Medical Insurance Scheme in respect of retired employees of the Bank

The group mediclaim policy under the IBA Medical Insurance Scheme in respect of retired employees has been renewed for a further period of one year, w.e.f. 01.11.2024.

New Health ID Cards will be provided by HITPA to all beneficiaries in due course. In the meantime, for availing cashless facility in network Hospitals, retired employees can inform Hospital Insurance desk to forward the cashless claim details to Health Insurance TPA of India Ltd by mentioning the Employee ID (PF No). Employees may contact HITPA Executive on (+91 7303768637) to get any immediate cashless assistance.

Relationship Matrix of HITPA

Address of HITPA

Medical Insurance Scheme in respect of retired employees of the Bank 2024-25

The Group Mediclaim Policy under IBA Medical Insurance Scheme, in respect of Retired Employees, falls due for renewal on 01.11.2024. IBA has informed that National Insurance CompanyLtd.(NIC) shall continue as the Lead Insurer for servicing the Group Mediclaim Policy in respect of Retired Employees for the period from 01.11.2024 to 31.10.2025. Details of Third-Party Administrator (TPA) will be communicated in due course.

The details of the coming year policy are as follows:

Base Policy without domiciliary for Retirees

Expenses incurred in connection with hospitalisation alone are envisaged in the scope of the Policy and hence expenses incurred for domiciliary treatments are not covered under this policy. Policies with Base Sum Insured of Rs.4 L for retired Officers and Rs.3 L for retired members of Award Staff are available for the new policy year starting from 01.11.2024.

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
• Retiree without spouse (unmarried, widow, legally separated and divorced)
• Surviving spouse (Family Pensioner)
• Retirees does not require the insurance cover for the spouse

• Retirees who are not covered under the expiring retirees’ Policy pertaining to the period 01.11.2023 to 31.10.2024 can also join the retirees’ Policy for the period 01.11.2024 to 31.10.2025.

Premium details of Base policy (Without domiciliary)

Officers (Retired)

Award Staff (Retired)

• Amount to be remitted to subscribe the Policy for the period from 01.11.2024 to 31.10.2025

As a gesture of goodwill, the Bank shall bear a portion of premium applicable under base Policy in respect of all retired employees, subject to a maximum of Rs.24,800/- for Retired Officers and Rs.17,300/- for Retired members of Award Staff with family coverage and a maximum of Rs.22,320/- for Retired Officers and Rs.15,580/- for Retired members of Award Staff with single coverage . Accordingly, the details of premium to be remitted by a Retired Employee in connection with renewal/joining of the Policy are attached as (Annexure 1)

• 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 as per their retirement cadre where the sum insured available in Top up is Rs.5Lakhs, 4Lakhs, 3Lakhs, & 2Lakhs for Officers and Rs. 4Lakhs, 3Lakhs, & 2Lakhs for Award Staff. 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.

• Premium details of Top - Up Policy

Officers (Retired)

Award Staff (Retired)

• 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) are eligible to be covered under the Top - Up Policy.
• 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 2023-24 are also permitted to avail Top-Up Policy under the current renewal.
• The Top up Policy commences w.e.f 01.11.2024 and the period will be identical to the main policy period i.e. expiry date will be 31.10.2025

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 01.11.2024 to 31.10.2025, 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 2024. After the successful submission of application, the beneficiary will receive a confirmation mail in their registered email ID.
• In case the online application is found successfully submitted, there is no need for submitting hardcopy of the application to HR Department.
• Please note that Family Pensioners/CPF Optees/ Other Beneficiaries who do not have DSM access, need to invariably send the hardcopy of the application (Annexure 2 ) to HR Department latest by 21^st October 2024.
• 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 01.11.2024 to 31.10.2025 (Note: Membership in the Scheme is a one-time option, and once employees choose to opt out / decline to join, they will 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 2024 so as to confirm coverage under the proposed Mediclaim Policy covering the period 01.11.2024 to 31.10.2025. 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

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.

Retired employees can address their grievances to bank. Please Click here for more details.