MUMBAI: Employees of retired public sector banks will see their group mediclaim premium increase by up to 40% after the increase in claim ratio. The Indian Banks’ Association (IBA) has informed its members that it has received revised quotes following a request for proposals made by the bank’s body.
The IBA said, “Higher expense claim ratio of 147.2% for retirees without domiciliary policy and 163.3% for retirees with domiciliary policy (as on July 31, 2021) in premium for renewal of policies as compared to the previous year.” developed.” The Kolkata-based National Insurance Company is understood to have continued the account. Domiciliary cover refers to the extension of the policy to cover treatment at home.
For retired bank officers, the premium for a cover of Rs 4 lakh without domicile has increased by 34% from Rs 27,342 to Rs 36,652. For retired workers, the cost has increased by 40% to Rs 28,715 from Rs 20,508 for a cover of Rs 3 lakh.
With the domicile option, the cost is reduced. For retired workers, the cost of the same cover is now Rs 55,175 which is 8.4% higher than last year’s Rs 50,893 and for officers it is Rs 72,917, up 7.5% from last year’s Rs 67,853.
The IBA negotiates group insurance on behalf of retired employees who are required to pay premiums. National Insurance Company has offered low premium cover for low sum assured and for policies where the retiree does not have a surviving spouse or is survived by the retired spouse.
Insurers say that after the second wave, the cost of most group policies coming up for renewal has seen an increase due to overpayment.
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