You are aware that AIIEA has been demanding improvements in our Mediclaim scheme. Finally, LIC issued instructions introducing Family Floater Policy under Group Mediclaim Scheme. Please refer LIC circular nos. CO/PER/ER-1/058 dated 4th March, 2014 and CO/PER/ER-A/066/2014 dated 28th April, 2014 introducing and revising the limits of cover under Group Mediclaim Scheme.
The sum insured under compulsory family floater is enhanced to Rs. 3 lacs, 4 lacs and 6 lacs depending on the basic pay of the employee. The LIC will continue to give a subsidy of 75% premium on the basic sum insured i.e., compulsory floater cover. There is also provision wherein an employee can opt for increased sum insured on floater basis for different amounts ranging from 4 lacs to 20 lacs. However, the maximum sum insured including compulsory floater sum insured shall not exceed Rs. 20 lacs. The instructions are clear in the above mentioned circulars about the benefits available and premiums charged. The new floater policy in respect of basic sum insured is made effective from 1.4.2014 and increased optional sum insured will be operative from 1st July, 2014. Please note that the last date to opt for increased floater cover is 31st May, 2014.
Employees are aware that in the present day circumstances the cost of hospitalization has increased manifold. A broad observation of the premium rates for covering optional floater sum insured looks to be not too expensive. As such, we suggest that the employees should carefully analyze needs of the family keeping in view the rising medical costs, the size and age group of the family, etc. After the expiry of the last date for exercising the option for increased cover, there may not be further chance for option till next three years. Therefore, we advise all the employees to opt for increased sum insured to the maximum extent possible depending on their needs.
We are sure that all the employees will avail of this opportunity of exercising option for the increased cover to the maximum extent under the new family floater policy under Group Mediclaim .