A New Group Medical Insurance Scheme for Bank Employees is coming soon. The Indian Banks’ Association (IBA) has started the process for new Group Medical Insurance Scheme for serving and retired employees of member banks.
In a letter dated July 4, 2026, the IBA has invited suggestions, feedback and structural recommendations from major bank employees’ and officers’ organisations. The suggestions will be considered while preparing the upcoming Request for Proposal (RFP) for the Group Medical Insurance Scheme.
The current insurance policy period is scheduled to expire on October 31, 2026. Therefore, the IBA has initiated the process of arranging a Group Medical Insurance Scheme for the next policy period.
As part of this process, the Association is preparing the upcoming RFP. The RFP will form an important part of the process for arranging the medical insurance policy for the ensuing period.
The IBA has sent the communication to several major bank employees’ and officers’ organisations including the All India Bank Employees’ Association (AIBEA), All India Bank Officers Confederation (AIBOC), National Confederation of Bank Employees (NCBE), Bank Employees Federation of India (BEFI), Indian National Bank Employees Federation (INBEF), Indian National Bank Officers Congress (INBOC), National Organisation of Bank Workers (NOBW) and National Organisation of Bank Officers (NOBO).
The IBA has asked these organisations to submit their valuable suggestions and feedback regarding the medical insurance scheme.
The IBA has not limited the consultation to general feedback. It has also invited structural recommendations from the bank unions and officers’ organisations.
According to the letter, the suggestions, feedback and structural recommendations received from the organisations may be considered for inclusion in the upcoming RFP.
This means that employee and officer organisations have been given an opportunity to raise issues related to the structure of the medical insurance scheme and suggest changes for the next policy period.
The consultation assumes importance as the Group Medical Insurance Scheme covers healthcare needs of serving as well as retired bank employees of opted member banks.
The IBA has asked the bank unions and officers’ organisations to submit their suggestions to the IBA HR Department. The last date for submitting suggestions is July 10, 2026.
