Retiree's Space

Renewal of Group Medical Insurance Policy for Bank Retirees for the period 01-11-2023 to 31-10-2024

As you are aware the current IBA Group Medical Insurance policy for Bank Retirees is expiring on 31/10/2023.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 DomiciliaryRetirees with Domiciliary
Sum InsuredFamily FloaterSingle PersonFamily FloaterSingle Person

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 Rates : 2023-24 for Retired Employees.

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

Premium Rates with GST (Without Domiciliary)Premium Rates with GST (With Domiciliary)
Top Up Sum InsuredFamily FloaterSingle PersonFamily FloaterSingle Person
20000050919 34371 89798 60614
30000058014 39159 146851 99125
40000060860 41081 195644 132060
50000070078 47303 231457156234
60000077130 52063 258998174824
70000080684 54462 287708194203
80000087070 58772 319945215964
90000093456 63083 353351
1000000101966 68828 365505246717

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

1. As per the expiring terms and conditions, domiciliary treatment will remain 10% of Base policy Sum Insured opted even for those who opted Single Person rate.

2. Domiciliary treatment are not covered under Top up policy, as per the conditions of previous years' policies.

3. As per request received from IBA, separate rates were given for Single person i.e.,
either of the below mentioned cases: -

  1. Retiree without Spouse (unmarried, legally separated and divorced)
  2. Surviving Spouse (Family Pensioner)

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

  1. For Base Policy of Sum Insured 2 Lacs: Room Rent/ICU Rent per day will be as per joint note of IBA Dated 19/07/2023.
  2. For Base policy + top up policy with Sum Insured ranging from Rs. 3 lacs to 12 lacs (i.e. Base policy of Rs 2 lacs + top up of Rs 1 lac to Rs 10 Lacs): Room rent per day shall be payable up to Rs.5000/- and ICU charges up to Rs.7500/-

4. Retirees who are not covered under expiring Retiree’s policy 2022-23 ONLY, can be covered under Retiree’s policy 2023-24.

5. Retirees can opt with/without domiciliary option in Retiree’s policy 2023-24 irrespective of option they have chosen in last year policy 2022-23.

6. Retirees who are not covered under Top up policy 2022-23, can avail Top up policy for 2023-24.

7. Top up policy and super top policy are same.

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 21/10/2023. 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 21/10/2023.

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
Phone : 91-487-7107100

Click here to download Life Certificate form