The premium payable on the Group Medical Insurance Policy by retired bank officers and workmen staff should be exempt from Goods and Services Tax (GST) as their basic pension has been virtually static, but the annual health insurance premium has been going up, according to the All India Bank Employees’ Association.
The annual premium, including GST for retired workmen staff for a medical insurance cover of Rs 3 lakh has jumped from Rs 5,620 for the November 2015-October 2016 period to Rs 24,897 for the November 2019-October 2020 period.
The annual premium, including GST, for retired officers for a medical insurance cover of Rs 4 lakh has soared from Rs 7,598 for the November 2015-October 2016 period to Rs 33,193 for the November 2019-October 2020 period.