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 10th
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 1st 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 10th 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 1st
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 1st 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 10th 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:
QUOTE
“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.”
UNQUOTE
My choice is to stick on to the basic policy which is existing, based i=on my experience. R.Srinivasan, Retd.Asst.Manager-PNB.
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