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Renewal of Group Medical Insurance Policy for Bank Retirees for the period 01-11-2021 to 31-10-2022

As you are aware the current IBA Group Medical Insurance policy for Bank Retirees is expiring on 31/10/2021.IBA has now shared the under mentioned graded Sum Assurance quotes for retirees’ policies, received from the LI bidder National Insurance Co Ltd ( NIC).

Base Rate

Rate with GST
Retirees without Domiciliary Retirees with Domiciliary
Sum Insured Family Floater Single Person Family Floater Single Person

4,00,000

43249

28112

86042

55927

3,00,000

33884

22025

65107

42319

2,00,000

22025

14316

45213

29388

1,00,000

15248

9911

27024

17566

The Super Top Up Policy gives additional sum insured (over and above the sum insured under base policy) and the requisite premium is mentioned below:

Super Top-Up Policy

The Super Top Up Policy gives additional sum insured (over and above the sum insured under base policy) and the requisite premium is mentioned below:

Rate with GST
Sum Insured Family Floater Single Person

500000

11601

7540

400000

8817

5731

300000

7449

4842

200000

5932

3856

100000

3724

2421



Please note following conditions before opting Base and Super Top Up Sum Insured:

1. Award Staff can not opt for 4 lacs Sum Insured in base policy. Award staff can choose Sum Insured in the range of 1 lac to 3 lacs. However, Officers can opt for any Sum Insured from 1 lacs to 4 lacs in Base policy.

2. Super Top up policy is only available to Retirees who opt 3 lacs and 4 lacs Sum Insured in Base Retirees Policy. Award Staff can opt for 1 lac to 4 lacs Sum Insured in Super Top Up Policy. For retiree Officers the threshold limit for availing top-up cover remains Rs. 4 Lac base SI, as in the policy of 2020-21. Top up option is not available for those retiree officers who opt for base sum insured of Rs. 3 lacs or less. The retiree officers who opt Rs. 4 lacs Sum Insured in base policy , can avail upto Rs. 5 lacs SI in Super Top policy

4. Domiciliary expenses are not covered under Super Top Up policy.

5. Separate rates are given for single person i.e., either of the below mentioned cases:-:-
a) Retiree without Spouse
b) Surviving Spouse (Family Pensioner)

(* If employee and spouse both are alive, family floater premium have to be paid)

6. Retirees who are not covered under expiring Retirees policy 2020-21, can be covered under Retirees policy 2021-22.

7. Retirees can opt with/without domiciliary option in Retirees policy 2021-22 irrespective of option they have chosen in last year policy 2020-21.

8. Retirees who are not covered under Super Top up policy 2020-21, can avail Super Top up policy for 2021-22.

M/s Vidal Health TPA will continue as the TPA for Retirees policy servicing.

Please submit the consent for renewal of the policy by choosing the relevant option viz without domiciliary /with domiciliary cover /disagreement in the option letter attached before 20/10/2021. Please note that if we do not receive your option letter before cutoff date, we will treat your option as not to continue the policy. Please also keep sufficient balance in your account so as to debit the premium and include in the Retirees policy. We shall debit the account on 22/10/2021. The premium

work sheet provided by the Insurer (M/S National Insurance Company Ltd.) is attached herewith. before 21/10/2020. Please note that if we do not receive your option letter before cutoff date, we will treat your option as not to continue the policy. Please also keep sufficient balance in your account so as to debit the premium and include in the Retirees policy. We shall debit the account on 23/10/2020 .


Submission of Life Certificate for Pensioners

Retired Employees, who are drawing monthly pension from the Bank, have to mandatorily submit Life Certificate during the month of November every year. Duly filled up and signed application form shall be submitted to Human Resources Department through branch from where the pension is drawn.

Human Resources Department

Dhanlaxmi Bank Ltd.
Corporate Office
Punkunnam, Thrissur - 680 002
Kerala
Phone : 91-487-7107100

Click here to download Life Certificate form


 

 

 

 

 

 

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