Bank retirees getting domiciliary cover under mediclaim policy may see rise in premium

Retired bank employees who enjoy domiciliary benefit in their medical policies will see their premium go up substantially when it comes up for renewal in November, reports the Hindu Business Line.

Domiciliary benefit covers medical expenses incurred by retirees for medical treatment at their home that would have required hospitalisation.

The mediclaim insurance policies will come up for renewal on November 1, 2017 as the current policies end on October 10.

United India Insurance has communicated to Indian Banks’ Association (IBA) about the hike in mediclaim policies for retirees with domiciliary benefits but the premium remains the same for employees without domiciliary cover, says the financial daily.

The insurance company has offered an additional cover of Rs 4 lakh for retired staff and Rs 5 lakh for retired officers. The additional cover won’t have domiciliary coverage and will start from November 1, 2017.

CH Venkatachalam, General Secretary of All India Bank Employees’ Association told Business Line that most retirees would prefer to take up the top-up as the extra sum assured is significant while paying reasonable premium.

source:moneycontrol