Thread by @baujidesi

Clarification on Covid19 Insurance Cover for PSBs Bankers

There are a lot of confusion and misinformation floating on SM about Bankers Insurance Cover for Covid19

Hope this thread will clear the confusion around this topic. Kindly read. 1/n

@suchetadalal @abhasinghlawyer

Let’s Start with Covid19 Insurance Cover:

➡️ All PSBs including most of the RRBs have provided life insurance Cover of Rs. 20lacs

➡️Now the question remains,is it enough?

🅰️No. Any amount can not compensate the loss of a life,but to provide financial Security to the family 2/n

Insurance cover for Bankers must be at par with other #CoronaWarriors i.e. 50lacs.

➡️ What is the possible ways to provide 50lacs Cover?

🅰️ All Banks may follow @bankofbaroda on this. BOB have provided additional ex gratia amt of 30lacs over and above Insurance of 20lacs.3/n

Now the next topic is Group Medical Insurance:

Before i share details on this, let me clarify that this has nothing to do with Covid19 Life Inusrance Cover and as the name suggests, it is linited to privide Medical Insurance Only, which now includes Covid19 as well. 4/n

UIICL provides Health Insurance Cover for PSBs, and Sum Insured for Officers and Clerks are 4lacs and 3lacs respectively.

There are list of desease and treatment which now includes Covid19 as well.

But, there is a CAP on Room Rent/day and on some treatment as well. 5/n

Now coming to Corporate buffer of 100cr, which created a perception that Hospitlisation claim is unlimited.

But that’s not true, an emplooyee can get maximum twice of Sum Insured amount from Corporate Buffer.

Hope we are now clear on this topic

Pl reply in case of ny query 6/n

Conclusion:

Neither Life Insurance Cover Nor Medical Insurance Cover is sufficient for Covid19.

May be @ChairmanIba would like to give it a thought after reading this.

@FinMinIndia @Bankers_United @DFS_India @Nupursays @shantanunandan2 @DebasishPanda87