Medical Expenses Reimbursement Insurance Scheme for employees/officers who have retired after 1-10-2015.
Continuation of Medical Expenses Reimbursement Insurance Scheme for employees/officers who have retired after 1-10-2015.
CIRCULAR TO ALL UNITS
8th August, 2016
Reg: Continuation of Medical Expenses Reimbursement Insurance Scheme for employees/officers who have retired after 1-10-2015.
In terms of the 10th Bipartite Settlement and Joint Note on Officers Wage Revision, Banks have introduced the Medical Expenses Reimbursement Insurance Scheme and all employees and officers have been covered by the Scheme from 1-10-2015. Since the Policy commenced from 1st October, 2015, it will end on 30th September, 2016. Our Settlement / Scheme provides that employees/officers who retired during this period will continue to be covered by the policy upto 30-9-2016 and can continue in the Scheme thereafter on payment of the requisite premium.
However, the Insurance Policy for the retirees commenced from 1-11-0215 and comes to an end on 31-10-2015. In order to ensure coverage of the Policy for this interim period of one month ( 1-10-2016 to 31-10-2016), we took up the matter with IBA.
It is informed that United India Insurance Company has clarified to all the Banks that such retirees can continue in the Scheme by remitting one month pro-rata premium amount to cover upto 31-10-2016 and thereafter pay annual premium for future.
Alternatively instead of remitting one month pro-rata premium now and 12 months premium again thereafter, the retirees can also remit 13 months premium now and be covered upto 31-10-2017.
Units are requested to follow up the matter with their respective managements and ensure that retirees are covered by the policy as above.
Clarification from United Insurance Co. to all Banks dt. 18-7-2016
Subject: IBA MEDICAL INSURANCE – COVERAGE FOR EMPLOYEES RETIRED UPTO SEP 2016
With regard to the inclusion of the employees who have retired during the current policy upto Sep 30th, you may collect 1 month pro-rata premium for including them in the current retire policy which is expiring on OCT 30th. Thereafter, again 12 months premium is to be collected for including them in the policy starting from NOV 1st.
Alternatively instead of collecting premium 2 times, you may collect premium for 13 months.
Please keep ready the list of employees who have retired during the currency of the present employee policy.
The amount of premium to be collected shall be communicated to you in due course.