Overview
Canara Bank, one of Indias oldest commercial banks, extends a dedicated healthinsurance scheme for its retired employees and their families. The purpose of the Canara Bank Retirees Medical Insurance (CBRMI) is to provide affordable, comprehensive hospitalisation coverage after retirement, easing the economic burden of medical expenses in an increasingly costly healthcare environment.
Key highlights of the scheme include:
- Broad network of empanelled hospitals across the country.
- Cashless claim settlement for innetwork facilities.
- Coverage for preexisting diseases after a waiting period.
- Optional addon covers such as critical illness, daycare procedures, and maternity.
Eligibility Criteria
To enrol in the CBRMI plan, a retiree must meet the following conditions:
- Former employee of Canara Bank who has officially retired under the banks service rules.
- Retirement must be confirmed and the pension account should be active.
- Age of the retiree at the time of joining the scheme should be between 55 and 75 years.
- Dependent family members (spouse, children, parents) are eligible for coverage as per the policy terms.
The scheme is not open to current employees, contract staff, or former employees who left the bank on disciplinary grounds.
Benefits for Retirees
Retirees who opt for the medical insurance enjoy several distinct advantages:
- Higher Sum Insured: The base sum insured is INR5Lakhs, which can be increased up to INR15Lakhs by paying an additional premium.
- Family Cover: The policy can be extended to cover spouse, children (up to 25 years), and parents.
- No Ageing Effect: Premiums are fixed for the policy term; they do not increase with the retirees age.
- Free Health Checkup: Annual health assessment for the primary insured and spouse.
- Renewal Assurance: Guaranteed renewal up to the age of 80, provided premiums are paid on time.
- Tax Benefits: Premiums qualify for deduction under Section80D of the Income Tax Act.
Coverage Details
| Component | What is Covered | Limit / Special Conditions |
|---|---|---|
| Hospitalisation | Room rent, ICU charges, surgery, doctors fees, medicines, diagnostics. | Up to sum insured per policy year. Room limit: INR3,000 per day (single). Higher limits for private rooms if opted. |
| PreExisting Illnesses | Illnesses diagnosed before policy start. | Covered after 24month waiting period; no claim payable for the first 24 months. |
| DayCare Procedures | Procedures not requiring overnight stay (e.g., dialysis, cataract surgery). | Up to INR25,000 per procedure per year. |
| Critical Illness AddOn | Major illnesses such as cancer, heart attack, kidney failure. | Separate lumpsum cover of INR2Lakhs (optional, extra premium). |
| Maternity & NewBorn | Delivery charges, newborn care, postnatal complications. | Only for spouses aged 1845 years, subject to 12month waiting period. |
| Ambulance | Emergency transport to empanelled hospitals. | Up to INR2,000 per trip, maximum 2 trips per policy year. |
| Home Care | Medical services at home for bedridden patients. | Up to INR10,000 per year. |
Claim Process Step by Step
- PreAdmission (Cashless) : Present your healthcard and ID at an empanelled hospital. The hospital will verify eligibility via the insurers portal. Once approved, you receive a cashless admission.
- During Hospitalisation : Keep all original receipts, doctors prescriptions, discharge summary, and any diagnostic reports.
- PostDischarge : Fill the claim form (available online or at any branch), attach all documents, and submit to the insurer either electronically (email/portal) or physically at the nearest Canara Bank branch.
- Claim Assessment : The insurers claim officer reviews the documents. If any clarification is needed, you will be contacted within 710 working days.
- Settlement : Approved claims are settled directly to the hospital (cashless) or reimbursed to the insureds bank account within 1520 working days of submission.
Tips for a smooth claim:
- Always inform the hospitals claims desk that you hold the Canara Bank Retirees policy.
- Maintain a copy of the claim form and all supporting documents for your records.
- If a claim is denied, you have the right to appeal within 30 days, providing additional medical justification.
Frequently Asked Questions
1. Can I join the scheme after retirement?
Yes. The enrolment window is open for 90 days from the date of retirement. After this period, you may still join during the annual open enrolment window announced by the bank.
2. Are preexisting conditions covered?
They are covered after a 24month waiting period, subject to policy terms. Some chronic conditions may have sublimits.
3. How many family members can be added?
One spouse, up to two children (or stepchildren) and both parents can be covered under a single policy, provided all meet the age criteria.
4. What is the maximum age for renewal?
The policy can be renewed up to the age of 80 for the primary insured, provided premiums are paid on time.
5. Is there a clause for accidental death?
The basic medical plan does not include accidental death benefit. However, a separate accidental death rider can be purchased at an extra cost.
6. Can I switch to a higher sum insured midterm?
Yes. At the time of renewal, you may opt for a higher sum insured and add riders, with the premium adjusted accordingly.
7. Does the policy cover COVID19 treatment?
COVID19 related hospitalisation is covered under the standard hospitalisation benefit, subject to the policys overall limits and any specific exclusions mentioned in the terms.
8. How can I obtain the policy document?
Documents are emailed to the registered email address at the time of policy issuance. A hard copy is also dispatched to the retirees registered postal address.
9. What if I move abroad?
The policy is applicable only within India. If you permanently relocate overseas, the coverage terminates on the date of departure.
10. Who can I contact for assistance?
Call the dedicated retiree helpline at 18001234567 or visit the nearest Canara Bank branch. An online chat option is also available on the banks official website.
