Super Top Up Policy for Retirees & Renewal of Basic Policy for 2017-2018 - AIBRF circular

We reproduce below the circular issued by AIBRF

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Ref:2017/97                                                           Date: 19.09.2017

          The office Bearers/ Central Committee Members/ State Body Chiefs

    A.I.B.R.F

     Dear Comrades,

                         Re: Super Top Up Policy for Retirees &

                               Renewal of Basic Policy for 2017-2018

We request you to refer our circular no. 2017/91 dated 28.08.2017 advising detailed procedure to be followed and terms and conditions thereof  for obtaining AIBRF New India  Super Top Up Policy.  

2. We are pleased to inform you that we have been advised by New India Assurance Company Limited through Pragmatic Insurance Broking Pvt, Limited that on review of the matter, it has decided to increase the amount of sum insured under AIBRF New India Super Top Policy as under for the year 2017-2018.

(a)        For Retired Officer from Rs. 4 lakhs to Rs. 6 lakhs

(b)        For Retired Award Staff from Rs. 3 lakhs to Rs. 5 lakhs.

    Premium amount will remain the same  as advised earlier:

(a)        For Retired Officer Staff ( Sum Insured Rs. 6 lakhs) Rs. 3806 inclusive of GST.

(b)        For Retired Award Staff ( Sum Insured Rs. 5 lakhs) Rs  3511 inclusive of GST.

   

    Further we have been advised that the insurance company has agreed  to offer discount of Rs. 300 to family pensioners and pensioners who have lost their spouses who take policy on single basis. For above category, insurance premium will be as under

(a)        Retired Officer Staff on single basis ( Sum Insured Rs. 6 lakhs) Rs. 2925 + GST Rs. 527  Total Rs. 3452

(b)        Retied Award staff on single basis ( Sum Assured Rs. 5 lakhs ) Rs. 2675 + GST Rs. 478   Total Rs. 3157.

Last Date for submission has been extended to 10.10.2017. However the condition that policy will become operative when minimum 10000 proposals are received by above date remain unchanged.

O3.    We have also been informed that same proposal forms can be used for availing Super Top policy for enhanced amount as above

 and amount of sum assured can be suitably altered while filing the forms. Proposal forms already sent will remain valid and excess amount  in case of single basis will be refunded after encashment of the cheque.

04.With the above improvements made in AIBRF New India Super Top Up Policy by New India Insurance Company which is the largest insurance company of the country and having record of  highest claim settlement ratio, Super Top policy has become very attractive and favourable for the retirees .

05. You will kindly appreciate that because of initiatives taken by AIBRF to deal the matter, entire scenario of group medical insurance  has undergone for qualitative change for retirees. Now retirees can enjoy very healthy cover of Rs. 10 lakhs/ 8 lakhs for their treatment. We are happy to note that because of steps taken by AIBRF , United India Insurance Company has started responding quickly and positively on group insurance issues.

UNITED INDIA INSURANCE COMPANY  RENEWAL OFFER AND SUPER TOPUP POLICY

We find that as per the communication issued by United India Insurance Company addressed to IBA, it has agreed to renew group insurance medical policy for 2017-2018 ( without domiciliary benefit) on the same premium as applicable  last year except some increase due to new tax rates. Details are as under.

(a)        Retired Award Staff (sum insured Rs. 3 lakhs) Rs. 12333 including taxes

(b)        Retired Officer Staff ( sum insured Rs. 4 lakhs ) Rs. 16443

However UIICL has made steep increase in premium amount for renewal of policy with domiciliary benefit up to 10 per cent of sum insured. Details are as under:

(a)        Retired Award staff ( Sum insured Rs. 3 lakhs.) Rs. 27750/- including taxes.

(b)        Retired Officer staff ( Sum insured Rs. 4 lakhs ) Rs. 36998.

The Company has also announced that (a) it will open the policy for retirees without domiciliary benefit  who have not opted for it in the past (b) Retirees who have availed domiciliary facility will be allowed to switch for non-domiciliary policy (c) Those retired during 2016-2017 will have option to join the scheme with or without domiciliary benefits.

The company has announced launching of Super Top Policy for retirees on the same terms and conditions as applicable to the basic policy. Details of premium are as under:

(a)        Retired Award staff: ( Sum Insured Rs. 4 lakhs) Premium Rs. 3511 including taxes.

(b)        Retired officer staff ( Sum Insured Rs. 5 lakhs ) Premium Rs 3806 including taxes.

We now request our affiliates to initiate the following steps in the matter:  

(a)        Approach the bank managements for issue of immediate communications for renewal of insurance policy for 2017-2018.  

(b)        Advise the members  details of renewal as well as super top policy and select the best super top up policy which they find most suitable for them.

We feel that steep increase in renewal premium for renewal of policy with domiciliary benefit is too high and unbearable. To charge about Rs. 20000 extra for benefit of Rs. 40000  makes the whole scheme irrelevant and against the spirit of  insurance scheme. We are taking up the matter with  IBA.

                   With Regards,

                                                                           Yours Sincerely,

                                                            

                                        

                                                                       ( S.C.JAIN)

                                                                GENERAL SECRETARY

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FAQs for Super top up policy by New India for AIBRF

Proposal form for Super top up policy 

Premium for Group Health insurance Policy for the year 2017 -18

 United India Insurance Co Ltd has sent a letter dt 13th Sept'17,to IBA on renewal premium of retirees under Group Health Insurance Policy with/without domiciliary cover as well as premium on Super Top policy for the year 2017-18. Premium rates are as following.

Officer retirees

 without domiciliary cover :Rs.16,443.
  with Domiciliary cover    : Rs.36,998.

Award staff retirees

without domiciliary cover  : Rs.12333.
with Domiciliary cover       : Rs. 27750.


Premium on Super Top Policy 

 Officer retirees        : Rs.3806.

 Award staff retirees : Rs.3511.

One more option will be given to existing  retirees for joining the Retiree Health Policy without domiciliary cover.

For details click on the following  link.
  Click here to view letter by UIIC to IBA

Renewal of Retirees Medical Insurance CBPRO Circular

Circular issued by CBPRO is reproduced below
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No. 016/2017                               Dated: 05.09.2017
To
The General Secretaries, Constituents of CBPRO.
Dear Comrades,
Sub: Renewal of Retirees Medical Insurance.
We refer to our Circular No. 015/2017 Dated 31.08.2017 regarding the above. We reproduce below the E-mail
received by us from K M Dastur Reinsurance Brokers Private Ltd. We also enclose herewith the UIIC letter to
IBA about the Renewal of Retirees Medical Insurance Policy with the same Premium as last year (2016-2017).
However the Premium for Domiciliary treatment will be advised later after the review of the same.
The Super Top-up Policy of additional Rs 400,000 lacs and Rs 500,000 lacs as advised earlier will be available
along with the Renewal of the Policy in November 2017.
We profusely thank Com Prakash Patki, Senior Vice-President AIBPARC for continuously following up the matter
with all concerned authorities including UIIC and with K M Dastur Reinsurance Brokers Private Ltd.
Any further developments in respect of Medical Insurance specially regarding Domiciliary Treatment Premium we
shall advise you.
DETAILS OF MAIL RECEIVED FROM K M DASTUR REINSURANCE BROKERS PVT LTD
QUOTE
‘United India Insurance Co. Ltd., has confirmed that the Renewal Premium for the Retiree Policy without the
domiciliary cover will be the same as per last year. The Premium for the Retiree Policy with the domiciliary
cover will be shared by United India Insurance Co. Ltd., next week after appropriate review.
Premium Quote for Retirees’ without the Domiciliary cover for 2017-18:
Rs.13,935 +18% GST for 4 lac SI
Rs.10,452+18% GST for 3 lacs SI
United India Insurance Co. Ltd., has agreed that the premium for the Super-top up policy for the retirees will be
collected along with the renewal premium of the basic policy without any requirement of a separate form.
The premium of the Super Top Up Policy is as per the below table.

 
Best Regards,
Maneck H. Dastur.
+919820044153
K. M. Dastur Reinsurance Brokers Pvt. Ltd.
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With regards
Yours comradely,
A Ramesh Babu K V Acharya,
Joint Conveners (CBPRO) 

Unquote 

United India Insurance Company Super Top-up Policy for Bank Retirees - CBPRO circular

Circular issued by CBPRO is reproduced below

Quote 

Circular 015/2017                                                             Dated 31.08.2017

Dear Comrades

Sub: United India Insurance Company Super Top-up Policy for Bank Retirees

We are pleased to advise our Bank Retiree Comrades that after detailed discussions the United India Insurance Company, who have  presently given the basic Mediclaim Insurance Policy to the Bank Pensioners and Retirees consequent to 10^th Bipartite Settlement which was concluded in 2015,  have now offered a Super Top-up Policy over and above the Basic Mediclaim Policy.

The salient features of the offer from the United India Insurance Company are as under:

1.    The Basic Policy for Award staff and Supervisory staff is Rs. 300,000 and Rs. 400,000 respectively.

2.    The Super Top-up Policy for Award staff and Supervisory staff will be Rs. 400,000 and Rs. 500,000 respectively.

3.    The eligibility for domiciliary treatment shall be 10% of the Basic Policy only.

4.    There shall not be any domiciliary treatment reimbursement under the Super Top-up Policy.

5.    The Super Top-up Policy will be operative from 1^st November, 2017 coinciding with the renewal of the present Mediclaim Policy.

6.    The Premium on the Basic policy and Super Top-up Policy is payable by the concerned Pensioner/Retiree/ Insurer.

7.    The Insurance Premium payable on the Super Top-up Policy is as under:

a.    For Rs. 400,000 Super Top-up Policy the premium shall be Rs. 2,975 plus GST.

b.    For Rs. 500,000 Super Top-up Policy the premium shall be Rs. 3,225 plus GST.

We are expecting a communication from the IBA very shortly.  However we have received communication from M/s K M Dastur Reinsurance Brokers Pvt. Ltd giving details of the offer of United India Insurance Company which we are reproducing hereunder.  They have also written to the Member Banks of IBA of their offer which has been forwarded to us by them.  We request our comrades to go through the contents carefully and decide about their option.

We have come across another kind of Super Top-up Policy offered by New India Assurance Company Ltd. retaining the Basic Policy of United India Insurance Company.  At the outset we do not want to get into any competition in regard to the offers of two Public Sector Insurance Companies.  We also do not want to make any comments about the efficiency or otherwise of the United India Insurance Company or the promised efficiency of service from the New India Assurance Company Ltd. as the scope for grievances is always there in any kind of arrangement.

As a responsible Organisation we will only strive to give higher coverage of Super Top-up Policy as offered by United India Insurance Company and especially when the premium for the Super Top-up Policy is almost the same as offered by New India Assurance Company Ltd. excepting that the Super Top-up Policy by United India Insurance Company is for the higher amount i.e.  Rs.400,000 and Rs. 500,000.

We are also of the opinion that it is better to have the Super Top-up policy form United India Insurance Company with whom we are having the basic policy for better administration and settlement of claims.  Additionally United India Insurance Company has been part of the Mediclaim Insurance Policy floated by the IBA during the 10^th Bipartite Settlement which is known as IBA’s Retirees Policy.

We urge upon our members not to unduly hurry up in regard to the option of Top-up policy as the renewal is due from November 2017 only and further detailed communication is likely to come from IBA in a matter of few days.  The IBA has already advised about the renewal of the Mediclaim Policy and the premium for the serving employees and officers which is due from 1^st October, 2017.  There is no need to go for option right now and no need to panic as there is sufficient time to give our options to a much better and higher offer from the United India Insurance Company with whom we are having the basic policy.

We request our comrades to wait for our further communications in this matter.

With regards,

Yours Comradely,

         

 A.Ramesh Babu                        K.V.Acharya

           

               Joint Conveners

The exact contents of the mail received by us from K M Dastur Reinsurance Brokers Pvt Ltd. on 31.08.2017

Thank you for your mail.

We have got  a sanction from United India Insurance Co. Ltd., for the Super Top Up Policy as informed to all the Banks, the Union Associations and IBA. We have informed to IBA and they are happy about the proposal. We are marking a copy of this mail to IBA and United India Insurance Co. Ltd.

In the policy confirmed by United India Insurance Co Ltd.

1.    The extra coverage under the Super Top Up Policy is Rs. 100,000 more than the one proposed by New India Assurance Co Ltd.

2.    This Super Top-up Policy will be seamless and can be availed by the Retirees with the basic policy just by informing their Bank at the time of the renewal of the basic policy as of 1^st November 2017 to debit the extra premium payable on the Super Top Up Policy.

3.    The claim process too will be seamless as the same TPA will be settling the claim and all the Retirees would have to do is to inform the TPA of the Super Top Up Policy number too when a claim is lodged.

4.    The TPA will be the same.

5.    There is no minimum number of Retirees essential for the policy to commence, hence the Retirees are ensured of the coverage the moment they apply for the same together with their basic policy.

6.    There is a mention of SBI policy through United, where we are not involved. It is being done by Ms. Anand Rathi Insurance Brokers Pvt. Ltd. and they have no connection with us in any matter.

7.    We at K M Dastur have worked on structuring this IBA  policy for three and a half years and are happy to inform that we were also involved in drafting the medical portion of the 10^th Bipartite Settlement and our name is mentioned in the Mapping of the Medical Scheme under the same. We are also members for the claim rejection committee and with this experience we assure you of a better implementation of the IBA Medical Scheme in the days to come.

We give you the details of the Super Top Up Policy as below:

Pleased to inform that after protracted negotiation with United India Insurance Co. Ltd they have agreed to offer Super Top Up Policy to the IBA retirees.

Please note that domiciliary claims will not be paid by the Super Top Up Cover.

How does the Super Top Up work.

Super Top Up Policy will be in addition to the limit of the basic IBA Policy.

To illustrate below our claim example:

For a 3 lakh basic IBA Policy, the Super Top Up Policy is for a Sum Insured of Rs. 400,000.

If there is a claim up to 3 lakhs there would be no claim under the Super Top Up Policy.

In case there is claim for 6 lakhs then 3 lakh would be paid from the basic policy and another 3 lakh from the 4 lakh Super Top Up Policy.

If there is a further claim within the same year and the basic IBA policy is exhausted the balance will be paid from the Super Top Up Policy.

Similarly, For a 4 lakh basic IBA Policy, the Super Top Up Policy is for a Sum Insured of Rs. 500,000.

The Rs. 3 lakh basic Policy becomes Rs. 700,000 after the Super Top Up Extension. (Basic Sum Insured Rs. 3 lakhs + Super Top Up Sum Insured Rs. 4 lakhs = Rs. 700,000)

Similarly the Rs. 4 Lakh basic Policy becomes Rs. 900,000 after the Super Top Up Extension. (Basic Sum Insured Rs. 4 lakhs + Super Top Up Sum Insured Rs. 5 lakhs = Rs. 900,000)

Sum Insured’s of the two New Super Top Up Policies		Threshold i.e. the Sum Insured under the main Policy after which the Super Top Up Policy will trigger	Premium excluding GST
	Rs.	Rs.	Rs.
1	4,00,000	3,00,000	2,975
2	5,00,000	4,00,000	3,225

If you need any further clarifications please do contact us

Best Regards,

Maneck H Dastur

K. M. Dastur Reinsurance Brokers Pvt. Ltd.

                                                              

On seeking our clarification from K M Dastur Reinsurance Brokers Pvt Ltd on utilisation of TOP-up Policy they responded as:

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“We refer to the telephonic discussion with Mr. Acharya and confirm that if the claim is of Rs. 3 Lakhs under the 3 lakh policy then the claim would be totally paid by the basic 3 lakh policy and there would be no need for the Super Top Up Policy. In case the claim amount exceeds the 3 lakh Sum Insured under the basic policy then the claim under the Super Top Up Policy would trigger.”

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