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The managing committee of the Indian Banks' Association (IBA) has approved a proposal for renewal of the group medical insurance scheme for award staff and officers.
The renewed policy with United India Insurance will be effective for another one year from October 1, 2017 to September 30, 2018 on the existing terms and conditions and without an increase in base premium.
This was stated in a communication from the Human Resources and Industrial Relations Department of IBA to chief executives of member banks, which are parties to the 10th bipartite settlement /joint note dated May 25, 2015.
This was after United India Insurance agreed to the proposal after taking into consideration the expected incurred claims ratio (ICR) as on September 30, 2017, which would be around 107 per cent.
The public sector insurer would renew the group medical insurance policy for employees, which is expiring on September 30, 2017 on existing terms and conditions without increasing base premium.
As such, the premium for renewal of employees would be as under:
Award staff: Sum insured - Rs 3 lakh; premium without GST - Rs 10,452; GST@18 per cent - Rs 1,881; gross premium payable per family (inclusive of GST) - Rs 12,333.
Officers: Sum insured - Rs 4 lakh; premium without GST - Rs 13,935; GST@18 per cent - Rs 2,508; gross premium payable per family (inclusive of GST) - Rs 16,443.
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