Retirees Space

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Retirees' Space

Retirees' Space

Retirees' Space is designed to help and guide the retirees of the Bank. The space provides access to the links which help them with the necessary details and documents they may require.
 

 

IBA Medical Insurance Policy 2020-21 – Retired Employees of The Federal Bank Ltd.

E Health Card ( e - card)

As informed, M/s. Heritage Health Insurance TPA Pvt. Ltd shall provide physical copies of Health Cards to all the beneficiaries in due course. In the meantime, beneficiaries can download e -cards using the following link.

Link to generate e - card: http://223.31.103.204/HeritageHealthTPA/HOME/EcardDownload.aspx

OR Logon to the Website of Heritage Health Insurance TPA ( Click here ) > Home Page > Card/Claim Status > ECARD Download.

Steps for downloading e-card :

1) Click on the provided Link

2) Insurance Co. > Select Indian Bank Association (In National Insurance Company)

3) Corporate Name > Federal Bank ( Type Manually)

4) Policy Year> Select 2020-2021

5) EmpID > Enter the PF Number

6) Click Submit Button

M/s. Heritage Health Insurance TPA Pvt. Ltd can also be contacted in the following phone numbers/email id, for any assistance.

Contact Numbers: 0484-4051199, 7736861944, 7736861943, 0484-2634308

Email ID: federalbank.heritage@bajoria.in

Extended Window Period for joining IBA Medical Insurance Scheme by the Retirees

 

M/s. National Insurance Company Ltd. has informed that the left out retirees if any, who could not renew/join the scheme as per the earlier prescribed time line are now provided with another opportunity to join the Scheme by submitting application within the extended window period upto 30.11.2020, subject to the following

  1. It shall be One Time Exercise and no more Extensions or similar Window will be allowed during the policy period.
  1. Retirees who were covered under last year’s IBA Medical Insurance Policy ended on 31.10.2020, but could not renew the policy commenced on 01.11.2020, can join the Scheme during the extended window period. However in such scenario, the coverage will be available for the period from 01.12.2020 – 31.10.2021.
  1. Retirees, who were not covered under last year’s IBA Medical Insurance Policy ended on 31.10.2020, can also join the Scheme during the extended window period. However in such scenario, the coverage will be available for the period from 01.01.2021 – 31.10.2021. (Waiting period of one moth, from the closure of extended window period, shall be applicable for new entrants)
  1. Full annual premium would be required to be paid by the retired employee after appropriating the applicable Bank’s contribution, if any.
  1. Application forms in this regard have to be submitted to the Bank on or before 23.11.2020. The Option for renewing/joining the Policy can also be submitted by way of e-mail in the address medicare@federalbank.co.in .

The policy details, premium and the application form for joining/renewing the Policy are already made available in Bank’s Website – Retirees Space, for reference.

Renewal of IBA Medical Insurance Policy

We are happy to inform that the IBA Medical Insurance Scheme in respect of retired employees of the Bank has been renewed for a further period of one year, commencing from 01.11.2020. M/s. National Insurance Company Ltd. shall be the new Insurer (replacing M/s. United India Insurance Company Ltd.) and M/s. Heritage Health Insurance TPA Pvt. Ltd. shall serve as the TPA for the present Policy period replacing M/s. Vidal Health Insurance TPA.

All concerned are advised to take note of the changes and ensure to submit the claims in the manner as specified below.

 

Claims handled by M/s. Vidal Health Insurance TPA in association with M/s. United India Insurance Company Ltd.

( Policy period ended on 31.10.2020 )

Claims handled by M/s. Heritage Health Insurance TPA Pvt. Ltd, in association with M/s. National Insurance Company Ltd. ( Policy period from 01.11.2020 to 31.10.2021 )

All Hospitalization claims with DOA * on or before 31.10.2020

All Hospitalization claims with DOA on or after 01.11.2020

Pre-hospitalization expenses (expenses prior to 30 days of Hospitalisation) incurred in connection with Hospitalization claims with DOA on or before 31.10.2020

Pre-hospitalization expenses (expenses prior to 30 days of Hospitalisation) incurred in connection with Hospitalization claims with DOA on or after 01.11.2020

Post-hospitalization expenses (subsequent expenses upto 90 days) incurred in connection with Hospitalization claims with DOA on or before 31.10.2020

Post-hospitalization expenses (subsequent expenses upto 90 days) incurred in connection with Hospitalization claims with DOA on or after 01.11.2020

* Date of Admission

Third Party Administrator/Health Card

Health cards to all the beneficiaries will be shared at the earliest. In the meantime, all concerned are advised to contact M/s. Heritage Health Insurance TPA Pvt. Ltd in the following phone numbers for any assistance related to Cashless/Reimbursement claims of hospitaisations with DOA on or after 01.11.2020.

Contact Numbers: 0484-4051199, 7736861944, 7736861943, 0484-2634308

Claims for reimbursement ,if any, can be submitted to M/s Heritage Health Insurance TPA in the following address:-

M/s. Heritage Health Insurance TPA Pvt. Ltd., Chiramel Chambers, Kurisupally Road, Ravipuram, Kochi-682015, Ph. 0484-4051199

For further assistance, if any, beneficiaries may contact HR Department in the phone number 04842634138 /email id:

medicare@federalbank.co.in

Medical Insurance Scheme in respect of Retired Employees of the Bank

The Group Mediclaim Policy under IBA Medical Insurance Scheme, in respect of Retired Employees, falls due for renewal on 01/11/2020. IBA has informed thatM/s. National Insurance Company Ltd. (NIC) shall be the new Lead Insurer ( replacing M/s. United India Insurance Company Ltd. ) for servicing the Group Mediclaim Policy in respect of Retired Employees for the period from01/11/2020 to 31/10/2021. Further, M /s. Heritage Health Insurance TPA Pvt. Ltd. has been appointed as the Third-Party Administrator (TPA) for servicing the Retirees’ Policy ( replacing M/s. Vidal Health Insurance TPA), for the period from 01/11/2020 to 31/10/2021.

M/s. National Insurance Company Ltd. has proposed the following additional features in connection with renewal of the current year Policy :-

I) Single Person Coverage

Beneficiaries can avail coverage as applicable for a single person (Retiree without Spouse or Surviving Spouse of Retiree), by paying premium at reduced rates.

 

II) Graded Sum Insured

Beneficiaries can opt suitable coverage (Sum Insured) as per their choice under Base Policy, ranging from Rs.1 L to Rs. 4 L for Retired Officers and Rs.1 L to Rs.3 L for Retired members of Award Staff. However, the eligible Room Rent (per day) and ICU Charges (per day) for Base Policies with Sum Insured of Rs.1 L and Rs.2 L shall be @1.50% (Max.) of the Sum Insured and @2.00% (Max.) of the Sum Insured, respectively. The eligible Room Rent and ICU Charges for Base Policies with Sum Insured Rs.3 L and Rs.4 L shall be Rs.5000/- (max.) and Rs.7500/- (Max.) respectively.

III) Option to newly join the Policy

Retirees who are not covered under the expiring Retirees’ Policy pertaining to the period 01.11.2019 to 31.10.2020 can join the Retirees’ Policy for the period 01.11.2020 to 31.10.2021

The following options are extended by the Insurance Company in connection with renewal of the Policy in respect of Retired Employees for the period from 01/11/2020 to 31/10/2021.

1) Option I - Without Domiciliary Coverage

Under this Option, expenses incurred in connection with hospitalization alone are envisaged in the scope of the Policy and expenses incurred for domiciliary treatments are not covered .

2) Option II - With Domiciliary Coverage

Under this Option, expenses incurred for domiciliary treatment are also covered for a list of diseases , in addition to the hospitalization expenses. However, the coverage for domiciliary treatment expenses shall be capped at a maximum of 10% of the Sum Insured. (Example : Domiciliary Coverage for Rs. 4 L Sum Insured Policy shall be Rs.40,000/- and that for Rs. 2 L Sum Insured Policy shall be Rs. 20,000/-)

Available Policies under Option I and Option II

Policies with a range of Basic Sum Insured (Rs. 1 L to Rs. 4 L for Retired Officers and Rs.1 L to Rs.3 L for Retired members of Award Staff) are available under each Option. The beneficiaries, after analyzing, may opt for suitable Policy, matching their requirements. NIC has also proposed to extend Single Person Coverage, so as to take care of the requirements of those retirees without spouse and surviving spouses of retirees, by paying premium at reduced rates.

Details of variousOptions and Coverage ( With and Without Domiciliary) available to Retired Officers and members of Award Staff and the corresponding premium to be paid in connection with renewal/joining of Policy are as given below.

i) Officers (Retired)

Base Policy

Premium Including GST

Option I - Without Domiciliary

Option II - With Domiciliary

Sum Insured (in Lakh)

Premium to cover Single Person

Premium to cover Family

Premium to cover Single Person

Premium to cover Family

Rs. 4 L

Rs. 19,358/-

Rs. 32,264/-

Rs. 48,040/-

Rs. 80,067/-

Rs. 3 L

Rs. 14,520/-

Rs. 24,199/-

Rs. 36,032/-

Rs. 60,054/-

Rs. 2 L

Rs. 9,680/-

Rs. 16,133/-

Rs. 24,021/-

Rs. 40,036/-

Rs. 1 L

Rs. 6,534/-

Rs. 10,890/-

Rs. 16,215/-

Rs. 27,024/-

ii) Award Staff (Retired)

Basic Policy

 

Premium Including GST

Option I - Without Domiciliary

Option II - With Domiciliary

Sum Insured (in Lakh)

Premium to cover Single Person

Premium to cover Family

Premium to cover Single Person

Premium to cover Family

Rs. 3 L

Rs. 14,520/-

Rs. 24,199/-

Rs. 36,032/-

Rs. 60,054/-

Rs. 2 L

Rs. 9,680/-

Rs. 16,133/-

Rs. 24,021/-

Rs. 40,036/-

Rs. 1 L

Rs. 6,534/-

Rs. 10,890/-

Rs. 16,215/-

Rs. 27,024/-

Note : Maximum Sum Insured under Base Policy for members of Award Staff (Retired) shall be Rs.3 L.

 

 

Amount to be remitted to subscribe the Policy for the period from 01.11.2020 to 31.10.2021

 

As a gesture of goodwill, the Bank shall bear a portion of premium applicable under the Option I - Without Domiciliary Coverage in respect of all retired employees, subject to a maximum of Rs.19,500/- for Retired Officers and Rs.14,625/- for Retired members of Award Staff [at a differential rate on the basis of the type of coverage(family/single) and the range of Basic Sum Insured opted by the beneficiary]. Accordingly, the details of premium to be remitted by Retired Employee in connection with renewal/joining of the Policy under each category as per Option I and Option II are attached as Annexure 1.

3) Super Top - Up Policy

In addition to the Base Policies, M/s. National Insurance Company Ltd. has proposed Super Top - Up Policies (Without Domiciliary Coverage) for Retired Employees. The salient features of Super Top-Up Policy are as given below.

i. Super Top-Up Policy can be availed, only by those Retired Officers who subscribe Base Policy with Sum Insured of Rs.4 L (Retired Officers who subscribe Base Policy with Sum Insured of Rs.1 L / Rs.2 L / Rs.3 L shall not be eligible for Super Top-up Policy). In the case of Retired members of Award Staff, Super Top-up Policy can be availed only by those who subscribe Base Policy with Sum Insured of Rs.3 L (Retired members of Award Staff who subscribe Base Policy with Sum Insured of Rs.1 L / Rs.2 L shall not be eligible for Super Top-up Policy).

ii. Super Top-Up Policy can only be availed with the same coverage status of either Single or Family, as opted in the case of Base Policy (i.e. In case, the Retiree opts to avail Base Policy for Family, Super Top-Up Policy cannot be availed for Single Person)

iii. Sum Insured and Premium applicable for Super Top - Up Policy are as follows:

 

Premium Including GST

Sum Insured (in Lakh)

Premium to cover Single Person

Premium to cover Family

Rs. 5 L

Rs. 3,932/-

Rs. 6,554/-

Rs. 4 L

Rs. 3,146/-

Rs. 5,243/-

Rs. 3 L

Rs. 2,517/-

Rs. 4,194/-

Rs. 2 L

Rs. 2,045/-

Rs. 3,408/-

Rs. 1 L

Rs. 1,258/-

Rs. 2,097/-

Note : Retired Officers who subscribe Base Policy with Sum Insured of Rs.1 L / Rs.2 L / Rs.3 L shall not be eligible for Super Top-up Policy and Retired members of Award Staff who subscribe Base Policy with Sum Insured of Rs.1 L / Rs.2 L shall not be eligible for Super Top-up Policy.

For Base Policy with Sum Insured of Rs. 4 L, Super Top-Up Policy with Sum Insured upto Rs.5 L ( i.e. Super Top-Up Policy for Rs. 1 L, Rs. 2 L, Rs. 3 L , Rs. 4 L or Rs. 5 L) is permitted.

For Base Policy with Sum Insured of Rs. 3 L, Super Top-Up Policy with Sum Insured upto Rs.4 L ( i.e. Super Top-Up Policy for Rs. 1 L, Rs. 2 L, Rs. 3 L or Rs. 4 L) is permitted.

iv. Entire premium applicable for the Super Top-Up Policy shall be borne by the Retired Employee.

v. Premium for Top - Up Policy shall be remitted along with the premium for the Basic Policy.

vi. Nature of Policy shall be Top - Up without Domiciliary Coverage.

vii. Retired Employee and spouse are eligible to be covered under the Top - Up Policy.

viii. Top - Up Policy will be invoked only when the Sum Insured under the Basic Policy gets exhausted.

ix. The other terms and conditions of the Top - Up Policy shall be same as in the case of Base Policy.

x. Cashless / Reimbursement facility shall be available in connection with Hospitalization.

xi. Retirees who have not availed Super Top-Up Policy for the Policy period 2019-20 are also permitted to avail Super Top-Up Policy under the current renewal

xii. Policy period: 01.11.2020 - 31.10.2021

Procedure to be followed in connection with renewal/joining of Policy

1) Beneficiaries are entitled to opt for either Option I (Without Domiciliary) OR Option II (With Domiciliary) Policy of their choice, irrespective of the Option that they have currently availed.

2) In order to renew/join the Policy covering the period from 01.11.2020 to 31.10.2021, all beneficiaries, irrespective of their Option/Coverage - with or without (Domiciliary/Super Top – Up), are required to submit duly signed hard copy/ scanned copy of the application in the attached format (Annexure 2- Format for Renewal/Joining IBA Medical Insurance Scheme for Retired Employees of the Federal Bank Ltd. (2020-21)) to HR Department, latest by 20 th October, 2020.

3) If at all application for renewal/joining the Scheme is not received from the beneficiary within the prescribed timeline, the coverage will not be renewed/extended under any Option/Category for the period 01.11.2020 to 31.10.2021. (Note : Membership in the Scheme is an onetime option; employees once opt out/do not join/do not renew the Policy, may not be allowed to join the Scheme on a later stage.)

4) Considering the difficulties faced by many in submitting the application as desired on account of one or other reasons, the beneficiaries can also submit their Option for renewal by way of e-mail, in the email id medicare@federalbank.co.in , instead of submitting hard copy/scanned copy of the application .

Upon exercising your option for availing the coverage under the Scheme, as applicable to Retired Employees, the proportionate amount of premium payable will be appropriated from your Pension (Savings Bank) Account. Please note that remittance of premium is a pre-requisite for availing the Policy benefits under the Scheme; hence you are advised to maintain sufficient balance in your Savings Bank Account. Beneficiaries are requested to ensure that the required premium has been debited to your Account latest by 28 th October 2020 so as to confirm coverage under the proposed Mediclaim Policy. On renewal, the Policy/Scheme details will be made available in the dedicated link for Retired Employees in Bank’s Website under Retiree’s Space.

Last date for submission of Application : 20.10.2020

Period of Debiting the premium : 22.10.2020 to 28.10.2020

For any clarifications, please contact us in the e-mail ID: medicare@federalbank.co.in or in Tele Phone No. 0484 - 2634017/2634138/2634106.

 

Fed-e-Life: Digital Life Certificate for Pensioners/Family Pensioners of the Bank

Pension and Family Pension beneficiaries of the Bank are required to submit Life Certificate to the Trustees of The Federal Bank (Employees’) Pension Fund, every year, to ascertain their life status so as to ensure uninterrupted receipt of Pension/Family Pension.   Hitherto, hard copy of the Life Certificate (in the prescribed format), was required to be submitted to HR Department, through any of our Branches/Offices, after duly certified by Officials of the Bank. 

As an endeavor to migrate fully to digital/paperless model, a new platform i.e.  Fed-e-Life has been introduced in order to facilitate our Pension/Family Pension beneficiaries to submit their Life Certificate digitally, without visiting Branch/Office.  Any changes in Address, Mobile Number, e-mail ID etc., can also be updated while submitting the Digital Life Certificate. 

Click here to view the detailed operational guidelines 
 

 

Instructions on usage on mobile device

Please view the video for instructions on usage on mobile devices (Android).

 

Digital Life Certificate is based on AADHAAR validation and hence, only those beneficiaries having valid AADHAAR can submit the Life Certificate digitally. In the case of other beneficiaries (not having valid AADHAAR), the existing practice i.e. submitting hard copy of the Life Certificate through any of our Branches/Offices shall be continued. 

Please call us at 0484-2634263 or e-mail to trust@federalbank.co.in for any queries or clarifications. 
 

Note: The Pension/Family Pension beneficiaries can submit the Life Certificate digitally from current Financial Year onwards. Those who have already submitted the hard copy of the Life Certificate for the current year, need not submit the same again digitally. In view of the pandemic situation, the last date for submission of the Life Certificate (either digitally or in hard copy) has been extended till 15th January 2021.

Special Personal Loan Scheme to Pensioners of the Bank

A Special Personal Loan Scheme has been introduced by the Bank in April 2015 in respect of Employees who have retired from the services of the Bank on attaining the age of superannuation and those who have retired at the age of 55 or above under VRS/VSS.

Various refinements have been brought in the scheme from time to time. The refined Personal Loan Scheme, extended to all Ex- Federals who are currently pensioners of our Bank, is reproduced below for the information of all concerned.

Eligibility

  • Applicant shall be a Pensioner of the Bank
  • Employees who retired from the services of the Bank on attaining the age of superannuation and employees who retired at the age of 55 or above under VRS/VSS shall be eligible for the Loan
  • Minimum take home pension/ income after meeting all commitments towards loans including the proposed one should be Rs. 7500/-

Type of Facility

Term Loan

Loan Amount

Upto 10 times of Monthly Pension or Rs.2.00 Lakh, whichever is lower.

Repayment

EMI

  • By way of auto recovery from the SB account to which the Pension is credited, based on the irrevocable Letter of Authority.

Tenure

  • Maximum 48 months or upto the date on which the Pensioner attains the age of 70 years, whichever is shorter.

Rate of Interest

Repo Rate + 5.60% (Spread)

Late Payment Fee

2% p. m. in case of default

Processing Fee

Nil

Co-obligancy

  • Co-obligancy of Spouse
  • In case of widow/widower, co-obligancy of any earning family member

Security

Nil

Three undated crossed blank cheques in favour of Federal Bank

FOIR

  • Maximum 65% irrespective of income level
  • No relaxation permitted

Internal Credit Rating & CIBIL

  • CIBIL Score as per Retail Loan norms
  • CIR from CIBIL to be taken
  • Charges pertaining to CIBIL report to be borne by the Pensioner

Sanctioning Authority

CRCH

Disbursal Branch

Loan to be disbursed only through the Branch where the Pensioner is maintaining the Pension Account

Other Terms & Conditions

All other terms & conditions of Federal Personal Loans (as applicable to general public)

 

Identity Cards to Retired Employees

We are pleased to inform that the Bank has decided to issue ID Cards to all the employees, who have retired from the services of the Bank on superannuation. In order to make arrangements to issue the ID Card, employees retired from the services of the Bank on superannuation are requested to submit the application as per the format can be downloaded from here. Kindly forward the application, duly attested by the Principal Officer of the nearest Branch/Office, to HR Employee Relations & Operations.

Download

 

Relaxations in the norms of Staff Loans in respect of employees retired from the Bank 

At present, employees are permitted to continue Vehicle Loan, Housing Loan and Federal Vidya Loan / Federal Career Solutions Loan even after their retirement. On a review, it is decided by the Bank to extend the relaxations to those who have retired from the services of the Bank on superannuation subject to certain conditions. 
 

Application for Commercial Employment

All pension opted Retiree Officers of the Bank who wish to accept / engage in any commercial employment / practice for any gainful employment within two years from the date of their retirement shall obtain prior permission from the Bank. The format for application can be downloaded from here.
 

ESOS

Paperless exercise of Stock Options and the related process changes.

As our endeavour to move towards fully digital/ paperless mode in connection with processing of applications submitted by employees for exercising Stock Options, we are happy to inform that the ESOS Online Platform has been suitably modified so as to make the exercise process end to end paperless. Henceforth, hard copy of the signed Exercise Forms need not be forwarded to the Secretarial Department, after making the payment through Finacle/Fednet. However, if the payment is made through Finacle, Branch/Office shall ensure that the application number is invariably entered in the particulars field, Perquisite Tax (as specified in the Exercise Form) is remitted in applicable cases and the details (PAN Number, Perquisite Value, etc) are correctly updated under HADM.

With a view to standardize and streamline the process; to improve the overall TAT for processing the applications for exercising Stock Options and to expedite the allotment of shares, the following procedural changes are also being introduced w.e.f. 15/12/2020.

1. Exercise Window: To ensure faster allotment of shares and to move towards a more compliant environment; exercise of Stock Options would be restricted, from here onwards, to once in a week, i.e. on every Wednesday. In case, it happens to be a non-working day, exercise can be done on the very next working day. However, in the case of Stock Options which are due to lapse, employees would be permitted to exercise Stock Options on all the 15 days, prior to the date of lapse. The allotment of shares would be completed within 16 days from the date of exercise of Options.

2. Payment for Exercise: Payment in connection with the Stock Options exercised by the employees shall be made invariably within 7 days (including holidays) from the date of exercise of the Stock Options. In case, the payment is not received within the stipulated time period, the transaction would be treated as invalid and the status of Stock Options would be reverted to the earlier status- i.e. vested (if expiry date of Options is not over) or lapsed (if expiry date of Options is over). Those employees who opt for funding facility from external funding agencies, necessary arrangements would be required to be made by them, prior to the date of exercise of the Stock Options, so as to ensure that the proceeds are received within 7 days from the exercise of Stock Options.

Additionally, the requirement for submitting signed hardcopy of the Nomination Form has also been dispensed with. Nomination may be registered from here onwards through ESOS Online using the navigation Quick links-> Employee Profile Update.

For any further clarifications in this regard, please take up with secretarial@federalbank.co.in .

 

Employee Stock Option Scheme 2010- Lapse of Options

As per the Employee Stock Option Scheme, the Exercise Period of Stock Options commences from the Date of Vesting of Options, which will expire on completion of five years from the respective date of Vesting of Options. As such, any decision with regard to exercising of the Options has to be taken by the beneficiaries within this period.  All concerned may take note that the Options vested will get lapsed, if not exercised within the specified Exercise Period, which will be consequently considered as Options that have not been granted.
 
The Options vested on 12th September, 2015 (Second Tranche in respect of Grant for the Year 2013 at an Exercise Price of Rs.28.63) and  05th November, 2015 (Third Tranche in respect of Grant for the Year 2012 at an Exercise Price of Rs.47.40) would lapse, if not exercised within 11th September 2020 and  04th November 2020 respectively, i.e. after completion of five years of Exercise  Period. It is reiterated that as per the Scheme, Options once lapsed shall be treated as Options that have not been granted and hence, the beneficiaries would not have any claim on the lapsed Options on a later date. 
 
In this background, all concerned are advised to take necessary steps to exercise the Options before the expiry date itself. Details of Vesting Schedules and respective Expiry Dates can be viewed by the eligible beneficiaries by accessing ESOS Online.
 

ESOS Online site can be accessed by clicking the link below.

ESOS Online

Payment of Exercise Price and Perquisite Tax through Fednet for ‘ESOS Online' is enabled. Please click here to know more.

 

 

Retired employees can address their grievances to bank. Please Click here for more details.