IBA NEW MEDICAL INSURANCE FOR 2026-27 !

Comrades,

It is time now to renew our IBA New Medical Insurance Policy for the period from 01.11.2026 to 31.10.2027. We attach hereunder the relevant circular issued by our Bank vide Transient series (File: 7 F) Circular no.92 of 2026-27 dated 12.10.2026 for your information and necessary action.

Salient features of this year’s policy are :-

1. BASE 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 23.10.2026

6. Additional coverage and benefits covered for 2026-27 Policy:

i) The upper limit for cataract treatment is Rs.50,000/= per eye (inclusive of cost of any type of lens and associated pre and post hospitalization expenses).

ii) For six metro cities , that is, Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad and their urban agglomeration, the Room rent per day is Rs.7000/= and ICU rent per day is Rs.9500/=. For the rest of India, Room rent per day shall be Rs.5000/= and ICU rent per day shall be Rs.7500/=. The details of urban Agglomeration will be shared by National Insurance Company subsequently.

iii) The following will be covered for all insured :-

• Albumin infusion shall be included under the daycare list of procedures.
• Peritoneal dialysis will be covered only under the Base Policy with or without hospitalization.
• Expenses on oral chemotherapy shall include cost of oral chemotherapy drugs, professional consultation fees, and all medically necessary investigations, as advised by the consulting physician.

We advise our members to go through the circular, decide and pay before the last date 23.10.2026.

As of now, the retirees have to pay the Premium as given in the circular, alongwith the GST @18%.

Regards,

Krishnaraj P

Joint General Secretary