Contents of Union Bank's Circular on Medical Insurance Scheme for Retired Employees
Please see the e-mail forwarded here under. It is communicated to us by Com.M.K.Mundul, Joint General Secretary, All India Union Bank Retirees' Federation from Mumbai.
Yours sincerely,
B.G.Raithatha,
General Secretary
Subject: Union Banks circular on Medical Insurance Scheme for Retired Employees
Intimation is hereby given that Union Banks Staff Circular on Medical Insurance Scheme for Retired Employees for 1.11.2017 to 31.10.2018 is being issued.
A portal has been designed with several options which will enable the retirees to submit their option through online registration.
The link to online registration has been made available at Union Bank of India Corporate Website under the“Information for Retired Staff” Portal and it will be available on Bank’s website w.e.f. 6th October 2017. The procedure for online registration is outlined.
The Last Date of Online Registration will be 23.10.2017.
Only Online registration to be carried out in the given portal will be acceptable.
No hard copy of consent/withdrawal is valid and must not be submitted.
In case no option is exercised, it will be presumed that retirees have opted to continue in the ensuing policy with the same option as given for the existing policy, and premium will be deducted from the account.
Certain clarifications received about Super Top Insurance Policy of
New India Insurance Company for Bank Retirees
Please see the e-mail forwarded herunder - received by Shri R.B.Karnik, Retirees' Leader of Bank of Baroda, Surat (Gujarat) from M/s. Pragmatic Master Insurance Agent of New India Insurance Company.
Yours sincerely,B.G.Raithatha,
General Secretary
General Secretary
Subject: Re: Fw: Excellent Circular issued by General Secretary, All India Union Bank Retirees' Federation regarding renewal of medical insurance
Dear Sir
I believe some of the points mentioned below need comment and clarification.
Cashless facility will be available.
|
Problems may arise with two insurance companies.
|
Any surplus in Super top Up policy may offset increase in Basic Policy premium in future
|
Surplus goes to a new Insurer and the effect of such surplus on Basic Policy premium is gone. On the contrary, any loss will be fully passed to the retirees.
|
Members should intimate the hospital TPA of UIIC only for admission and settlement of claim
|
Members should inform the hospital TPA counter of all/both policies which they have obtained, and intimation be given to all/both for settlement of claims
|
First point mentioned regarding problems may arise with two insurance companies is not correct and we would like to reiterate that "Cashless facility will be available" even in Super Top Up Policy as well. Since it is the same TPA who would be handling claims under both the policies there are no chances of any problem due to having 2 insurers.
Please refer to earlier point in the said circular as mentioned below that the TPA would be same for both policies hence there would not be hassles in claim settlement.
Bank-wise TPAs are already appointed by UIIC.
|
Agreed to appoint same TPAs for super top policy as available in basic policy to avoid duplication in settlement of claims.
|
As regards second point as mentioned in earlier mail we would refrain from commenting as insurer would adopt different strategy as they deem fit.
It is mentioned in NIA section that loss would be passed to the retirees, however there is a strong probability of profit being passed on to the retiree crowd by way of reduction in premium in coming years if there is any surplus in the policy in the Super Top Up Policy and chances of it getting offset is reduced.
As regards third point this is to inform that in view of the TPA being same for both the policies they would inform claim to both insurers in case there is need to trigger claim under NIA policy.
Hope things are clarified in the right spirit and request to inform all concerned accordingly.
Thanks and Regards
Team Pragmatic
ALL INDIA UNION BANK RETIREES’ FEDERATION
(Affiliated to All India Bank Retirees’ Federation)
A/12, Girdhar Apt., Kastur Park, Shimpoli Road, Borivali (W), Mumbai 400 092
Chairman President General Secretary
D. A. Masdekar B. G. Raithatha R. K. Powar
9970899393 9427207021 7710030963
|
No.128/2017 3rd October 2017
To: All Office-bearers/CC members/Members
Dear Friends,
Sub: Renewal of Group Insurance Scheme for
Retired employees for the year 2017-18
All of you are aware that the Medical Insurance Policy is due for renewal as on 31/10/2017.
M/s. United India Insurance Company (UIIC) has advised all public sector banks the rate of premium payable for the renewal of the policy for 2017-2018. While retaining the existing rate of premium for insurance policy without domiciliary benefit and revising upward the premium rate for insurance policy with domiciliary benefit, UIIC has also informed that a new “Super Top-Up Policy without Domiciliary Cover” has been introduced as an optional on paying additional premium.
Our Bank is in the process of issuing detailed guidelines based on UIIC’s letter of offer. We are given to understand that our bank has instructed DIT to create a new “Portal” for accepting/receiving the “option letters” under the revised rules for subscribing to the renewal of insurance policy for the year 2017-2018. We expect the relevant Staff Circular will be released in next two days.
Several public sector banks have issued instructions to the retired staff on the Medical Insurance Scheme for the year 2017-2018, based on the letter of UIIC (and not from IBA); and we may expect that our Bank will issue similar guidelines as contained in the letter of offer of UIIC.
Since the last renewal of insurance policy in Sep 2016, our national organization the All India Bank Retirees’ Federation (AIBRF) was trying to get additional insurance cover over and above the existing limit under the Basic Insurance Policy of Rs. 3.00 lacs and Rs. 4.00 lacs; this has successfully culminated in an independent agreement/contract for “Super Top-Up Policy without Domiciliary Cover” with the New India Assurance Company Ltd. (NIAC), for AIBRF group.
In the intervening period, a majority of retired colleagues of our Bank, are anxiously inquiring with us, that having increased the premium amount of insurance policy with domiciliary benefit by over 200% by UIIC, should the concerned retiree continue to subscribe to the insurance policy with domiciliary benefit by paying additional premium of Rs. 20,000/- to avail domiciliary claim to the extent of Rs. 40,000/-? AND which “Super Top-Up Policy without Domiciliary Cover” should be selected having in hand the two Insurance companies of NIAC & UIIC? Many retired colleagues are in a dilemma.
The Central Committee of our Federation in its meeting held at Lucknow on 16th & 17th September 2017 unanimously decided to bring to the knowledge of the retired colleagues the various salient features of the renewal of Basic Insurance Policy of UIIC for the year 2017-2018 as well as the newly introduced “Super Top-up Policy without domiciliary Cover” of UIIC and NIAC
We give here below the salient features of the Basic Insurance Policy:
1.One more option is extended to eligible retired employees who have not opted earlier to opt only under without domiciliary coverage policy. This option is allowed only to such retirees who exited from the service of the Bank on account of “superannuation, VRS, SVRS” and spouses of such deceased retirees/deceased employees, though eligible, had not opted earlier, are only eligible to exercise option now.
2.No change in the premium for renewal of Medical Insurance Policy without domiciliary cover for Retirees.
3.There is an increase in premium for renewal of insurance policy with domiciliary benefit. Following are the details of premium payable by the retired employees:
Premium
| ||
CATEGORY
|
OPTION 1 (WITHOUT DOMICILIARY TREATMENT COVERAGE)
|
OPTION 2 (WITH DOMICILIARY TREATMENT COVERAGE)
|
For Retired clerical and Subordinate Staff (including Part Time Employees/ HKPs) & Spouses of such deceased employees / retired employees.
|
Premium : Rs. 10452.00
+ GST18%: Rs. 1881.00
Total : Rs. 12333.00
|
Premium : Rs. 23517.00
+ GST18%: Rs. 4233.00
Total : Rs. 27750.00
|
For Retired Officers & Spouses of such deceased Officers / retired officers.
|
Premium : Rs. 13935.00
+ GST 18%: Rs. 2508.00
Total : Rs. 16443.00
|
Premium : Rs. 31354.00
+GST 18%: Rs. 5644.00
Total : Rs. 36998.00
|
4.There is an option to switch over from “with domiciliary benefit” to “without domiciliary benefit” but vice versa is not available. Existing employees who retired/retiring from 01/10/2016 to 30/09/2017 / spouses of deceased employees who expired on or after 01/10/2016 shall exercise their option to “With Domiciliary Policy” if they so wish, at the time of paying pro-rata premium.
5.There is an option to all the optees to get covered under UIIC Super-top Up Policy without Domiciliary cover by paying additional Top-up premium.
The details of premium are as under:
Category
|
Sum Insured of the UIIC Super Top Up policy
|
Thresh hold i.e. the Sum insured under the main policy after which the Super Top Up policy will trigger
|
Premium excluding GST
|
GST @ 18%
|
Gross Premium payable per family incl. of GST @ 18%
|
Retired Award Staff
|
4,00,000/-
|
3,00,000/-
|
2,975/-
|
536/-
|
3,511/-
|
Retired Officers
|
5,00,000/-
|
4,00,000/-
|
3,225/-
|
581/-
|
3,806/-
|
Those wanting to opt for NIAC Super-top Up Policy without Domiciliary cover by paying additional Top-up premium will need to submit the attached ‘Proposal Form’ with A/c payee cheque in favor of ‘AIBRF New India Super top Up Policy’.
The details of NIAC premium are as under:
Category
|
Sum Insured of the NIAC Super Top Up policy
|
Thresh hold i.e. the Sum insured under the main policy after which the Super Top Up policy will trigger
|
Premium excluding GST
|
GST @ 18%
|
Gross Premium payable per family incl. of GST @ 18%
|
Retired Award Staff
|
5,00,000/-
|
3,00,000/-
|
2,975/-
|
536/-
|
3,511/-
|
Retired Officers
|
6,00,000/-
|
4,00,000/-
|
3,225/-
|
581/-
|
3,806/-
|
Single/Widow Award stf
|
5,00,000/-
|
3,00,000/-
|
3157/-
| ||
Single/Widow Officer f
|
6,00,000/-
|
4,00,000/-
|
3452/-
|
The following table will illustrate the options available with insurance cover under UIIC for retirees under Medical Insurance Scheme for the year 2017-2018:
No.
|
Category
|
Class of Retired emp
|
Insurance Cover available
|
1
|
Non Domiciliary
|
Award Staff
|
Rs. 3 lakhs
|
Officers
|
Rs. 4 lakhs
| ||
2
|
Non domiciliary + Top up
|
Award Staff
|
Rs. 3 + 4 lakhs=Rs. 7 lakhs
|
Officers
|
Rs. 4 + 5 lakhs=Rs. 9 lakhs
| ||
3
|
With Domiciliary
|
Award Staff
|
Rs. 3 lakhs
|
Officers
|
Rs. 4 lakhs
| ||
Reimbursement - OPD Claim
|
Award Staff
|
Rs. 30,000/-
| |
Reimbursement – OPD Claim
|
Officers
|
Rs. 40,000/-
| |
4
|
Domiciliary + Top-Up
|
Award Staff
|
Rs. 3 + 4 lakhs=Rs. 7 lakhs
|
Officers
|
Rs. 4 + 5 lakhs=Rs. 9 lakhs
| ||
Reimbursement - OPD Claim
|
Award Staff
|
Rs. 30,000/-
| |
Reimbursement - OPD Claim
|
Officers
|
Rs. 40,000/-
| |
5
|
Switch over from Domiciliary benefit to non-domiciliary benefit (i.e. Basic Policy)
|
Award Staff
|
Rs. 3 lakhs
|
Officers
|
Rs. 4.00 lakhs
| ||
6
|
Switch over from Domiciliary benefit to non-domiciliary benefit (i.e. Basic Policy) + Top up
|
Award Staff
|
Rs. 3 + 4 lakhs = Rs. 7 lakhs
|
Officers
|
Rs. 4 + 5 lakhs=Rs. 9 lakhs
| ||
7
|
New Entrants –
Not domiciliary benefit
|
Award Staff
|
Rs. 3 lakhs
|
Officers
|
Rs. 4 lakhs
| ||
8
|
New Entrants –
Not domiciliary benefit+Top-up
|
Award Staff
|
Rs. 3 + 4 lakhs=Rs. 7 lakhs
|
Officers
|
Rs. 4 + 5 lakhs+Rs. 9 lakhs
|
All the retired employees are required to exercise / submit the proper formats of options for renewing the policy as per Banks format, and/or as per NIAC Proposal Form.
The last date of receipt of option letters for UIIC policy will be informed by the Bank. So also, the last date for acceptance of AIBRF’s NIAC Super Top-Up Policy is 23rd Oct 2017.
Comparison of “Super Top-Up Policy without domiciliary benefits” of both insurance companies:
United India Insurance Co.
|
New India Assurance Company
|
UIIC is one of the four general Insurance companies of public sector.
|
AIBRF “Super Top Up Policy” is being issued by the largest insurance company of the country in public as well as private sector.
|
Claim settlement ratio of about 51 per cent.
|
Highest claim settlement ratio of 71 per cent.
|
Bank-wise TPAs are already appointed by UIIC.
|
Agreed to appoint same TPAs for super top policy as available in basic policy to avoid duplication in settlement of claims.
|
May allow to use the same ID Card for Super Top Up policy
|
A separate Health Card (ID) with photograph will be issued.
|
NIAC has not offered Basic Policy so far; except for Super Top Up policy without domiciliary benefit.
Comparing unequal / not similar offers will not give desired results.
|
Keeping two insurance companies for health
Insurance will be in the interest of retirees as it will generate element of competition to ensure better terms of conditions for renewal in future.
|
Sum Insured under Super Top Up policy is
For Award Staff Rs. 4.00 lakhs
For officers Rs. 5.00 lacs/
|
Sum Assured under Super top Up policy is
For Award Staff Rs. 5.00 lakhs
For Officers Rs. 6.00 lakhs
|
Premium amount for Retired Award Staff (for sum Assured Rs. 4 lakhs)
Rs. 2,975/-+ GSTRs. 536/-= Total Rs. 3511/-
For Retired Officers (for sum Assured Rs. 5 lakhs)
Rs. 3,225 +GST Rs.581 = Rs. 3806/-
|
Premium amount for Retired Award staff on (Sum Assured Rs. 5 lakhs )
Rs. 3029 + GST Rs. 478 = Total Rs.3507/-
For Retired Officers (Sum Insured Rs. 6 lakhs)
Rs3279/- + GST Rs. 527 = Total Rs. 3806/-
|
Discount is not available for single policy holder.
|
Discount of Rs. 354 is available for single policy holder compared in case of New India policy compared to UIIC.
|
Insurance of Rs.7/9 lakhs will take care of all future eventualities in the area of health management for senior citizens at least for next 10 years or more.
|
Insurance of Rs. 8/10 lakhs will take care of all future eventualities in the area of health management for senior citizens at least for next 10 years or more.
|
The Scheme is administered by IBA.
|
The Scheme is administered by AIBRF
|
Amount of premium of both the types of policies i.e. Basic Policy + Super Top-Up policy will be recovered by the Bank directly
|
Chequs for Super Top Up policy to be issued in favour of AIBRF.
|
Application Forms (Option Letter) for Super Top Up Policy to be submitted with the submission of option letter for Basic Policy.
|
Last date for submission of Application Forms for Super Top Up Policy with cheques is extended from 10 Oct to 23 Oct 2017.
|
Cashless facility will be available.
|
Problems may arise with two insurance companies.
|
Any surplus in Super top Up policy may offset increase in Basic Policy premium in future
|
Surplus goes to a new Insurer and the effect of such surplus on Basic Policy premium is gone. On the contrary, any loss will be fully passed to the retirees.
|
Members should intimate the hospital TPA of UIIC only for admission and settlement of claim
|
Members should inform the hospital TPA counter of all/both policies which they have obtained, and intimation be given to all/both for settlement of claims
|
Choice to opt for Super Top Up Policy is left to the individual members.
|
Choice to opt for Super Top Up Policy is left to the individual members.
|
Please bear in mind that there is medical inflation of 15% and that hospitalization expenses are expected to be increased substantially by year 2022. Hence availing Super Top-Up Policy will be beneficial in the long run. However the choice to opt for Super Top-Up Policy is left to the individual members.
If members have taken individual separate Medi-claim Policy of any Insurance Company,
we advise them not to surrender the policy as the premium for newly introduced Super Top Up Policy by both the insurance companies is less and competitive. Basically, your pre-ailments are already covered under the individual medi-claim policy; and if you surrender the policy the individuals will not be able to get a new policy for the advanced age.
With warm greetings,
Yours truly,
(R. K. Powar)
General Secretary,
ALL INDIA UNION BANK RETIREES’ FEDERATION
(Affiliated to All India Bank Retirees’ Federation)
A/12, Girdhar Apt., Kastur Park, Shimpoli Road, Borivali (W), Mumbai 400 092
Chairman President General Secretary
D. A. Masdekar B. G. Raithatha R. K. Powar
9970899393 9427207021 7710030963
|
No.128/2017 3rd October 2017
To: All Office-bearers/CC members/Members
Dear Friends,
Sub: Renewal of Group Insurance Scheme for
Retired employees for the year 2017-18
All of you are aware that the Medical Insurance Policy is due for renewal as on 31/10/2017.
M/s. United India Insurance Company (UIIC) has advised all public sector banks the rate of premium payable for the renewal of the policy for 2017-2018. While retaining the existing rate of premium for insurance policy without domiciliary benefit and revising upward the premium rate for insurance policy with domiciliary benefit, UIIC has also informed that a new “Super Top-Up Policy without Domiciliary Cover” has been introduced as an optional on paying additional premium.
Our Bank is in the process of issuing detailed guidelines based on UIIC’s letter of offer. We are given to understand that our bank has instructed DIT to create a new “Portal” for accepting/receiving the “option letters” under the revised rules for subscribing to the renewal of insurance policy for the year 2017-2018. We expect the relevant Staff Circular will be released in next two days.
Several public sector banks have issued instructions to the retired staff on the Medical Insurance Scheme for the year 2017-2018, based on the letter of UIIC (and not from IBA); and we may expect that our Bank will issue similar guidelines as contained in the letter of offer of UIIC.
Since the last renewal of insurance policy in Sep 2016, our national organization the All India Bank Retirees’ Federation (AIBRF) was trying to get additional insurance cover over and above the existing limit under the Basic Insurance Policy of Rs. 3.00 lacs and Rs. 4.00 lacs; this has successfully culminated in an independent agreement/contract for “Super Top-Up Policy without Domiciliary Cover” with the New India Assurance Company Ltd. (NIAC), for AIBRF group.
In the intervening period, a majority of retired colleagues of our Bank, are anxiously inquiring with us, that having increased the premium amount of insurance policy with domiciliary benefit by over 200% by UIIC, should the concerned retiree continue to subscribe to the insurance policy with domiciliary benefit by paying additional premium of Rs. 20,000/- to avail domiciliary claim to the extent of Rs. 40,000/-?
AND which “Super Top-Up Policy without Domiciliary Cover” should be selected having in hand the two Insurance companies of NIA & UIIC? Many retired colleagues are in a dilemma.
The Central Committee of our Federation in its meeting held at Lucknow on 16th & 17th September 2017 unanimously decided to bring to the knowledge of the retired colleagues the various salient features of the renewal of Basic Insurance Policy of UIIC for the year 2017-2018 as well as the newly introduced “Super Top-up Policy without domiciliary Cover” of UIIC and NIAC
We give here below the salient features of the Basic Insurance Policy:
1.One more option is extended to eligible retired employees who have not opted earlier to opt only under without domiciliary coverage policy. This option is allowed only to such retirees who exited from the service of the Bank on account of “superannuation, VRA, SVRS” and spouses of such deceased retirees/deceased employees, though eligible, had not opted earlier, are only eligible to exercise option now.
2.No change in the premium for renewal of Medical Insurance Policy without domiciliary cover for Retirees.
3.There is an increase in premium for renewal of insurance policy with domiciliary benefit. Following are the details of premium payable by the retired employees:
Premium
| ||
CATEGORY
|
OPTION 1 (WITHOUT DOMICILIARY TREATMENT COVERAGE)
|
OPTION 2 (WITH DOMICILIARY TREATMENT COVERAGE)
|
For Retired clerical and Subordinate Staff (including Part Time Employees/ HKPs) & Spouses of such deceased employees / retired employees.
|
Premium : Rs. 10452.00
+ GST18%: Rs. 1881.00
Total : Rs. 12333.00
|
Premium : Rs. 23517.00
+ GST18%: Rs. 4233.00
Total : Rs. 27750.00
|
For Retired Officers & Spouses of such deceased Officers / retired officers.
|
Premium : Rs. 13935.00
+ GST 18%: Rs. 2508.00
Total : Rs. 16443.00
|
Premium : Rs. 31354.00
+GST 18%: Rs. 5644.00
Total : Rs. 36998.00
|
1.There is an option to switch over from with domiciliary benefit to without domiciliary benefit but vice versa is not available. Existing employees who retired/retiring from 01/10/2016 to 30/09/2017 / spouses of deceased employees who expired on or after 01/10/2016 shall exercise their option to “With Domiciliary Policy” if they so wish, at the time of paying pro-rata premium.
2.There is an option to all the optees to get covered under UIIC Super-top Up Policy without Domiciliary cover by paying additional Top-up premium.
The details of premium are as under:
Category
|
Sum Insured of the UIIC Super Top Up policy
|
Thresh hold i.e. the Sum insured under the main policy after which the Super Top Up policy will trigger
|
Premium excluding GST
|
GST @ 18%
|
Gross Premium payable per family incl. of GST @ 18%
|
Retired Award Staff
|
4,00,000/-
|
3,00,000/-
|
2,975/-
|
536/-
|
3,511/-
|
Retired Officers
|
5,00,000/-
|
4,00,000/-
|
3,225/-
|
581/-
|
3,806/-
|
3.Those wanting to opt for NIA Super-top Up Policy without Domiciliary cover by paying additional Top-up premium will need to submit the attached ‘Proposal form’with A/c payee chq in favor of ‘AIBRF New India Super top Up Policy’.
The details of NIA premium are as under:
Category
|
Sum Insured of the NIAC Super Top Up policy
|
Thresh hold i.e. the Sum insured under the main policy after which the Super Top Up policy will trigger
|
Premium excluding GST
|
GST @ 18%
|
Gross Premium payable per family incl. of GST @ 18%
|
Retired Award Staff
|
5,00,000/-
|
3,00,000/-
|
2,975/-
|
536/-
|
3,511/-
|
Retired Officers
|
6,00,000/-
|
4,00,000/-
|
3,225/-
|
581/-
|
3,806/-
|
Single/Widow Award stf
|
5,00,000/-
|
3,00,000/-
|
3157/-
| ||
Single/Widow Officer f
|
6,00,000/-
|
4,00,000/-
|
3452/-
|
The following table will illustrate the options available with insurance cover for retirees under Medical Insurance Scheme for the year 2017-2018:
No.
|
Category
|
Class of Retired emp
|
Insurance Cover available
|
1
|
Non Domiciliary
|
Award Staff
|
Rs. 3 lakhs
|
Officers
|
Rs. 4 lakhs
| ||
2
|
Non domiciliary + Top up
|
Award Staff
|
Rs. 3 + 4 lakhs=Rs. 7 lakhs
|
Officers
|
Rs. 4 + 5 lakhs=Rs. 9 lakhs
| ||
3
|
With Domiciliary
|
Award Staff
|
Rs. 3 lakhs
|
Officers
|
Rs. 4 lakhs
| ||
Reimbursement - OPD Claim
|
Award Staff
|
Rs. 30,000/-
| |
Reimbursement – OPD Claim
|
Officers
|
Rs. 40,000/-
| |
4
|
Domiciliary + Top-Up
|
Award Staff
|
Rs. 3 + 4 lakhs=Rs. 7 lakhs
|
Officers
|
Rs. 4 + 5 lakhs=Rs. 9 lakhs
| ||
Reimbursement - OPD Claim
|
Award Staff
|
Rs. 30,000/-
| |
Reimbursement - OPD Claim
|
Officers
|
Rs. 40,000/-
| |
5
|
Switch over from Domiciliary benefit to non-domiciliary benefit (i.e. Basic Policy)
|
Award Staff
|
Rs. 3 lakhs
|
Officers
|
Rs. 4.00 lakhs
| ||
6
|
Switch over from Domiciliary benefit to non-domiciliary benefit (i.e. Basic Policy) + Top up
|
Award Staff
|
Rs. 3 + 4 lakhs = Rs. 7 lakhs
|
Officers
|
Rs. 4 + 5 lakhs=Rs. 9 lakhs
| ||
7
|
New Entrants –
Not domiciliary benefit
|
Award Staff
|
Rs. 3 lakhs
|
Officers
|
Rs. 4 lakhs
| ||
8
|
New Entrants –
Not domiciliary benefit+Top-up
|
Award Staff
|
Rs. 3 + 4 lakhs=Rs. 7 lakhs
|
Officers
|
Rs. 4 + 5 lakhs+Rs. 9 lakhs
|
All the retired employees are required to exercise / submit the proper formats of options for renewing the policy as per Banks format, and/or as per NIA proposal form.
The last date of receipt of option letters will be informed by the Bank. So also, the last date for acceptance of AIBRF s NIA pol is 23rd Oct 2017.
Comparison of “Super Top-Up Policy without domiciliary benefits” of both insurance companies :
United India Insurance Co.
|
New India Assurance Company
|
UIIC is one of the four general Insurance companies of public sector.
|
AIBRF “Super Top Up Policy” is being issued by the largest insurance company of the country in public as well as private sector.
|
Claim settlement ratio of about 51 per cent.
|
Highest claim settlement ratio of 71 per cent.
|
Bank-wise TPAs are already appointed by UIIC.
|
Agreed to appoint same TPAs for super top policy as available in basic policy to avoid duplication in settlement of claims.
|
May allow to use the same ID Card for Super Top Up policy
|
A separate Health Card (ID) with photograph will be issued.
|
NIAC has not offered Basic Policy so far; except for Super Top Up policy without domiciliary benefit.
Comparing unequal / not similar offers will not give desired results.
|
Keeping two insurance companies for health
Insurance will be in the interest of retirees as it will generate element of competition to ensure better terms of conditions for renewal in future.
|
Sum Insured under Super Top Up policy is
For Award Staff Rs. 4.00 lakhs
For officers Rs. 5.00 lacs/
|
Sum Assured under Super top Up policy is
For Award Staff Rs. 5.00 lakhs
For Officers Rs. 6.00 lakhs
|
Premium amount for Retired Award Staff (for sum Assured Rs. 4 lakhs)
Rs. 2,975/-+ GSTRs. 536/-= Total Rs. 3511/-
For Retired Officers (for sum Assured Rs. 5 lakhs)
Rs. 3,225 +GST Rs.581 = Rs. 3806/-
|
Premium amount for Retired Award staff on (Sum Assured Rs. 5 lakhs )
Rs. 3029 + GST Rs. 478 = Total Rs.3507/-
For Retired Officers (Sum Insured Rs. 6 lakhs)
Rs3279/- + GST Rs. 527 = Total Rs. 3806/-
|
Discount is not available for single policy holder.
|
Discount of Rs. 354 is available for single policy holder compared in case of New India policy compared to UIIC.
|
Insurance of Rs.7/9 lakhs will take care of all future eventualities in the area of health management for senior citizens at least for next 10 years or more.
|
Insurance of Rs. 8/10 lakhs will take care of all future eventualities in the area of health management for senior citizens at least for next 10 years or more.
|
The Scheme is administered by IBA.
|
The Scheme is administered by AIBRF
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Amount of premium of both the types of policies i.e. Basic Policy + Super Top-Up policy will be recovered by the Bank directly
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Chequs for Super Top Up policy to be issued in favour of AIBRF.
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Application Forms (Option Letter) for Super Top Up Policy to be submitted with the submission of option letter for Basic Policy.
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Last date for submission of Application Forms for Super Top Up Policy with cheques is extended from 10 Oct to 23 Oct 2017.
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Cashless facility will be available.
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Problems may arise with two insurance companies.
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Any surplus in Super top Up policy may offset increase in Basic Policy premium in future
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Surplus goes to a new Insurer and the effect of such surplus on Basic Policy premium is gone. On the contrary, any loss will be fully passed to the retirees.
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Members should intimate the hospital TPA of UIIC only for admission and settlement of claim
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Members should inform the hospital TPA counter of all/both policies which they have obtained, and intimation be given to all/both for settlement of claims
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Choice to opt for Super Top Up Policy is left to the individual members.
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Choice to opt for Super Top Up Policy is left to the individual members.
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Please bear in mind that there is medical inflation of 15% and that hospitalization expenses are expected to be increased substantially by year 2022. Hence availing Super Top Up Policy will be beneficial in the long run. However the choice to opt for Super Top Up Policy is left to the individual members.
If members have taken individual separate Medi-claim Policy of any Insurance Company,
we advise them not to surrender the policy as the premium for Super Top Up Policy is less and competitive. Basically, your pre-ailments are already covered under the individual medi-claim policy; and if you surrender the policy the individuals will not be able to get a new policy for the advanced age.
With warm greetings,
(R. K. Powar)
General Secretary,
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