• Premium details of Base policy (Without domiciliary)

• Family Floater Coverage (2 Lives Insured)

Beneficiaries can avail coverage for Family (Employee and Spouse) by paying the applicable premium.

• Single Person Coverage (1 Life Insured)- applicable in the following cases:

1. Retiree without spouse (unmarried, widow, legally separated and divorced)
2. Surviving spouse (Family Pensioner)
3. Retirees does not require the insurance cover for the spouse
4. Retirees who are not covered under the expiring retirees’ Policy pertaining to the period 01.11.2024 to 31.10.2025 can also join the retirees’ Policy for the period 01.11.2025 to 31.10.2026.

Features of IBA Medical Insurance Policy for Retirees (2025-26) are as follows:

1. The upper cap for Cataract treatment shall be ₹ 40,000/- per eye.
2. Hormonal therapy for cancer and Immunotherapy for non-cancer are included under daycare.
3. Expenses on oral chemotherapy for treatment of cancer shall be payable with or without hospitalization.
4. Robotic surgery shall be considered in cases where the medical condition of the patient warrants such treatment, which needs to be certified by the treating doctor/surgeon.
5. Mentally/physically challenged Dependent family members can be included by way of add-on. Additional Premium for the same is to be paid by the Retiree.
6. Definition of Physically and Mentally Challenged/ Disabled dependent family members will be strictly as per The Right of Persons with Disabilities Act, 2016 and The Mental Healthcare Act, 2017 and subsequent modifications / additions to the list in the Act. Disability for the purpose of insurance coverage means a person with not less than 40% of a specified disability as per the Act, where specified disability has not been defined in measurable terms and includes an Insured Person with disability where specified disability has not been defined in measurable terms, as Certified by the Medical Board appointed by the Government for certifying Disability.
7. Retirees’ who have not subscribed to the 2024-25 IBA Group Health Insurance Policies, will be allowed to join the Policy for the year 2025-26.
8. No extended window will be allowed for enrolment under Retiree Base and Top-Up Policy 2025-26.
9. Dependent Addition to be incorporated in the IBA 2025-26 Policy of Retiree is to be notified before the commencement of Policies. Mid-term Addition of dependent during the currency of the Policy will not be allowed.

• Add-on Facility

Physically /Mentally challenged dependent children can be included in the Base policy by way of add-on facility. Additional Premium for the same is to be paid by the Retired Employee. Definition of Physically and Mentally Challenged/ Disabled dependent children will be strictly as per The Right of Persons with Disabilities Act, 2016 and The Mental Healthcare Act, 2017 and subsequent modifications.

Add-on Premium details for each Physically/Mentally challenged dependent children (to be incorporated in the corresponding Base Premium : -

*There will not be any additional Sum Insured for add-on facility.

• Amount to be remitted to subscribe the Policy for the period from 01.11.2025 to 31.10.2026

As a gesture of goodwill, the Bank shall bear a portion of premium applicable under base Policy (without considering premium of add-on policy) in respect of all retired employees as mentioned below: -

  Accordingly, the details of premium to be remitted by a Retired Employee in connection with renewal/joining of the Policy are attached as (Annexure1)

• Top - Up Policy

In addition to the Base Policy as mentioned hereinabove, NIC has also proposed Top - Up Policies (Without Domiciliary Coverage) beyond the regular sum insured on payment of extra premium. Top up is available for all retirees where the sum insured available in Top up is Rs.1 Lakh, 2 Lakhs, 3 Lakhs & 4 Lakhs.

Retirees Top-Up Policy Premium Rates:

The available SI for Top-Up Policies for Retired-Award staff and Retired-Officers are: Rs.1 Lakh, 2 Lakhs, 3 Lakhs & 4 Lakhs. Retirees can opt for any one of the SI under Top-up Policies: -

Add-on Premium details for each Physically/Mentally challenged dependent children (to be incorporated in the corresponding Top-Up Premium : - 

The salient features of Top-Up Policy are as given below: -

• Top-Up Policy can be availed, only 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, TopUp Policy cannot be availed for Single Person)
• Premium for Top - Up Policy shall be remitted along with the premium for Base Policy.
• Physically/Mentally challenged dependent children (as per the definition quoted above) can be included in Top- Up policy by way of add-on facility. Additional Premium for the same is to be paid by the Retired Employee.
• If Physically/Mentally challenged children have been added in the base policy, it shall be mandatory for retirees who have opted for the top up policy to extend the top up coverage to them as well.
• Entire premium applicable for the Top-Up Policy shall be borne by the Retired Employee.
• Nature of Policy shall be Top - Up without Domiciliary Coverage.
• Retired Employee and spouse (as applicable in the base policy), physically/mentally challenged children (as applicable to the add on base policy) are eligible to be covered under the Top - Up Policy if opted otherwise.
• Top - Up Policy will be invoked only when the Sum Insured under the Basic Policy gets exhausted.
• Cashless / Reimbursement facility shall be available in connection with Hospitalization.
• Retirees who have not availed Top-Up Policy for the Policy period 2024-25 are also permitted to avail Top-Up Policy under the current renewal.
• The Top up Policy commences w.e.f 01.11.2025 and the period will be identical to the main policy period i.e. expiry date will be 31.10.2026.

Procedure to be followed in connection with renewal/joining of Policy (Online Submission of Application)

• In order to renew/join the Policy covering the period from 01.11.2025 to 31.10.2026, all beneficiaries, irrespective of their Category (Single or Family/ Top – Up ) , are required to submit the application online, through Digital Service Memoir Portal (Click here) available in Retirees’ Space (Click here), latest by 21^st October 2025. After the successful submission of application, the beneficiary will receive a confirmation mail in their registered email ID.
• In order to promote paperless environment beneficiaries are requested to use DSM portal for submitting the application. (Hardcopy applications will not be accepted)
• Please note that Family Pensioners who do not have DSM access, can send the application (which has been shared via post/email) to HR Department latest by 21^st October 2025.
• If at all the 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 01.11.2025 to 31.10.2026 (Note: Membership in the Scheme is a one-time option, and once employees choose to opt out / decline to join, they may not be allowed to enroll in the scheme at a later stage).

Upon exercising the option for availing the coverage under the Scheme, as applicable to Retired Employees, the proportionate amount of premium payable will be appropriated from the Pension (Savings Bank) Account.  Please note that remittance of premium is a pre-requisite for availing the Policy benefits under the Scheme; hence beneficiaries are advised to maintain sufficient balance in their respective Bank Account.  Beneficiaries are therefore advised to ensure that the required premium has been debited to their Account latest by 28^th October 2025 so as to confirm coverage under the proposed Mediclaim Policy covering the period 01.11.2025 to 31.10.2026.  On renewal, the Policy/Scheme details will be made available for Retired Employees in Bank’s website www.federalbank.co.in under Retiree’s Space.

For any clarifications, please contact via; e-mail ID: medicare@federalbank.co.in or in TelePhone No. 0484– 2634138

HR Department