Group Medical Insurance Policy for bank employees and retirees for the year 2025-26.

 IBA has finalized the Group Medical Insurance Policy for bank employees and retirees for the year 2025-26. 

The policy will be effective from November 1, 2025, to October 31, 2026. 

National Insurance Co. Ltd. (NICL) has been selected as the insurer for the policy period.

*Key Upgrades & Enhancements*

*Increased Sum Insured*

Award Staff: Increased to ₹4 lakhs(from ₹3 lakhs)

Officers (up to Scale V): Increased to ₹5.25 lakhs(from ₹4 lakhs). 

 Officers (Scale VI & above):Increased to ₹7 lakhs(from ₹4 lakhs).

Corporate Buffer: Increased to ₹125 Crores from ₹100 Crores for serving employees.

The upper cap for cataract surgery is now ₹40,000 per eye

*New Treatments Covered*

 Hormonal therapy for cancer and immunotherapy for non-cancer.

Robotic surgery, when certified as necessary by the treating doctor.

Thyroid cancer is now included under the critical illness benefit for employees.

Oral chemotherapy expenses are now payable with or without hospitalization

*Revised Premium*

The approved non-domiciliary premiums are as under-:

Retirees (Workmen, with spouse)| ₹4 Lakhs | Rs.31,001

Retirees (Officers, with spouse)| ₹5.25 Lakhs | Rs.40,231

*Important Provisions & Options*

Domiciliary Benefit continues to be available only for serving employees and their families; retirees are not eligible.

*New Retiree Enrollment*: Retirees who did not subscribe to the current insurance policy are allowed to join the policy for 2025-26

*Retiree Options*

Retired workmen can choose a sum insured of ₹3 lakhs or ₹4 lakhs.

Officers retired in Scale VI and above can choose a sum insured of ₹5.25 lakhs or ₹7 lakhs.

*Top-up Policies*:

 Optional top-ups of ₹1 lakh, ₹2 lakhs, ₹3 lakhs, and ₹4 lakhs are available, with the premium to be paid by the employee/retiree.

*Add-on for Retirees*: Retirees can purchase an add-on policy to cover a physically or mentally challenged dependent family member.