IBA's Group Mediclaim Policy for Retirees - Renewal for 2018-19

IBA's  Group Mediclaim Policy for Retirees   

IBA's  Group Mediclaim Policy for Retirees is due for renewal w.e.f. 1st Nov’2018. United India Insurance Co. Ltd. (UIIC) vide letter dated 02.07.2018 had demanded the following premium for renewal of the mediclaim policy.

Premium Quote for Retirees (Without Domiciliary)

Category	Sum Assured (Rs.)	Premium 2017-18 Including GST	Premium 2018-19 Including GST
Award Staff	3,00.000	12333	25928
Officer	4,00,000	16443	34568

Premium Quote for Retirees (With Domiciliary cover upto 10% of the Sum Assured)

Category	Sum Assured (Rs,)	Premium 2017-18 Including GST	Premium 2018-19 Including GST
Award Staff	3,00,000	27750	67721
Officer	4,00,000	36998	90289

First of all the premium quoted for With Domiciliary cover upto 10% of the Sum Assured are quite illogical. Award staff will have to pay Rs,41793.00 for domiciliary cover of Rs.30000.00 and similarly Officer Staff will have to pay Rs.55721.00 for domiciliary cover of Rs.40000.00.

So the policy with domiciliary cover upto 10% of the Sum Assured is just out of question.

Now comes the point as to what  options /alternatives are available, for the reduction of the cost of the mediclaim policy, to the retirees, with particular reference to the retirees of Punjab National Bank.

Option 1.  Usually Co - pay policies , where  the insurance company pays 80% or 90% of the claim amount. For PNB retirees , we can opt for 20% co - pay policy, as the balance 20% will be available to the PNB retiree from  PNB Contributory Hospitalization Scheme for Retired Employees. This co - pay clause  will reduce the premium by approximately 20%..In case some retirees are not member of  PNB Contributory Hospitalization Scheme for Retired Employees,one time window for membership of the scheme can be provided.

Option 2.  Usually heavy expenditure is incurred in the critical illnesses, so we can opt for critical illness policy, which are usually cheaper than comprehensive policies. As far as other ailments are concerned, they are already covered under  PNB Contributory Hospitalization Scheme for Retired Employees. Bank can be requested to increase the yearly claim limit from Rs one lakh to Rs. two lakh and similarly to increase lifetime claim limit from Rs, four lakh to Rs. eight lakh , though with suitable increase in the one time contribution , which is presently Rs. five thousand.

Option 3.  Recently SBI vide circular dated 6th Aug’2018 had introduced , SBI Retired Employees Medical Benefit Scheme (REMBS),for its retired employees. Punjab National Bank can consider a similar scheme for its retired employees, which will be a great relief for the retirees of Punjab National Bank.

Option 4.  Retiree’s organizations / bank can explore the possibility to port the mediclaim policy of the retirees  from IBA's  Group Mediclaim Policy for Retirees  to PNB –Oriental Royal Mediclaim Policy. The premium under this policy ( PNB –Oriental Royal Mediclaim Policy) since revised w.e.f. 1st Jan’2018 are as under.(For the age group 61 and above)

Sum Assured	Annual Premium without GST	Premium + GST
Rs. 3,00,000	11962	14115
Rs. 4,00,000	14902	17584
Rs. 5,00,000	16599	19587
Rs. 10,00.000	24018	28341

As retirees are covered under IBA's  Group Mediclaim Policy for Retirees for last three years, I think pre-existing diseases will  also be covered under PNB –Oriental Royal Mediclaim Policy while porting of the mediclaim policy