AIBEA Details Key Demands to IBA on Medical Insurance Renewal

According to the  All India Bank Employees' Association (AIBEA)  circular dated May 22, 2025, a recent virtual meeting was held between the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU). The meeting focused on proposed changes to the Group Medical Insurance Scheme for bank employees and retirees, which is scheduled for renewal in October 2025. AIBEA highlighted 20 key suggestions put forward by UFBU to enhance the scheme.

Who the Scheme Applies To
The Group Medical Insurance Scheme, discussed in the meeting, currently covers both serving bank employees and retired staff. The scheme is renewed annually and provides health insurance benefits, including hospitalization and medical reimbursements. The scheme is an important welfare provision in the banking sector and is due for renewal in October 2025.

UFBU’s 20 Suggestions to IBA
According to the AIBEA circular, UFBU submitted 20 proposals to the IBA, aiming to improve coverage and access under the medical insurance scheme for both existing employees and retirees.

Image: Snapshot from AIBEA circular listing key demands made by UFBU to the IBA.
Source: @ChVenkatachalam

IBA Response and Next Steps
As reported by AIBEA, the IBA assured consultation with the insurance company about the feasibility and financial impact of the proposals. The matter will be further discussed in the next round of meetings.

The meeting between UFBU and IBA marks an important step in the ongoing dialogue to enhance the Group Medical Insurance Scheme for bank employees and retirees. With suggestions now under consideration, the final outcome will depend on further consultations and evaluations by the IBA and the insurance provider. As discussions continue, stakeholders await concrete decisions that may influence future healthcare benefits within the banking sector.