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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 of the Bank

Renewal of 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 in association with M/s. United India Insurance Co. Ltd. and M/s. Vidal Health TPA. As per the terms; retired employee and the spouse are eligible to be covered under the policy, which is being renewed on a yearly basis. The next renewal falls due on 01/11/2017 and M/s. United India Insurance Company Ltd has informed that they have proposed the following two options in connection with the renewal.

I. Option I – Without Domiciliary Coverage

 

Under this Option, expenses incurred in connection withhospitalization 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. 13,935/-

Rs. 16,443/-

Award Staff (Retired)

Rs. 3 Lakh

Rs. 10,452/-

Rs.12,333/-

The Bank, as a gesture of goodwill, shall absorb 70% of the Total Premium including G.S.T. payable under Option I and therefore, retired employees who prefer to get coverage under Option I, would be required to remit the balance 30% of the total premium including G.S.T. Accordingly, those who wish to be covered in the Scheme under Option I will have to remit Rs. 4,933/- in the case of Officers and Rs.3,700/- in the case of Award Staff towards the renewal premium.

II. 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 is capped at a maximum of 10% of the Sum Insured. Please note that the total coverage under this option including domiciliary cover is limited to the total Sum Insured applicable to the respective category (Rs.4 Lakh for Officers and Rs. 3 Lakh for Award Staff). Premium and coverage under this option shall be as given below.

Cadre

Total Sum Insured

Domiciliary Cover (10% of Sum Insured)

Premium without G.S.T.

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

Officers (Retired)

Rs. 4 Lakh

Rs 40,000/-

Rs. 31,354/-

Rs. 36,998/-

Award Staff (Retired)

Rs. 3 Lakh

Rs 30,000/-

Rs. 23,517/-

Rs.27,750/-

Those who wish to be continued in the Scheme under Option II, are required to remit the additional premium for availing the coverage for domiciliary treatment, over and above the 30% of premium plus G.S.T., applicable under Option I. The Bank shall bear a maximum amount of Rs. 11,510/- in respect of Officers and Rs. 8,633/- in respect of Award Staff, being 70% of the Basic premium under Option I including G.S.T, irrespective of the type of coverage opted.

Premium to be remitted for renewing the policy under Option II shall be as given below.

Cadre

30% of Basic premium as per Option I

Additional premium for Option II

Total premium to be paid by the retiree for coverage under Option II

Officers (Retired)

Rs. 4,933/-

Rs. 20,555/-

Rs. 25,488/-

Award Staff (Retired)

Rs. 3,700/-

Rs. 15,417/-

Rs. 19,117/-

 

Note:

i) Retirees who have already opted and covered under Option I are not permitted to switch over to Option II.

ii) Retirees who have already opted and covered under Option II are permitted to switch over to Option I.

 

III. Super Top- Up Policy without domiciliary cover

M/s. United India Insurance Company Ltd has informed that a Super Top – UP policy without domiciliary coverage is proposed to be introduced for retired employees. The Salient features of the Scheme are as given below.

1) The entire premium for the Super Top- Up policy shall be borne by the retiree.

2) Premium in respect of Super Top–Up policy shall have to be remitted along with the premium under Option I/Option II

3) Nature of Policy - Top up without domiciliary coverage

4) Retired Employee and the spouse are eligible to be covered under the Policy

5) Super Top- Up Policy will be invoked only if the Sum Insured under the Basic Policy is exhausted

6) The other terms and conditions applicable to the Super Top – Up Policy shall be the same as in the case of existing policy.

7) Cashless / Reimbursement facility is available in connection with Hospitalization

8) Policy period : 01.11.2017 - 31.10.2018

9) Sum Insured and Premium of Super Top – Up Policy shall be as given below:

Cadre

Sum Insured under the Super Top - Up

Policy (without domiciliary benefit)

Premium without G.S.T.

Total Premium Including

G.S.T @ 18%

Officers (Retired)

Rs. 5 Lakh

Rs. 3,225/-

Rs. 3,806/-

Award Staff (Retired)

Rs. 4 Lakh

Rs. 2,975/-

Rs. 3,511/-

Total premium to be remitted by a retiree for renewing the policy under Option I/Option II along with Super Top – UP coverage shall be as given below.

Cadre

Total premium to be paid by the retiree for coverage underOption I with Super Top – UP Policy

Total premium to be paid by the retiree for coverage underOption II with Super Top – UP Policy

Officers (Retired)

Rs. 8,739/-

Rs. 29,294/-

Award Staff (Retired)

Rs. 7,211/-

Rs. 22,628/-

 

IV. Important points in connection with renewal of the policy

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

Premium to be remitted by the retiree will be Rs. 4,933/- for Officers and Rs. 3,700/- for Award Staff. Beneficiaries are not required to submit any application to this effect.

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

Premium to be remitted by the retiree will be Rs. 8,739/- for Officers and Rs. 7,211/- for Award Staff. Beneficiaries shall submit the application in the attached format so as to reach HR Department latest by 25th October 2017.

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

Premium to be remitted by the retiree will be Rs. 25,488/- for Officers and Rs. 19,117/- for Award Staff. Beneficiaries shall submit the application in the attached format so as to reach HR Department latest by 25th October 2017.

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

Premium to be remitted by the retiree will be Rs. 29,294/- for Officers and Rs. 22,628/- for Award Staff. Beneficiaries shall submit the application in the attached format so as to reach HR Department latest by 25th October 2017.

5) To Switch over of option (Switching over is permitted from Option II to Option I only)

To switch over the coverage from Option II to Option I Without Top – UP Policy, beneficiaries are not required to submit any application. However, to switch over the coverage from Option II to Option I With Top – UP Policy, beneficiaries shall submit the application in the attached format so as to reach HR Department latest by 25th October 2017.

Note: -

 

a) To Change member/contact/account details: Beneficiaries shall submit the application in the attached format so as to reach HR Department latest by 25th October 2017

b) To Opt Out of the Scheme : Beneficiaries shall take up the matter in writing with HR Department latest by 25th October 2017

c) Beneficiaries who do not submit the application as directed above, will be treated as they have chosen to renew the policy under Option I (Without Domiciliary) and Without Top- Up policy and shall be covered accordingly, subject to payment of applicable premium.

d) Retired employees who have not yet joined the Scheme are given one more chance to join the Scheme under Option I during this renewal by paying the applicable premium. They shall submit the application in the attached format so as to reach HR Department latest by 25th October 2017.

e) 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.

f) The Proportionate amount of premium, payable by beneficiaries, will be appropriated from the Savings Bank Account (Pension Account); hence care shall be taken to maintain sufficient balance in the Savings Bank Account for ensuring the coverage.

In case of any clarifications, please contact HR Department in the E-mail ID: medicare@federalbank.co.in / Phone No. 0484 – 2634138

It may be noted that, the renewal of the policy shall be subject to the confirmation/approval of premium and other terms and conditions of the policy by IBA.

Format of renewal of Medical Insurance Scheme for retired employees can be downloaded by clicking the link below.

Download

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

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

ESOS Online