Retiree's Space
Last Date for payment of renewal Premium is 10.10.2025
As you are aware the current IBA Group Medical Insurance policy for Bank Retirees is expiring on 31/10/2025. 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 Policy Premium Rates
- Base Rate with GST
| Sum Insured | Family Floater | Single Person |
| Rs 3,00,000
(Only for Award Staff) | Rs. 31861.18 | Rs. 28675.18 |
| Rs 4,00,000 (Only for Award Staff) | Rs. 36581.18 | Rs. 34516.18 |
| 525000 (Only for Scale I to Scale 5) | Rs. 47472.58 | Rs. 43873.58 |
| 525000 (Scale 6 and above) | Rs. 47472.58 | Rs. 43873.58 |
| 700000 (only for Scale 6 and above) | Rs. 70801.18 | Rs. 56641.18 |
The Top Up Policy gives additional sum insured (over and above the sum insured under base policy) and the requisite premium is mentioned below:
Top-Up Rates with GST : 2025-26 for Retired Employees.
| | Top Up Premium Rates with GST | |
| Top Up Sum Insured | Family Floater | Single Person |
| Rs. 1,00,000 (Award Staff/Officer) | Rs. 14,751.18 | Rs. 12,532.78 |
| Rs. 2,00,000 (Award Staff/Officer) | Rs. 23,601.18 | Rs. 20,061.18 |
| Rs. 3,00,000 (Award Staff/Officer) | Rs. 34,575.18 | Rs. 29,383.18 |
| Rs. 4,00,000 (Award Staff/Officer) | Rs. 46,021.18 | Rs. 36,817.18 |
The salient features with Amendments in the IBA Group Medical Insurance Policy coverage for the year 2025-26 are as under:
- The upper cap for Cataract treatment shall be ? 40,000/- per eye.
- Hormonal therapy for cancer and Immunotherapy for non-cancer are included under daycare.
- Expenses on oral chemotherapy for treatment of cancer shall be payable with or without hospitalization.
- Robotic surgery shall be considered in cases where the medical condition of the patient warrants such treatment, which needs to be certified by the treating doctor/surgeon.
- Mentally/physically challenged Dependent family members can be included by way of add-on. Additional Premium for the same is to be paid by the Retiree.
- Definition of Physically and Mentally Challenged/ Disabled dependent family members will be strictly as per The Right of Persons with Disabilities Act, 2016 and The Mental Healthcare Act, 2017 and subsequent modifications / additions to the list in the Act. Disability for the purpose of insurance coverage means a person with not less than 40% of a specified disability as per the Act, where specified disability has not been defined in measurable terms and includes an Insured Person with disability where specified disability has not been defined in measurable terms, as Certified by the Medical Board appointed by the Government for certifying Disability.
- Retirees’ who have not subscribed to the 2024-25 IBA Group Health Insurance Policies, will be allowed to join the Policy for the year 2025-26.
- Retirees' Policies are ‘Without Domiciliary’ Benefit Cover.
- The Sum Insured for :
- Award Staff shall have an option to choose a Sum Insured of ? 3.00 lakh or ? 4.00 lakh.
- Officers retired in Scale 1 to V shall have a fixed Sum Insured of ?5.25 lakh.
- Officers retired in Scale VI and above shall have the option to choose a Sum Insured (SI) of ?5.25 lakh or ?7.00 lakh.
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Top up facility is available to the retired employees, as an additional Insurance Coverage beyond the regular Sum Insured, on payment of extra premium.
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The Top up policy commences w.e.f 01.11.2025 and the period will be identical to the main policy period i.e expiry date will be 31.10.2026.
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In case of claim, the base policy will be triggered first and only after if, the Sum Insured of the base policy is exhausted, the Top Up policy will be activated.
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NIC informed us that no extended window will be allowed for enrollment under Retiree Base and Top-Up Policy 2025-26.
Retired employee can opt for policy as:
- Retired employee with spouse: 2 lives insured.
- Single
Person (1 life insured) is defined as any one of the following.
- Where retiree does not have surviving spouse
- Where retiree survived by spouse (Retiree has passed away).
- Where retiree does not require the insurance cover for the spouse.
- Mentally/physically challenged Dependent family members can be included by way of add-on.
- Dhanlaxmi Bank extends financial assistance through
Detailed premium rates, for retired employees for Base and Top Up Policies are given in the separate attachment.
Please submit the consent for renewal of the policy by choosing the relevant option in the option letter attached before 10/10/2025. 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 13/10/2025.
Please feel free to contact 0487-7107583 for queries if any.
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
