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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

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. As per the terms; a retired employee along with his/her spouse, are eligible to be covered under the policy which is being renewable on a yearly basis. The next renewal falls due on 01/11/2018 and 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. 24,400/-

Rs. 28,792/-

Award Staff (Retired)

Rs. 3 Lakh

Rs. 18,301/-

Rs.21,595/-

 

 

 

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 shall bear a maximum amount of Rs. 16,000/- in respect of Officers and Rs. 12,000/- in respect of Award Staff, irrespective of the option chosen by the retiree.

 

Premium to be remitted by the retiree in connection with the 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. 16,000/-

Rs. 12,792/-

Rs. 66,373/-

Award Staff (Retired)

         Rs. 12,000/-

Rs. 9,595/-

Rs. 49,784/-

 

Revision in room rent and submission of bills with GST details

 

Under the new policy, the maximum eligibility for per day room rent has been revised to Rs. 4,000/-. The Insurer, M/s United India Insurance Company has directed that all bills / receipts for purchase of medicine, upon which a claim is made, shall bear the valid GST Number of the issuer (shop or hospital) of such bills, receipts etc., which shall be applicable for claims related to both Hospitalization and Domiciliary treatments.

 

Super Top – Up Policy:

Retirees are also provided with a Super Top – UP policy without domiciliary coverage. The Salient features of the Scheme are as given below.

 

1.       Entire premium shall be borne by the retiree.

2.       Premium in respect of Top – Up policy shall be remitted along with the basic policy premium.

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 existing policy.

7.       Cashless / Reimbursement facility available in connection with Hospitalization

8.       Policy period: 01.11.2018 - 31.10.2019

9.       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. 4,279/-

Rs. 5,049/-

Award Staff (Retired)

Rs. 4 Lakh

Rs. 3,947/-

Rs. 4,657/-

 

 

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

2)       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 25th October 2018.

3)       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 25th October 2018.

4)       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 25th October 2018.

5)       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.

6)       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 25th October 2018.

7)       Opting Out of the Scheme.

Beneficiaries shall take up the matter with HR Department latest by 25th October 2018 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 30.10.2018.

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

 

Medical Insurance Scheme in respect of Retired Employees of the Bank

Medical Insurance Scheme in respect of Retired Employees of the Bank has been renewed for one year w.e.f 01/11/2017, in association with M/s. United India Insurance Co. Ltd. and M/s. Vidal Health TPA.  Both the retired employee and spouse of the retired employee are covered under the Scheme. The Scheme has been renewed with the following options and retirees are covered as per their choice and eligibility, subject to payment of required premium.

Option I – Without Domiciliary Coverage

Under the Option, expenses incurred for hospitalization alone are envisaged in the scope of the policy and expenses incurred for domiciliary treatments are not covered. The coverage under this option shall be as given below.

Category

Total Sum Insured

Officers (Retired)

Rs. 4 Lakh

Award Staff (Retired)

Rs. 3 Lakh

 

The Scheme envisages either cashless or reimbursement facility in the case of hospitalization.  Cashless facility will be available only at selected Network Hospitals, as approved by the TPA. The list of Network Hospitals, where cashless facility can be availed, is made available in the Website of Third Party Administrator (M/s. Vidal Health TPA) https://www.vidalhealthtpa.com/home/Network-Services/Network-Hospitals.  In order to make use of the cashless facility, beneficiaries may approach the Insurance Desk maintained at the Network Hospitals, with the ID Cards already provided to the retiree along with another valid ID proof.  In case of any contingencies, E- Cards will be provided by the TPA via email to the beneficiaries, on demand. The TPA may be contacted in the following email ID federalbank@vidalhealthtpa.com .In case employee/dependents are admitted to a Hospital and not availing cashless facility, details of such hospitalization shall have to be invariably intimated to the Insurer/Third Party Administrator within 7 days from the date of hospitalization and the claims shall be submitted in the prescribed format (annexed), with all required documents mentioned therein, directly to Third Party Administrator, within 30 days from the date of discharge.

 

Option II – With Domiciliary Coverage

Under the Option, expenses incurred for domiciliary treatment are also covered, for a list of diseases as annexed, in addition to the hospitalization expenses. However, the coverage for domiciliary expenses is capped at a maximum of 10% of the total Sum Insured, i.e. Rs. 40,000/- for Officers and Rs. 30,000/- for Award Staff. Please note that, the total coverage under this option including that for domiciliary treatment is limited to the total Sum Insured as applicable in the respective cadre of the retiree (Rs.4 Lakh in the case of Officer and Rs. 3 Lakh in the case of Award Staff). Coverage under this option shall be as given below.

Category

Total Sum Insured

Domiciliary Cover

(10% of overall Sum Insured)

Officers (Retired)

Rs. 4 Lakh

Rs. 40,000/-

Award Staff (Retired)

Rs. 3 Lakh

Rs. 30,000/-

 

Retired employees may submit the claims related to domiciliary treatments along with the required documents as detailed below. It may be noted that, any other documents as demanded by Insurance Company/TPA, at the time of processing the claim, will also be required to be submitted.

 

1.       Duly filled in IBA Domiciliary Treatment Claim Reimbursement Statement (Annexure I)

2.       Duly signed Claim Form - Part A

 

3.       Copy of Health Card

4.       Copy of cancelled cheque leaf & ECS Mandate (Along with first claim and whenever there is change in Account Number).

5.       All Original Bills/Lab Reports for the medicines purchased/lab tests conducted.

6.       All domiciliary claims are to be supported with original prescriptions showing the nature of ailment(s) and details of medicines to be consumed. Prescription for lab test if any, shall also be submitted.

7.        If original prescription has already been submitted, retired employees need to submit, only self attested copies of valid prescriptions with subsequent claims. Please note that, while submitting the claim with self attested copy of prescription, care shall be taken to mention (at the bottom of Annexure I) the details such as month, date etc. of the earlier claim submitted using the original prescription.

8.        The validity of the prescription shall be for a maximum period of 90 days only, unless specific period is mentioned in the prescription. In the case of prescriptions where the time limit is more than twelve months and for lifelong medication, a re-validation shall have to be made on or before completion of 12 months from the date of issue of the prescription.

9.       Members shall invariably retain a copy of the claim application and connected documents/ bills/ vouchers/reports for future reference.

 

Claims under Domiciliary treatment in respect of retired employees shall have to be submitted on a monthly basis. For a hassle free processing of claims related to domiciliary treatments, all concerned are advised to submit the claim forms in the prescribed format, before 15th of every month directly to the TPA (M/s. Vidal Health TPA). The format for claiming expenses incurred for domiciliary treatment is annexed for the reference of all concerned.

 

Super Top- Up Policy without domiciliary cover

 

The Salient features of the Super Top – UP Policy introduced by M/s. United India Insurance Company Ltd are as given below.

 

1.       Super Top – UP Policy can be availed with any of the Basic Policy either Option I or Option II

2.       Nature of Policy - Top Up without domiciliary coverage

3.       Members of Basic Policy are eligible to be covered under the Policy

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

5.       The other terms and conditions applicable to the Super Top – Up Policy shall be the same as in the case of Basic Policy.

6.       Cashless / Reimbursement facility is available in connection with Hospitalization

7.       Policy period : 01.11.2017 - 31.10.2018

8.       The coverage under Super Top – Up Policy shall be as given below:

 

Cadre

Sum Insured under the Super Top – Up Policy (without domiciliary benefit)

in addition to the coverage under Basic Policy

Officers (Retired)

Rs. 5 Lakh

Award Staff (Retired)

Rs. 4 Lakh

 

 

The claims in this regard shall be submitted in the prescribed format (hospitalization claim format), directly to Third Party Administrator (M/s. Vidal Health TPA).

 

TPA  Address

M/s. Vidal Health TPA Services, Door No. 40/3232, 2nd Floor, SL Plaza, Palarivattom, Kochi – 682025. Kerala

For any queries, please feel free to contact in the No. 9544971166/0484 – 2634308 or please email to federalbank@vidalhealthtpa.com

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 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 05th November, 2013 (First Tranche in respect of Grant for the Year 2012) under ESOS 2010 would lapse, if not exercised within 04th November, 2018. 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.