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.
 

 

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.

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, 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.