Wednesday, December 7, 2016

Extension for joining - IBA mediclaim scheme for the retirees for the year 2016-17

One more opportunity is being offered to the following categories of the retirees to join the IBA Mediclaim Retirees scheme.
1. Bank employees who have retired in 2015-16. (Between 1st Oct 2015-30th Sep 2016) and were covered under expiring employee's policy.
2. Retiree's who were covered under expiring retirees policy, but could not renew by remitting the premium in time.

The insurance premium and period will be with the following modalities as below:
1. Retirees would be covered from 16th Dec 2016 to 31st Oct 2017. Retiree has to pay the FULL premium as mentioned below

Premium for joining the scheme is as under
Option I: Normal Renewal on As Is Basis (Without Domiciliary cover)
For Retired Officers (Sum Insured of Rs. 4,00,000)       : Rs. 13,935 Plus Service Tax @15% = Rs. 16,025/-
For Retired Award Staff (Sum Insured of Rs. 3,00,000) :  Rs. 10,452 Plus Service Tax @15% = Rs. 12,020/-
Option II: With Domiciliary Expenses Benefits Option ( 59 diseases as per Employees Policy).
For Retired Officers - Domiciliary Cover of Rs. 40,000 with overall Sum Insured of Rs. 4,00,000.
For Retired Award staff - Domiciliary Cover of Rs. 30,000 with overall Sum Insured of Rs. 3,00,000.
For Retired Officers         : Rs. 17,400 Plus Service Tax @15% = Rs. 20,010/-
For Retired Award Staff   :  Rs. 13,000 Plus Service Tax @15% = Rs. 14,950/-

Dena Bank and Bank of India has already issued circular in this regard.

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