Bank retirees may have to pay more for renewal of mediclaim policy with domiciliary cover

Premium for mediclaim policies with domiciliary benefits for bank retirees may go up when renewal is due in November this year.

The existing mediclaim insurance policy for retired employees and officers will end on October 10, 2017, and has to be renewed from November 1, 2017.

‘TREND OF CLAIMS’

A communication to this effect has been conveyed to the Indian Banks’ Association (IBA) by United India Insurance, said C.H. Venkatachalam, General Secretary, All India Bank Employees' Association.

The insurance company has arrived at a decision to revise/ enhance the applicable premium based on the trend of claims settled so far as well as the anticipated Incurred Claim Ratio (Table 1).

However, the premium for retirees for policies without domiciliary coverage will not undergo any change and will remain the same as last year (Table 2).

NEW TOP-UP POLICY

United India Insurance has now come up with an additional Super Top-Up policy for retirees, offering Rs 4 lakh for award staff retirees and Rs 5 lakh for officer retirees.

The additional coverage under the top-up policy would be without domiciliary coverage. It will commence from November 1, 2017, and coincide with the renewal of the main policy.

The premium (Table 3) should be paid along with the payment of the premium for the main policy. Third Party Administrators would be the same as the ones dealing with the main policy.

Since the additional premium sum assured is substantial compared to the reasonable additional premium payable, Venkatachalam expected that the retirees would welcome this and get covered accordingly.