Terms & Conditions of Group Medi-claim policy issued by United India Insurance Co. Ltd for future renewal

Following are the terms and conditions on which mediclaim policy will be renewed for the retirees by United India Insurance Company Limited

(1) Company will continue cover for next 3 years
(2) The policy will be renewed on the following premium

Claim Ratio Discount/ Loading to the Premium

Not Exceeding 25 %                                       40 % Discount

Not Exceeding 30 %                                        35 % Discount

Not Exceeding 40 %                                        25 % Discount

Not Exceeding 50 %                                        15 % Discount

Not Exceeding 60 %                                        05 % Discount

61 % - 110 %                                                   No Discount no loading

111 % - 115 %                                                 05 % loading

116 % - 120 %                                                 07 % loading

121 %- 125 %                                                  10 % loading

126 %- 130 %                                                  13 % loading

131 % - 135 %                                                  15 % loading

136 % - 140 %                                                 18 % loading

In view of the above next year premium for renewal will be as under depending on claim ratio.

Sum Assured               Minimum                      Maximum

For Rs 3 Lakhs      Rs. 2958 plus taxes     Rs 5817 plus taxes

For Rs 4 lakhs       Rs. 3948 plus taxes     Rs.7756 plus taxes

AIBRF has written a letter to the Chairman, Insurance Regulatory & Development Authority India (IRDAI) regarding grievances of retirees against the insurance company which has issued mediclaim policy (under IBA scheme).

Click here to view the letter to IRDAI

Click here to view the master policy issued by insurance company

Source:AIBRF Website