IBA NEW MEDICAL INSURANCE FOR 2025-26 !

Comrades,

It is time now to renew our IBA new medical insurance policy for the period from 01.11.2025 to 31.10.2026. We attach hereunder the relevant circular issued by our Bank vide Transient series (File: 7 F) Circular no.86 of 2025 dated 08.10.2025 for your information and necessary action.

Salient features of this year’s policy are :-

1. POLICY AMOUNT :

1. POLICY AMOUNT:

a) Retired Award staff have an option to choose Sum insured of Rs.3.00 lacs or Rs.4.00 lacs.

b) Officers retired in Scale I to V have the option of fixed Sum Insured of Rs.5.25 lacs.

c) Officers retired in Scale VI and above have the option to choose Rs.5.25 lacs or Rs.7.00 lacs.

2. TOP-UP POLICY AMOUNT:

The following slabs of Sum Insured are available for all cadres of Retirees for Top-up policy: i) Rs.1.00 lac, ii) Rs.2 lacs, iii) Rs.3 lacs, and iv) Rs.4 lacs.

3. Those Retirees/Spouses who had not subscribed earlier will have the option to join this year as an one-time measure.

4. There is ADD-ON facility for Mentally/Physically challenged Dependent family members (Son/Daughters only) with Additional premium to be paid per member.

5. Last date for payment of premium for Retirees is on or before 23.10.2025.

6. Improvements in Group health insurance policy in 2025-26:

i) The upper cap for Cataract treatment shall be Rs.40,000/= per eye.

ii) Hormonal Therapy for cancer and Immunotherapy for non-cancer are included under Day-care.

iii) Expenses on Oral chemotherapy for treatment of cancer shall be payable with or without hospitalisation.

iv) Robotic surgery shall be considered in cases where the medical condition of the patient warrants such treatment, which needs to be certified by the treating doctor/surgeon.

We advise our members to go through the circular, decide and pay before the last date 23.10.2025.

You might be aware by now, that we (ARISE) and AIBPARC have obtained Stay Order from High Court of Kerala for payment of GST on our premium and pay only the portion of Insurance Premium. Our bank is in the process of amending the software program and the site will be ready soon. We therefore advise you to wait till the payment portal is ready. Or you may proceed with payment opting the “Account Debit” option so that the Bank will take care of the payment procedure.

Now that the Bank has amended the program and issued circular, you may start to apply/renew the insurance for 2025-26, with the payment of premium without GST, till final court order is issued in this regard. The Bank has also extended the last date of payment of premium upto 27.10.2025 by 3.00 p.m. We attach hereunder the relevant circular issued by our Bank vide Transient series (File: 7 F) Circular no.93 of 2025 dated 23.10.2025.

Regards,

Krishnaraj P

Joint General Secretary