Master Mediclaim Policy for Bank Employees to be issued through IBA by month-end

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All state-run general insurers are likely to issue a master mediclaim policy for bank employees through Indian Banks Association (IBA) by this month end. 

As per the new wage agreement reached between bank unions and the IBA on May 25, employees of all the 43 member banks are to be provided with a health insurance cover by their respective banks. 

"Our discussions are on with the IBA on the health insurance cover for bank employees as part of the wage pact," New India Assurance chairman and managing director and chairman of General Insurers (Public Sector) Association ( GIPSA) chairman G Srinivasan told PTI. 

However, he refused more details saying "things are still on the drawing board." 

"This is for the first time a proper health insurance policy is being worked out by banks for their employees," he added. 

The IBA comprises 25 state-owned banks, 11 old-generation private sector banks and seven foreign banks which employ 10 lakh employees apart from 3 lakh retirees. 

"The master policy to be issued for employees,officers and retirees of member banks, by month-end will cover the domissory treatment, minor and major surgeries," an IBA official said. 

Chennai-based United India Insurance is the lead insurer for the scheme. 

"We have made United India Insurance as the lead insurer while the other three will act as co-insurers in this case and we have decided to provide health insurance cover with a ceiling of Rs 3 lakh in case of workmen and Rs 4 lakh in case of bank officers," the IBA official said. 

"The premium to be paid by banks will be around Rs 6,000 per annum in case of officers and Rs 5,000 in case of employees," he added. 

The 10th bipartite wage agreement agreed to introduce a social security scheme in the form of reimbursement of hospitalisation expenses up to Rs 5 lakh, which include all dependent and family members of the bank employee. 

Already medical aid is covered in the 15 per cent wage hike, and the new health scheme will ensure 100 per cent reimbursement in case of hospitalisation.