GROUP HEALTH INSURANCE POLICY (GHI):

As you are aware that after introduction of GHI Policy for retirees in 2015 there has been an increase in the premium every year making the policy unaffordable. Many insurance companies are providing Health insurance and are operating in the field. They are charging less premium as compared to premium charged by National Insurance Co. Keeping in view the interest of our members, BOBROA had setup a committee consisting of Shri C. Malolan, Dy. Gen. Secretary as Convenor and S/s Vinod Malhotra, B. S. Dhaka, Subhash Ahuja and D. K. Nadigar as members to undertake survey and analyse the health insurance policies offered by various institutions in view of exorbitant hike in premium of policy offered by NIC and suggest any alternative medical scheme. The Committee had 4 virtual meetings and they studied the GHI policies offered by other Insurance Cos. including few policies sponsored by other Banks. In their report, the Committee analysed various aspect of policies offered by other insurance companies such as eligibility, cooling period, room rent, sub limit, NC bonus, premium cover etc. vis-à-vis IBA policy taking into account premium and facilities offered. The Committee left the decision on individual member for opting for the policy depending upon their medical requirement and their financial position.

For the year 2024-2025 due to the concerted efforts of BOBROA through our Apex Organization, AIBPARC, we are able to get a common GHI Policy for In-service employees and for the Retirees with a base policy to the tune of Rs.4/- lacs for retiree officers with a substantial reduction in premium thus making it affordable.

However, the initial exuberance created in the minds of retirees has been dissipated by noting exorbitant pricing of top-up policy, which Mls. NIC had offered. Our Apex Body, AIBPARC had requested IBA to take up the issue with Min. NIG to reduce the premium on top up policy. AIBPARC has also requested IBA and MoF to work out ways and means that benefits of likely reduction of GST on Premium to be made available to the retirees and also requested to advise Bank to bear the premium of Base Policy as in case of in-service employees. For the year 2025-2026 by virtue of its being a combined Policy with serving employees the premium on base policy has substantially come down and insurance amount has also increased to 5.25 lacs for officers. The premium on top up policy has also been scale down to certain extent. The physically and mentally challenged dependents have come under the coverage with an add-on premium and tie up for top-up policy with SBI General Insurance Co. Ltd.