Group Mediclaim Scheme for Bank Pensioners and Retirees
ALL INDIA BANK PENSIONERS’ & RETIREES’ CONFEDERATION
C/O BANK OF INDIA OFFICERS’ ASSOCIATION
(EASTERN INDIA BRANCHES)
BANK OF INDIA, KOLKATA MAIN BRANCH
23A, NETAJI SUBHAS ROAD, KOLKATA – 700 001
Mobile : 9674188524, E-mail : firstname.lastname@example.org
Circular no 66-20.
(For circulation among members of the Governing Council, EC members, State Secretaries, Special Invitees and Advisors.)
Sub: Group Mediclaim Scheme for Bank Pensioners and Retirees.
You are well apprised of the fact that AIBPARC and CBPRO have been on a continuous follow up with Government/IBA/UFBU in the matter of betterment of the policy particularly in regard to making the annual premium more affordable and reasonable for Retirees. IBA has reportedly floated the RFP and the issue is expected to be discussed in the next meetings with UFBU. The outcome is yet to be assessed.
In the given circumstances, our attention has been drawn to an offer given by another Insurance Company to an affiliate of another Organisation of Retirees proposing lesser amount of premium with revised terms and conditions. Such things are not new and it is just a repetition of the earlier year.
Although the desire of the individual member is of paramount importance, we consider it to be our duty and responsibility to tell our views to the members which are as follows:
1. This is a premature stage to jump to any conclusion since the negotiation between IBA and UFBU has not taken any shape.
2. In past, we have always preferred to remain with Industry level settlement since it has a sanction of Government and IBA and, therefore, we have a ground to approach the negotiating authorities for betterment.
3. The same Broker company which emerged this year with OIC Ltd had been with UIICL in the formative year and also with the offer of New India Assurance company Ltd in the year 2019. while it remained associated with UIICL for three years, it could not contain the sharp increase of premium. Ultimately, IBA decided to go ahead alone without any Broker company to save the brokerage amount and the Broker company was dropped.
4. We have a serious concern for the Pensioners who might dissociate with IBA policy and be a part of some other offers this year at apparently better offers. In case, the premium undergoes an abrupt upward revision in subsequent years, the option of coming back to IBA policy might be shut. Another risk involved is that if Retirees go to a privately managed policy without the intermediation of IBA and UFBU, it is easier for Govt/IBA/UFBU to shake off the responsibility permanently. The question naturally comes: what to do with repeated upward hike of premium of IBA policy? Our answer is: we have at least a forum to represent and we may thump the table on a continuous basis before UFBU/IBA/Government.
Our members are educated and experienced. They donot require any spoon feeding. Still this is our duty to share the food for thought with them.
Our appeal is: judge the situation with prudence in a dispassionate way and take the decision you feel appropriate.
With best wishes,
Please stay safe with family.