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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.
 

 

 

Medical Insurance Scheme in respect of Retired Employees

 

  • Medical Insurance Policy in respect of Retired Employees of the Bank has been renewed for a further period of one year from 01.11.2019, in association with M/s United India Insurance Company. M/s. Vidal Health TPA shall continue as the TPA for the policy period from 01.11.2019 to 31.10.2020.

  • The window period for renewing/joining the policy has been extended till 25.11.2019 for those eligible retired employees who could not renew/join  the policy on time due to various reasons.

  • For those retirees who were  covered under the policy till 31.10.2019 and could not renew  the policy on time, the period of coverage will be effective from 01/12/2019 to 31.10.2020.

  • For the retirees who were not covered under the previous year policy and now willing to join the policy, there will be a waiting period of 30 days and accordingly, the coverage under the policy will be effective from 01.01.2020 to 31.10.2020.

  • In both the above cases, the beneficiaries shall have to pay the premium amount applicable for the full year, after deducting the partial contribution from the Bank in eligible cases.

  • A retired employee who has already renewed/ joined the policy on 01/11/2019 but could not exercise the Top up option can join the Top Up Policy during the extended window period by paying the required premium.

  • Once the premium is remitted, no option change will be allowed.

Accordingly, eligible beneficiaries may submit the application in the format already published, to HR Department latest by 22.11.2019.

 

Medical Insurance Scheme in respect of Retired Employees of the Bank who could not join the Medical Insurance Scheme earlier.

 

 

M/s. United India Insurance Company Ltd. have now agreed  to provide an option to the retirees for joining the Scheme, who could not join the Medical Insurance Scheme earlier, subject to the following conditions:
 
a) This is an one time option without setting a precedence.
 
b) There will be a waiting period of 30 days (for utilization of the Policy benefits) from the commencement of the Policy or from the date of remittance of premium, whichever is later.
 
Accordingly, eligible beneficiaries, who could not join the Medical Insurance Scheme earlier, may submit the application for joining the scheme, in the already published format , to HR Department latest by 25.10.2019

 

 

Medical Insurance Scheme in respect of Retired Employees of the Bank

 

Employees retired from the services of the Bank are covered under the IBA Medical Insurance Scheme introduced in the Bank. As per the terms; a retired employee along with his/her spouse, are eligible to be covered under the policy which is renewable on an yearly basis. It has been decided to renew the retirees' policy for a further period of one year from 01/11/2019 to 31/10/2020 in association with M/s. United India Insurance Co. Ltd. IBA has informed that the daily room rent limit for hospitalization has been reinstated to Rs. 5,000/- for the new Policy period. M/s United India Insurance Company Ltd. has proposed the following two options.

 

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.  The details of premium to be paid and coverage under this option shall be as given below.

 

Cadre

Total Sum Insured

Premium without G.S.T.

Total Premium with G.S.T. @ 18%

Officers (Retired)

Rs. 4 Lakh

Rs. 28,130/-

Rs. 33,193/-

Award Staff (Retired)

Rs. 3 Lakh

Rs. 21,099/-

Rs.24,897/-

 

 

 

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 of domiciliary treatment expenses shall be capped at a maximum of 10% of the Sum Insured. Please note that the total coverage under this option including the domiciliary cover is limited to the total Sum Insured applicable to the respective category (Rs.4 Lakh in the case of Officer and Rs. 3 Lakh in the case of Award Staff).  The details of premium to be paid and coverage under this option shall be as given below.

Cadre

Total Sum Insured

Domiciliary Cover (10% of overall Sum Insured)

Premium without G.S.T.

Total Premium with G.S.T. @ 18%

Officers (Retired)

Rs. 4 Lakh

Rs 40,000/-

Rs. 69,808/-

Rs. 82,373/-

Award Staff (Retired)

Rs. 3 Lakh

Rs 30,000/-

Rs. 52,359/-

Rs.61,784/-

 

Please note that the Bank as a gesture of goodwill shall bear an amount of Rs. 20,000/- in respect of Officers and Rs. 15,000/- in respect of Award Staff, irrespective of the option chosen by the retiree. Accordingly, the premium to be remitted by the retiree in connection with the proposed renewal of the policy under Option I/Option II shall be as given below.

 

 

Cadre

Bank' s Contribution

Portion of total premium to be paid by the retiree for coverage under Option I

Portion of total premium to be paid by the retiree for coverage under Option II

Officers (Retired)

Rs. 20,000/-

Rs. 13,193/-

Rs. 62,373/-

Award Staff (Retired)

         Rs. 15,000/-

Rs. 9,897/-

Rs. 46,784/-

 

 

Super Top – Up Policy:

 

M/s United India Insurance Company has proposed a Super Top – UP policy without domiciliary coverage to the Retirees. The Salient features of the Scheme are as given below.

 

  1. Sum Insured and Premium of Super Top – Up Policy:

 

Category

Sum Insured under the

Top - Up Policy

(without domiciliary benefit)

Premium without G.S.T.

Total Premium Including

G.S.T @ 18%

Officers (Retired)

Rs. 5 Lakh

Rs. 5,198 /-

Rs. 6,134/-

Award Staff (Retired)

Rs. 4 Lakh

Rs. 4,795/-

Rs. 5,658/-

 

 

  1. Entire premium shall be borne by the retiree.
  2. Premium in respect of Top – Up policy shall be remitted along with the premium for the basic policy.
  3. Nature of Policy - Top up without domiciliary coverage
  4. Retired Employee and spouse are eligible to be covered under the Policy
  5. Top- Up Policy will be invoked only if the Sum Insured in the Basic Policy is exhausted
  6. The other terms and conditions of the Top – Up Policy shall be the same as in the case of base policy.
  7. Cashless / Reimbursement facility available in connection with Hospitalization
  8. Policy period: 01.11.2019 - 31.10.2020

 

In connection with the renewal of the policy, all beneficiaries are advised to adhere to the following.

 

  1. To renew the policy under Option I (Without domiciliary) & Without Top- up Policy.

Beneficiaries need not submit the application

  1. To renew the policy under Option I (Without domiciliary) & With Top- up Policy.

Beneficiaries shall submit the application in the attached format to HR Department latest by 17th October 2019.

  1. To renew the policy under Option II (With domiciliary) & Without Top- up Policy.

Beneficiaries shall submit the application in the attached format to HR Department latest by 17th October 2019.

        (Members already covered under Option II policy shall only be eligible to choose Option II on renewal.)

  1. To renew the policy under Option II (With domiciliary) & With Top- up Policy.

Beneficiaries shall submit the application in the attached format to HR Department latest by 17th October 2019.

       (Members already covered under Option II policy shall only be eligible to choose Option II on renewal.)

  1. Switch over of option

To switch over the coverage from Option II to Option I & Without Top – UP Policy, beneficiaries are not required to submit the application and such employees will be covered under Option I (Without Domiciliary) & Without Top- Up policy. Switching over of the coverage from Option I to Option II is not permitted by the Insurance Company.

  1. Change in member details

In the case of change in member details or account details, beneficiaries shall submit the application in the attached format to HR Department latest by 17th October 2019.

  1. Opting Out of the Scheme.

Beneficiaries shall take up the matter with HR Department latest by 17th October 2019 to discontinue the policy.

 

It may be noted that, the membership in the Scheme is a onetime option; employees once opt out/do not join/do not renew the policy, will not be allowed to join the Scheme on a later stage.

Please note that, in the case of beneficiaries who have not submitted the application as mentioned above, the coverage will be renewed as per Option I (Without Domiciliary) & Without Top- Up policy subject to the payment of applicable premium. Upon exercising your option for continuing the coverage under the Scheme as applicable to retired employees, the proportionate amount of premium, payable by you, will be appropriated from your Savings Bank Account (Pension Account).  Please note that, remittance of premium is a pre-requisite for availing the policy benefits under the Scheme; hence you are requested to maintain sufficient balance in the Savings Bank Account. Beneficiaries are also requested to confirm the membership in the Scheme by ensuring that the applicable premium has been debited from the registered account latest by 30th October 2019. On renewal, the policy details will be made available in Bank's Website (Retiree's Space).

 

 

For clarifications if any, please contact in the E-mail ID: medicare@federalbank.co.in , or in Tele Phone No. 0484 – 2634138/4106

 

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. 
 

Submission of Life Certificate for continuing the Superannuation Pension

Retired Employees who are drawing monthly pension from the Bank, shall submit Life Certificate during the month of September every year. Duly filled up and signed application shall be submitted to any Branches of Federal Bank for onward submission to Head Office- HR Department. The format for Life Certificate can be downloaded from here.
 

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

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, 2014 (First Tranche in respect of Grant for the Year 2013 at an Exercise Price of Rs.28.63) and  05th November, 2014 (Second 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 2019 and  04th November 2019 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.