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Medical Schemes
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Medical Schemes

SCHEME FOR FINANCIAL ASSISTANCE TO THE MEMBERS OF THE BANK BY WAY OF REIMBURSEMENT OF MEDICAL EXPENSES.
General Eligibility :
  • A member should be Shareholder of the Bank for a minimum period of five years and should have minimum shareholding of fifty shares.
  • In case of joint shareholding, benefits will be given to the member whose name appears first. 
  • Members who are Saraswat Bank's employees are not eligible for the Scheme.
  • Accounting year is from January to December i.e. Calendar Year.
A. MEDICAL CHECK-UP: 
Expenses on general medical check-up i.e. complete medical check-up made at any reputed private or charitable trust hospital, will be reimbursed subject to a maximum amount of Rs.500/- once during the calendar year. Prescribed application forms for reimbursement of expenses for medical check-up should be submitted along with the original receipt. The receipt should be for complete medical check-up. The scheme is open for the member himself/herself and also for the spouse above the age of 60 yrs. 
B. REIMBURSEMENT OF MEDICAL EXPENSES : 
Eligible members of the bank will be reimbursed medical expenses upto a maximum of Rs.5,000/- incurred by him/her once during a calendar year for self or his /her spouse or handicapped children as under :
  • Expenses up to 50 percent of the original bill/s shall be considered.
  • 50 percent of the difference between the amount claimed and amount settled by the member's employer or from the employer of his/her close relative and the amount settled by the employer of his/her close relative.
  • The maximum amount reimbursable under above (a) or (b) is Rs.5,000/- for the entire calendar year.
Illnesses Covered :
Cancer, Tuberculosis, Paralysis, Cardiac ailments, Dental Disease, Brain Tumour, Major accident, surgical treatment (like Cataract Operations, etc.) and chronic illness. Charges for spectacles/lenses/Dentures are also included. 

Reimbursement will not be available for maternity and/or allied operations and ailments.
C. SPECIAL MEDICAL ASSISTANCE SCHEME FOR MAJOR CRITICAL ILLNESS
The scheme is open for the member above the age of 70 yrs. Eligible members of the Bank will be reimbursed medical expenses incurred for self, subject to a maximum of Rs.20,000/- once in a life time, on account of hospitalization and/or surgical intervention for major specified illnesses given below:
Angioplasty, Bypass Surgery, Cancer, Kidney ailments, Neuro Surgery, Paralysis and Major accident.
Terms and Conditions:
  • Expenses up to 50 percent of the original bill/s are considered.
  • 50 percent of the difference between the amount claimed and amount settled by the employer of the member's close relative or insurance company.
  • The maximum amount reimbursable under above (a) or (b) is Rs.20,000/- once in a life time.
  • Member claiming reimbursement for illnesses covered under this scheme shall not be eligible to claim reimbursement for the same illness covered under the Medical Assistance Scheme given under Clause B above, in the same calendar year.
OTHER CONDITIONS:
A member who gets reimbursement of medical expenses from his/her employer or the employer of his/her close relative is also eligible. Reimbursement of medical expenses will also be available to a person who has been admitted to the membership of the bank on transmission of share provided the total duration for which the shares are held by the transmitter and the person becoming a member on transmission is five years or more. The word transmission means inheritance from member by son / daughter or spouse on the death of original shareholder and does not mean transfer from one member to another for the purpose of eligibility under the scheme. A shareholder whose gross income should not exceed Rs.10,000/- p.m. is eligible for assistance under the scheme and should submit the income proof. (Slary slip/ Certificate / latest I.T. Return).
EXPENSES COVERED:
  • Hospital charges 
  • Diagnostic test charges like Pathological tests, E.C.G. etc
  • Medicines, drugs, injections, dressing material, for the illness
  • Surgeon's fees , Anesthetist's fees
  • Blood transfusion and dialysis charges
  • Operation Theatre charges
  • Physicians and /or Consulting Doctor's fees
  • Ambulance charges
  • Any other charges approved by the Board of Directors.


If a member dies, the reimbursement will be available to his/her spouse or to his/her son/daughter who pays the hospital bills of the deceased member, subject to the ceiling stipulated.
PROCEDURE FOR SUBMISSION OF APPLICATION FOR REIMBURSEMENT:
A member who desires to avail of the benefit under the scheme will have to submit a prescribed application along with the income declaration/ proof, original bill/s from the hospital/medical shops/doctor and doctor's prescription with certificate regarding sickness. The prescribed application may be directly submitted to the Share Department of the Bank at:

Madhushree, sector 17, Plot No.85, District business Centre, Vashi, 
Navi Mumbai - 400 703. 
Tel : 24671110/24671101.

Claim for reimbursement of medical expenses incurred for current calendar year be submitted once in the same year or latest by 15th March of the next year at the Share Department. 

A member who gets reimbursement from his/her employer or from the employer of his/her close relative will have to submit a declaration from his/her employer or employer of his/her close relative who has reimbursed a part of medical expenses. 

If he/she taken medical insurance policy he/she will not be eligible for the financial assistance under the medical schemes. However, if he/she has taken medical insurance policy, reimbursement may be given in case the expenses are not covered by the insurance company subject to his/her declaration that the present claim for reimbursement of original medical bills submitted to bank is not covered by the insurance company. 
GENERAL:
  • The Board decision to sanction, reject an application or to sanction only a part of expenses shall be final.
  • Granting of Medical Assistance will be strictly subject to the availability of funds from the Members Welfare Fund in the calendar year.
  • The Board shall have the discretion to consider on merit any deserving cases and to sanction appropriate/ higher relief, as the Board may consider and deem fit..
  • Board shall have the absolute discretion at any time or from time to time to add, to amend, to modify or to delete any of the schemes given herein
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Saraswat-Bank
Saraswat-Bank