Bank has already released a communication on details of IBA policy on group medical
insurance for retirees and the last date for submission of enrollment form is fixed as
23/10/2023. You are aware that this year too, the premium required to be paid by the
retirees is revised upward if one has to avail coverage for three to five lakhs.
We are given to understand that some of the banks are planning to grant a good amount
as subsidy / special loan and few of them like Central Bank of India (copy enclosed) have
already come out with a communication granting loan for the retirees to pay the premium.
Considering the contributions made by the retirees to build the Bank during their service
and appreciating the hardship caused to them by continuous increase in the annual
premium , we request the Bank to be considerate enough to share the burden by granting
some amount as subsidy and a flexible loan scheme, interest free, to encourage
participation of as many retirees as possible in the scheme. We are sure that you also will
appreciate the hardships caused to such senior citizens due to high cost of treatment to
various ailments.
We therefore request you to consider our above request at the earliest so as to ensure
that retirees meet the cost of premium without much discomfort.
