Circular issued by AIBRF on the above subject is reproduced below.
Quote
Ref:2017/78
Date: 15.07.2017
The
office Bearers/ Central Committee Members/ State Body Chiefs
A.I.B.R.F
Dear
Comrades,
Re:
Launching of Super Top Med claim Insurance Policy
designed by New India Assu. Co. Ltd For
Bank Retirees
As
all of you are aware, Indian Bank Association had introduced Group
Med Claim Insurance Policy designed by United India Insurance
Company for bank retirees with effect from 1st November,
2015. The policy is in operation in the second year and next
renewal of this group policy is due after about 14 weeks, on 1st
November, 2017
2.
We find that in the scheme of IBA there is no provision for top up
facility for the retirees which is common option given to the insured
by the insurance companies nowadays to meet individual needs.
AIBRF had approached IBA at the time of last renewal to consider
providing option of Top facility to those retirees who need it
and want to go for it. We also pointed out that premium will ultimately
be borne by the retiree so IBA should not have any problem
in this regard and it will be good insurance business for United
India Insurance Company. However, our request in this regard
was not considered favourably. As all of you know, AIBRF/ Retiree
representatives have not been involved at any stage in
designing
or implementing it by IBA despite the fact that entire cost of
premium running in to crores of rupees is borne by the retirees from
their pockets.
3.
We have been receiving continuous several representations from individual
members/ affiliates requesting AIBRF to take initiative in
launching
super top up policy for bank retirees as group to take care
of their future requirement to meet increasing cost of treatment
due to inflation/introduction of new technology in
medical
science and the fact that increased insurance cover will not be
easily available to the retirees subsequently at the advancing age.
4.
Considering the above genuine requirement of our membership for
effective health management in coming days, AIBRF took steps to
approach insurance companies to design top up scheme for bank retiree
group which is suitable to them and in conformity to the terms
and conditions of the basic policy of United India Insurance Co.
Ltd. We gave the following mandate to the broking firm to consider
them and invariably include them in the final product. (a) Term and Conditions
of the Super Top policy should be 100 per
cent
identical to the basic policy of United India Insurance
Company
to make both policies as integrated product for the
retirees
with seamless benefits. In other words, there should
not
be any age bar to join it, all deceases/ illness give in the
basic
policy should be included for claim, claim ratio under
various
heads should be similar to the basic policy.
(b)
There should not be any condition for medical test to join top up policy
(c)
It should be floater family policy to include retiree and his/ her spouse
and widows of deceased retirees.
(d)
Premium should be affordable and reasonable.
5.
We are now happy to inform you that after prolonged
discussions,
exchange of information/ several documents, hard negotiations
with several insurance companies, we have been now able
to finalise the scheme of top up policy for bank retirees with New
India Assurance Company Limited. Main features of the scheme
are as under:
MAIN
FEATURES OF TOP UP POLICY OF NEW INDIA ASSURANCE CO.
(a)New
India Insurance Company is the public sector and largest insurance
player in the country.
(b)
Top up policy designed for bank retirees will have 100 per cent same
terms and conditions and will be completely identical to the basic
policy.
(c)
All bank retirees who are currently members of group insurance policy
of United India Insurance Co. will be eligible to purchase top up
insurance policy with no age bar.
(d)
There will be two slabs for sum insured on the lines of basic policy.
It will be 3 lakhs for award staff retirees and 4 lakhs for officer
staff retirees.
(e)
Premium for top policy will be Rs. 2975 for 3 lakhs limit and Rs.3225
for 4 lakhs limit plus applicable taxes. In other words, premium
will be less than 1 per cent of some insured for top policy.
(f)
Policy will cover only hospitalisation charges with 30 days prehospitalisation and
90 days post hospitalisation expenses on the lines
of basic policy. However domiciliary benefits will not be available
under top up policy.
(g)
The policy will become operative from 1st November,2017
to coincide
with due date for next renewal for basic policy subject to getting
minimum 10000 applications with premium payment before the
date .
(h)
Both the policies put together will give seamless cover of Rs.6/ 8
lakhs to the retiree and spouse at the reasonable premium of about
2.15 per cent of sum insured (about 4 per cent for basic policy
and 0.98 for top up policy). It will be much cheaper compared
to the United India Insurance Company policy given to the retirees
of SBI.
(i)
Insurance of Rs. 6/8 lakhs will take care of all future
eventualities
in the area of health management for senior citizens at
least for next 10 years if not more without any botheration.
(j)
We enclose 3 annexures giving complete details/ background of the
scheme for your information/ information of members.
6.
We find that some of our affiliates have entered arrangements for
top up policy for the members. On-going through terms and conditions
of the policy we find that there are some restrictive clauses
in it like co-pay clause, restrictions on sum assured for major
surgeries etc. putting the retiree in some disadvantageous position
in claim settlement. In this regard proposed policy of New India
Insurance Co. is superior in settlement of claim amount.
7.
We now request our affiliates/ office bearers/ central committee members/
other activists to take the following steps
(a)
Make publicity of the scheme based on enclosed documents among
the primary members
(b)
Meetings can be held at local level to explain the scheme to the membership.
(c)
All affiliates are requested to send their initial estimate on the likely
membership under the scheme before 30th August,
2017.
(d)
Give feedback about the scheme, if any.
8.
We shall issue detailed circular about implementation of the scheme
in coordination of the insurance company after some time.
With
Regards,
Yours
Sincerely,
(
S.C.JAIN)
GENERAL
SECRETARY
Unquote
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