Wednesday, August 30, 2017

Launching of Super Top Med claim Insurance Policy for bank retirees - AIBRF circular

 Circular by AIBRF is reproduced below

Ref:2017/91                                                           Date: 28.08.2017


    The office Bearers/ Central Committee Members/ State Body Chiefs

    Dear Comrades,

                         Re: Launching of Super Top Med claim Insurance
                               Policy designed by New India Assurance. Co. Ltd
                               For Bank Retirees
We request you to refer our circular no. 2017/78 dated 15.07.2017 regarding launching of Super Top Insurance Policy for bank retirees and giving details of the policy.

2. We have since finalised the procedure details of the policy  after holding discussion with the officials of New India Insurance Company/ Pragmatic Insurance Broking Pvt. Ltd. Details are given below

(a)        As advised earlier, bank retirees who have purchased insurance cover from United India Insurance Co. Ltd. Under IBA scheme and opt for renewal for 2017-2018 will be eligible to apply for this Super Top Policy.
(b)        Sum Insured under this scheme will be Rs. 3 lakhs for award staff and Rs. 4 lakhs for officer staff.
(c)        Annual Premium will be as under
For Rs 3 lakhs       Rs 3511 ( inclusive of GST )
For Rs. 4 lakhs      Rs.3806 ( inclusive of GST)
(d)        This policy will be effective from 1st November 2017 to 31st October, 2018.
(e)        Complete details of the scheme is given in the form of  enclosed FAQ ( Frequently Asked Questions).
(f)         Those who desire to buy this Super Top Policy should submit the request in the enclosed proposal form duly filled in.
(g)        All columns should be properly filled. Coloured photo of the self and spouse should be pasted in the given space in the proposal form.
(h)        The following documents should accompany the proposal form(i) one additional photo of  self and spouse & (ii) Copy of health card of United India Insurance Company- Self & Spouse.
(i)         Cheque should be in favour of “ AIBRF New India Super Top up Policy”
(j)         Cheques along with proposal form should be sent at the following address by Speed Post on individual basis or by after activists after collecting from members in one packet:
            Pragmatic Insurance broking Services Pvt. Limited  
            202, Sunshine Avenue, opp. Balaji Traders
            Near Datta Mandir Chowk  Viman Nagar
            Pune- 411014
            Contact Person Cap. Sanjay Moholkar
                                         Mobile No.7738894698
        E-Mail Address:

(k)        On receipt of the cheques, acknowledgement will be sent by SMS to the concerned retiree.
(l)         The following details should be written on the back of the cheques(i) Name of the applicant (ii) Mobile No. (iii) Health Card number of United India Insurance Co.
(m)      The cheques will be encashed only after receipt of targeted number of applications within the stipulated period. In the unlikely event of not achieving the target, the cheques will be returned to the applicants.
(n)        After encashment of cheques and the policy becoming active, health card for Super Top policy will be uploaded on the web site of the insurance company from where members can download and keep on record. In the event of any problem in this regard, you may contact (i) on above address of the insurance broking firm (ii) Central office of AIBRF or (iii) Pune Office of AIBRF- Contact No 9823853653
(o)        Insurance Company will upload names of TPAs ( They will be identical to base policy of United India Insurance Co.), names of network hospitals, format of claim forms for the use of members in case of need shortly.
(p)        Insurance Company/ Broking firm will establish Help Desk for after sale service to the policyholders under the scheme. Details will be advised shortly.  


As advised in our earlier circular, We have been feeling  that some reliable option at reasonable and affordable cost  should be available to the retirees for buying super top up insurance policy in addition to the basic policy of United India Insurance Co.  introduced by IBA in 2015 to meet growing expenses on medical treatment and to avoid risk of not getting additional cover at the later stage in view of advancing age. We made multiple efforts in this regard  by contacting IBA and Unions for introduction of super top up scheme for retirees. We were of the view that bank managements can service such product effectively.  But when no response was coming for long time despite our continuous follow up, we took initiative to launch independent insurance scheme for additional cover. Basically our efforts in this direction  are with the object  to ensure welfare of our members.  


After announcing Super Top up policy of New India  by AIBRF in July 2017, insurance broking firm , K.M. Dastur & CO.  circulated proposal for Super Top policy more or less on similar  terms and conditions with higher cover of Rs. 1 lakh for both the categories. Thereafter we have been receiving several quarries from members that why retirees should not go for K.M. Dastur proposal where higher cover is available or why AIBRF should not persuade New India to enhance cover on the lines of Dastur proposal. In this connection we have to bring following facts for your consideration to enable you to take decision on Super Top policy.

(a)        We find that communication of K.M. Dastur  addressed to Unions and circulated by mail is merely proposal of the broking firm at least as on today. Super Top policy as per the proposal of K.M Dastur  is not readily available today even if somebody wants to opt for it unlike New India scheme which has already been  launched  and retiree can formally apply for it. In our  view, it would not be proper to talk discuss and compare which is not available.
(b)        After circulation of the proposal by K.M Dastur, we wrote to UFBU to ascertain whether they will support it for approval by IBA. There is no formal response to our communication in the matter from UFBU yet. However we understand informally that it is not being not pursued.
(c)        We have contacted IBA officials to ascertain the position from them. We understand that it is not under their active consideration. We have also checked from managements of 3/4  banks who have informally advised that they would launch the scheme only if it is approved by IBA.
(d)        In view of the above facts, there is no certainty that K.M. Dastur proposal would become reality in near future/ within the stipulated time.
(e)        As all of you know,  experience of retirees with K.M. Dastur in handling domiciliary expenses issue during 2015-16 has not been satisfactory.
(f)         We find that United India Insurance Company for renewal of medi-claim policy of Rs 8 lakhs meant for SBI retirees is charging premium of around Rs. 42000 for the year 2017 against total cost in our case for Rs. 8 lakhs will be in the region of Rs 20000 to 21500.
(g)        We have discussed K.M. Dastur proposal with New India Officials with the request to review terms and conditions of their scheme. However they have expressed their inability to do so at this stage as they feel that the premium quoted by them is very reasonable considering attractive terms and conditions offered and high claim ratio in basic policy. They have pointed out that otherwise also medi-claim business is
  not profitable for insurance sector and their policy is to ensure stability in premium in future instead of giving concession in first year and then heavy increase in  premium in subsequent years.

5. Considering the above we feel it is reasonable proposal for those who want to go for super top policy. Our affiliates and members are requested to consider the above facts and take informed decision.

6.  We have since been informed by the following affiliates the number of retirees who have expressed their interest in Super Top policy of New India

1.   Canara Bank Retirees Ass.                                   1886 Retirees
2.   Allahabad Bank Retirees Ass.                              1240 Retirees
3.   Bank of India Retirees Ass.                                 2100  Retirees

7. Other affiliates are requested to take effective steps to implement the scheme and advise the figures of interested members at the earliest.

                   With Regards,
                                                                           Yours Sincerely,

                                                                       ( S.C.JAIN)
                                                                GENERAL SECRETARY


1 comment:

  1. My experience is unless there is coverage for Domissilary Services, the scheme is waste as many Retirees may not be in a position to utilise the benefit as the claim is allowed under the compulsory hospitalization condition. At least now who ever is really spending on medicines and other services are utilising the facility under Domissilary Servieces are covered.I am not willing to opt for the new scheme.