Implementation of Medical Insurance scheme to Bank Retirees – IBA Circular
Indian Banks’ Association
HR & INDUSTRIAL RELATIONS
No CIR/HR&IR/2015-16/XBPS/J/1413
October 1, 2015
No CIR/HR&IR/2015-16/XBPS/J/1413
October 1, 2015
To,
All Member Banks which are parties to the Bipartite Discussions
All Member Banks which are parties to the Bipartite Discussions
Dear Sir/ Madam,
Implementation of Medical Insurance scheme to Retirees as agreed vide Bipartite Settlement/ Joint Note Dated 25th May, 2015
We refer to our letter No
CIR/HR&IR/2015-16/XBPS/961 dated the 29th June, 2015 in terms of
which the member Banks parties to the Bipartite Discussions were advised
that the medical Insurance Scheme will be extended to the existing
retirees also, subject to payment of the agreed Insurance Premium by
them. It was also advised to bring to the notice of the existing
retirees, the contents of the said scheme and obtain their consent as to
whether they are willing to join the Scheme and on receipt of their
consent, the details were to be provided to the Lead Insurer i.e. United
India Insurance Co. Ltd. appointed by IBA for the purpose.
2. We have been advised by M/s K.M.
Dastur Reinsurance Brokers duly authorized by the Lead Insurance Company
to collect the employees as well as retirees data from the Banks, that
while the employees data has been received by them from the Banks, the
retirees data is yet to be provided by the Banks to them. As such, the
United India Insurance Co. Ltd. has calculated the premium in respect of
the employees of the concerned Banks and has demanded to remit the
premium accordingly to them so that Mediclaim Policy in respect of
employees may be implemented preferably from 1st October, 2015.
3. In this connection, we advise that a
separate Mediclaim Policy in respect of retirees will be issued on
similar terms and conditions as is applicable to serving employees, once
the data is provided by the Banks to United India Insurance Co. Ltd.
through their authorized broker M/s K.M Dastur Reinsurance Brokers and
Insurance Premium is remitted to the Insurance Co. The Insurance Premium
for retirees is also same as is for serving Employees which is as under
:
4. Participating Banks are therefore
requested to obtain the consent of the retirees expeditiously and
provide the details on prescribed format to M/s K.M Dastur Reinsurance
Brokers to enable the Insurance Co. to calculate the Insurance Premium
in respect of retirees of the concerned banks accordingly. To make the
Mediclaim Insurance Policy operational w.e.f. 1st November, 2015 for
retirees, it is suggested to inform the retirees to give their consent
for joining the Scheme latest by 25th October, 2015. We have requested
to Lead Insurer to allow a grace period of three months to such retirees
who could not give their consent by stipulated date as suggested above
to join the Scheme after Mediclaim Policy is made operational. In
exceptional circumstances, to the satisfaction of the concerned Bank,
the request of the retirees may be considered to join the scheme during
the currency of the Policy. The Insurance company has agreed for the
same.
5. It is pertinent to mention that
United India Insurance Co. Ltd conducted workshops in the month of July
in Mumbai, Delhi, Chennai and Bengaluru covering representatives from
all participating Banks to disseminate the salient features of the
Policy, benefits available to the employees/ retirees and to clear the
doubts/queries raised by the participants.
6. Please, therefore, make all out
efforts to operationalize. the MediclaimPolicy for retirees preferably
from 1st November, 2015
Yours faithfully,
sd/-
K.Unnikrishnan
Deputy Chief Executive
Authority: www.iba.org.in
