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PUNJAB & SIND BANK

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3qiF'T/A GOVERNMDNT OT INDIA UNDERTAKING)

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Floor, Bank House, 21 Rajendra Place, New Delhi-l10008

Tel No. 011-25716407;

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Fax.0tt-25723793;

E-mail: ho.hrd@psb.org.in

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Circulatory Letter No.

Eaiq'Date:

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09.10.2015

: H9012

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TO ALL BRANCHES/CONTROLLING OFFICES

Reg:

for Retired Officers/Emplovees of the Bank

of loth Bipartite Settlement dated 25th May 2015, the reimbursement of hospitalization expenses
to Retired Workmen shall be as per the Medical Insurance Scheme detailed in Schedule lV of the
expenses to
settlement. In terms o.f Joint Note dated 25th May 201.5, the reimbursement of hospitalization
Retired Officers shall be as detailed in Annexure lV of the Joint Note.
to
The scheme covers the existing Retired Officers/Employees of the Bank and their spouse subject
his/her
spouse
payment of stipulated premium by them. In case Retired officer/Employee has expired,
alone is also eligible for insurance under the scheme.
In terms

per annum is
Sum Insured: Hospitalization and Domiciliary Treatment coverage as defined in the scheme
as under:
Cadre

Retired Officer
Retired Clerk
Retired Sub-staff

Sum lnsured
Rs.4.00 Lac
Rs.3.00 Lac
Rs.3.00 Lac

Premium per family (Self & Spouse) Per Annum*

Rs. 6,573/- plus Service Tax
Rs. 4,930/-plus Service Tax
Rs. 4,930/- plus Service Tax

*For employees retiring in mid of the term of policy, premium shall be charged on pro-rata basis.

ln case of spouse of deceased officer/employee, the category for coverage of the scheme will

be

considered on the basis of last designation of deceased officer/employee.

One time option is being given

to

Ex-employees

/ Retirees to ioin the scheme now. Those who do not

opt now, would not be allowed to join later. once they have ioined and subsequently opted out, they
cannot rejoin.

The Bank had in the past provided a Medical lnsurance Scheme from its PSB Employees Welfare Fund
Trust, the Bank has decided to contribute the premium in above categories in the ratio of 50:50. Hence,
the premium (including service tax) will be borne by the ex-officers/employees or their spouse and the
and ExBank equally i.e Rs.3,2g7/- plus Service Tax and Rs.2,4651- plus Service Tax by the Ex-officers
Clerks/Sub-Staff resPectivelY'

To operationalise the scheme, the information/data and undertaking as per enclosed proforma
(Annexure A) is urgently required in respect of Retired officers & Employees or by their spouse which
shou|dbesubmittedbyposttoH.o.PFDepartment,NewDe|hiorbye-mai|toho.pf@psb.co.in|atestby
40.10.201s.

(D.D.Sharma)