A TOI report said that the Indian Banks Association has told its members that it has received the revised quotes.
High expense claim ratio of 147.2% for retired Without of residence policy, and premiums increased for retirees with 163.3% domicile policy, report cited IBA as saying.
Insurance companies have said that the second wave of COVID that ravaged many states in April-May led to overpayments, resulting in an increase in the cost of group insurance policies.
Domiciliary cover, which is an extension of insurance policy To cover treatment from home, charges a higher premium. However, the increase in premium is comparatively less for those with domiciliary cover.
For a retired bank employee with an insurance cover of Rs 4 lakh; The premium has increased by 34 per cent without domicile cover and by 7.5 per cent with domicile cover.
For retired workers, with insurance of Rs 3 lakh, the premium has increased by 40 per cent without domicile cover, and by only 8.4 per cent with domicile cover.
NS national insurance company Low premium cover is offered for those with low sum insured. They have offered low premium policies for retirees who are survived by a spouse, or for retirees who have lost a spouse.