve Road, East Wing,
Mumbai 400020.

From: Jagdish Mankad []
Sent: Friday, September 22, 2017 11:44 AM
To:;;; B.G. Raithatha <>
Subject: Protest against stiff increase in Medical Insurance Premium for Bank Retirees

Know About Adhar Linkage Deadline 

Following Details are collected from Business Today and sharing with you all 
Deadline: Dec 31, 2017
Linking Aadhaar-PAN is mandatory for processing of income tax returns (ITRs) for assessment year 2017-18. While earlier the deadline was August 31, the Central Board of Direct Taxes (CBDT) extended the last date to December 31, 2017 for easy compliance by taxpayers. You can link the PAN to Aadhaar by login to the income tax filing website by entering PAN (User ID), password and your date of birth. Now click on 'Profile Settings' tab and select the last option 'Link Aadhaar'. You are required to enter details like name, date of birth and gender as per PAN records and also your Aadhaar number. Enter the captcha code and submit.
Mobile SIM:
Deadline: February 2018
If you have obtained your phone SIM card a year or a two back, it is unlikely to have been Aadhaar-verified. You can link your Aadhaar with your SIM card by walking into the retail outlet of your telecom operator along with Aadhaar document and link the two by February next year. Failure to do so may see your SIM card getting deactivated by the operator. Here's how you can link it.
Go to your telecom operator shop with Aadhaar Card
Ask them to link Aadhaar number with mobile number by filling up a re-verification form.
The operator will send a verification code on the number which you're going to verify.
Provide the verification code to the operator
Also, give your bio-metric expressions
You'll receive a confirmation message, simply type Y and send it to them
In next 24 hours the verification process will be completed

Bank account/Mutual Funds:

Deadline: Dec 31, 2017

After Dec 31, 2017, your bank account will cease to be operational if it's not linked with Aadhaar. Also the government won't open any account which doesn't fulfill  Aadhaar-based Know Your Customer(KYC) process. The same is needed for investing in a mutual fund. With an Aadhaar-based KYC, you don't need to provide your Id , Address proof and relieves you of in-person verification too. This too needs to be linked till the end of this year. If your bank account is not linked with Aadhaar, you can link Aadhaar with your bank account in various ways.To link it through net banking, you have to follow the following process;
Click on the link that says "Aadhaar Seeding Option"

Enter your Adhaar number. You will get a screen with a transaction number and the number of days required to complete it. When it is done, you get an alert from your bank saying it is complete.

You can also link Aadhaar throug SMS by sending UID (Space) Aadhaar number (Space) to the bank via SMS. When it gets linked, you will get an SMS alert about it.

Another way is to visit branch. Give a photocopy of your Aadhaar card to the bank representative. After necessary verification, the account will be linked and customer would be informed via SMS.
Social security Schemes:
Deadline: Dec 31, 2017

In order to correctly identify various beneficiaries of its social security schemes, government moved ahead with making Aadhaar declaration mandatory for welfare schemes like pension, scholarships etc. Lately, the government extended the September 30 deadline by three months.

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