Thursday, October 1, 2015

Medical Insurance Policy for Pensioners and retirees!!

As received.........
Details of a Meeting organised by AIBOA - Maharastra (BankPensioner forum) :
Attended a meeting organised by AIBOA (Maharashtra) to discuss the health insurance scheme for retiree employees . The gathering of retired employees was addressed by:
1. Shri Hariharan, DGM , United India Insurance, HO, CHENNAI
2. Shri Manek Dastoor of Dastoor & Co., advisors to IBA.

Take-aways from the discussions included:
1. The scheme is to be implemented from 01.11.2015.
2. Even though the banks have stipulated cut-off date for exercising option, a time window of 90 days (from the date of implementation) will be available for a retiree to exercise his option in case he failed to do so within the cut-off date.
3. Once an employee opts out of the scheme, he/she will not be eligible to be covered under the scheme.

4. Spouse of a deceased retiree is eligible to be covered under the scheme.
5. Even though the scheme talks of "dependent" spouse, it was clarified that there is no income restrictions. Spouse is covered.
6. Sum assured cannot be increased by individuals.
7. In case the retiree expires, the spouse will be eligible for coverage under the scheme till his/her death.
8. All types of retirees are covered under the scheme.
9. Pre-existing diseases are covered.
10. In case both husband and wife are in the bank(s), both can opt for the scheme. For each of them coverage will be for the spouse also. Total coverage for the two together
will be the sum of their eligible coverage.(if both are officers, total cover will be Rs 8 lacs.
11. No age limit for being eligible for the scheme.

1 comment:

Vijay Mahajan said...

Primium of Rs7500 forsum ensured four lac is very high ascompare to Mediclaim policy of National Insurance Co.which is Rs5906 it's not clear that premium am. is either fixed or varies from time to time,which is burden on the individual bank pensioner
The group insurance premium am.should be paid from the bank welfare fund by giving relief to the retirees as per 10th bps note