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Renewal of Group Medical Insurance Policy for Bank Retirees for the period 01-11-2020 to 31-10-2021

As you are aware the current IBA Group Medical Insurance policy for Bank Retirees is expiring on 31/10/2020.IBA has now shared the under mentioned graded Sum Assurance quotes for retirees policies, received from the LI bidder National Insurance Co Ltd ( NIC).

Base Rate

Rate with GST
Retirees without Domiciliary Retirees with Domiciliary
Sum Insured Family Floater Single Person Family Floater Single Person





















As per discussion with IBA, NIC have proposed Room Rent charges in Retirees Base policy as follows:

1. For Sum Insured 1 lacs and 2 Lacs: Room Rent per day shall be payable up to 1.5% of Sum Insured and ICU charges per day shall be payable up to 2% of Sum Insured.

2. For Sum Insured 3 lacs and 4 lacs: Room rent per day shall be payable up to Rs.5000/- and ICU charges upto Rs.7500/-

Super Top-Up Policy

The Super Top Up Policy gives additional sum insured (over and above the sum insured under base policy) and the requisite premium is mentioned below:

Rate with GST
Sum Insured Family Floater Single Person
















1. Award Staff can not Opt for 4 lakhs Sum Insured in base policy. Award staff can choose Sum Insured in the range of 1 lakh to 3 lakhs. However, Officers can opt for any Sum Insured from 1 lakh to 4 lakhs in Base policy.

2. Super Top up policy is only available to Retirees who opt 3 lakhs and 4 lakhs Sum Insured in Base Retirees Policy. Award Staff can opt for 1 lakh to 4 lakhs Sum Insured in Super Top Up Policy. However officer can choose any sum insured from 1 lakh to 5 lakhs in Super Top Up policy.

3. As per the expiring terms and conditions, domiciliary treatment will remain 10% of Base policy Sum Insured opted.

4. Domiciliary expenses are not covered under Super Top Up policy.

5. Separate rates are given for single person i.e., either of the below mentioned cases:-
a) Retiree without Spouse ( Expired)
b) Surviving Spouse (Family Pensioner)

6. Retirees who are not covered under Super Top up policy 2019-20, can avail Super Top up policy for 2020-21. Please take a note that domiciliary hospitalization expenses are not covered under any Super Top up policy.

7. Officer, who opt 3 Lakhs Sum Insured in base policy, can avail upto 4 Lakhs Sum Insured in Super Top up policy.

M/s Vidal Health TPA will continue as the TPA for Retirees policy servicing.

Please note that Retirees who are not covered under expiring Retirees Policy 2019-20, can be covered under Retirees policy 2020-21. Moreover, Retirees can also opt with/without domiciliary option in Retirees policy 2020-21 irrespective of option they have chosen in last year policy.

Please submit the consent for renewal of the policy by choosing the relevant option viz without Domiciliary /with domiciliary cover /disagreement in the option letter attached before 21/10/2020. Please note that if we do not receive your option letter before cutoff date, we will treat your option as not to continue the policy. Please also keep sufficient balance in your account so as to debit the premium and include in the Retirees policy. We shall debit the account on 23/10/2020 .

Empanelment of Retired Officers of Dhanlaxmi Bank For Engaging In Internal Audit Functions of The Bank.

Bank propose to keep a panel of Retired Officers for conducting Internal Audit functions such as RBIA, Concurrent Audit, Credit Audit & Revenue Audit of the Bank on the following terms & conditions:-

a. Eligibility
(i)Any officer retired from our Bank on attaining superannuation/VRS with a minimum of 5 years tenure as Assistant Manager during the service in the Bank is eligible.

(ii)Such Officers should have worked as Branch Head/Assistant Branch Manager / Branch Operations Manager at least for 3 years or worked in Credit / NPA Recovery desks at least for 5 years in branch/RO/CO or worked in Inspection Dept. at least for three years in order to consider for empanelment.

The Maximum Age of the retired official at the time of empanelment be fixed @ 65 years and can be extended up to the age of 68 years in case of re-appointment on satisfactory performance (As per RBI circular, retired personnel can be engaged for a maximum tenure not exceeding three years).

Officers on whom the Bank has imposed punishment of two increment cut or more or who were subjected to punishments equivalent / greater to / than the above during the service may not be considered for re-engagement

b. Period of Appointment
The initial empanelment will be for a period of 1 year from the date of empanelment and can be extended up to a maximum period of 3 years subject to satisfactory performance based on the half yearly review by Inspection Department.

c. Undertaking
An undertaking on fidelity and secrecy from the engaged officers to be obtained. It should be stipulated that the assignment should not be assigned to any other person in any manner whatsoever.

d. Duties
In the case of RBIA, the retired officer will be supporting the main internal auditor (serving bank official) who will be the Team Leader and the final sign off of the audit report is the responsibility of the serving bank official. Other than RBIA, concurrent audit, credit audit, revenue audit functions can be assigned to the retired official independently. The method of operation of inspection as well as reporting will be the same as the regular inspecting official for RBIA, Concurrent Audit, Credit Audit & Revenue Audit. Duty of RBIA and Concurrent audit shall be assigned only in branches where the retired officer has not worked during his regular service.

e. Duration of Inspection
Duration of inspection will be communicated to the re-engaged officer by Inspection Dept. while assigning the audit work.

f. Remuneration and benefits

  1. For Conducting Concurrent Audit:
    The present remuneration fixed for external concurrent auditors ranges from Rs.10000/- to Rs.20000/- according to the advance size of the Branch/Unit. The same fee structure is applicable for retired officials also.

    As and when the remuneration is revised to external concurrent auditors, such revisions shall be made applicable to empanelled retired officials also.

  2. For Conducting RBIA & Other Audits:
    The remuneration excluding T.A and lodging expenses may be fixed as Rs.38000/- (Rupees thirty eight thousand only) per month irrespective of the cadre in which the officer last worked at the time of retirement. For locations up to 50 KMs, only actual TA/conveyance will be paid. For locations above 50 KMs, TA/conveyance and lodging expenses will be paid on actual basis. If the branch under audit is allocated in one of the 4 Metro cities, the maximum eligibility for lodging is fixed at Rs.3000/- per day (Rupees Three thousand only) and if the audit branch is located in other major “A” class cities (Hyderabad, Bangalore, Ahmedabad, Pune & Surat), the maximum eligibility for lodging is fixed at Rs.2500/- per day (Rupees Two thousand five hundred only). If the branch under audit is located other than the above centres, the maximum eligibility for the lodging may be fixed as Rs.2000/- per day (Rupees Two thousand Only). For reimbursement of T A and lodging expenses, original bills certified by the Branch Manager are to be submitted.
    For locations above 50 KMs, a lump sum HA of Rs.500/- per day also shall be paid.

    The distance to the auditing location will be measured as the distance between the present residence of the retired official and the branch under audit/inspection.

    For distance up to 5 KMs, the travelling mode may be either Bus or Auto.

    For locations above 5 KMs and up to 50 KMs, either Bus fare or the fare equivalent to 2nd sleeper class train fare may be claimed on actual basis.

    For locations above 50 KMs, the maximum eligibility is fixed as the fare equivalent to 3rd A/C train fare on actual basis.

    The remuneration will be subject to deduction of tax at source as per the provisions of Income Tax Act from time to time.

g. Identity
In order to avoid unauthorized persons from conducting inspection of branches, we may, issue identity cards to the retired officers re-engaged for inspection also which is to be produced at the branches for their verification and return.

h. Review of performance
The performance of the retired official appointed for audit purpose of RBIA, Concurrent Audit, Credit Audit & Revenue Audit will be reviewed every half year by Inspection Department.

g. Accountability
The empanelled retired official who is in charge of concurrent audit of a branch/unit will be held accountable if serious acts of omission or commission is noticed in discharging of his/her duty.

i. Termination
If the performance of the retired official is not found satisfactory, he/she can be terminated with immediate effect based on the half yearly performance review by Inspection Department.

In addition to that if a retired official wants to discontinue with the empanelment, he can do so with one month prior notice to the Bank.

Submission of Life Certificate for Pensioners

Retired Employees, who are drawing monthly pension from the Bank, have to mandatorily submit Life Certificate during the month of November every year. Duly filled up and signed application form shall be submitted to Human Resources Department through branch from where the pension is drawn.

Human Resources Department
Dhanlaxmi Bank Ltd.
Dhanalakshmi Buildings
Naickanal, Thrissur - 680 001
Phone : 91-487-6617000
Fax : 91-487-6617222

Click here to download Life Certificate form







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