Premium for mediclaim policies with domiciliary benefits for bank retirees may go up when renewal is due in November.
The existing mediclaim insurance policy for retired employees and officers will end on October 10, 2017, and has to be renewed from November 1.
A communication to this effect has been conveyed to Indian Banks’ Association (IBA) by United India Insurance, said CH Venkatachalam, General Secretary, All India Bank Employees Association.
The insurance company has arrived at a decision to revise/enhance the applicable premium based on the trend of claims settled so far as well as the anticipated Incurred Claim Ratio (see box).
