Retirees' Space

• Premium details of Base policy (Without domiciliary)

The details of the policy 2026-27 are as follows: -

1. Premium details of Base policy (Without domiciliary)

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

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

2. Additional coverage and benefits covered for IBA 2026-27 Policy:
3. Family Floater Coverage (2 Lives Insured)

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

1. Single Person Coverage (1 Life Insured)-applicable in the following cases; -

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

1. The upper limit for cataract treatment is INR 50,000, per eye, (inclusive of cost of any type of lens and associated pre- and post-hospitalization expenses).
2. For six metro cities, that is, Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad, and their urban agglomeration, the Room rent per day is INR 7,000 and ICU rent per day is INR 9,500. For the rest of India, Room rent per day shall be INR 5,000 and ICU rent per day shall be INR 7,500. The details on the geographic limits of Urban Agglomeration will be shared subsequently.
3. Albumin infusion shall be included under the daycare list of procedures.
4. Peritoneal dialysis will be covered only under the Base Policy, with or without hospitalization.
5. Expenses on oral chemotherapy shall include cost of oral chemotherapy drugs, professional consultation fees, and all medically necessary investigations, as advised by the consulting physician.
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 were not covered under the expiring retirees’ Policy pertaining to the period 01.11.2025 to 31.10.2026 can also join the retirees’ Policy for the period 01.11.2026 to 31.10.2027.

3. Amount to be remitted for subscribing to the Policy for the period from 01.11.2026 to 31.10.2027

As a gesture of goodwill, the Bank shall bear 70% of the premium (excluding GST) under base Policy (without considering premium of add-on policy or the top-up policy) in respect of all eligible retired employees: -

4. 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.

Retirees Top-Up Policy Premium Rates:

The available SI for Top-Up Policies for Retired-Officers and Retired-Award staff 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 are given below (to be incorporated in the corresponding Top-Up Premium): -    

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

1. 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)
2. Premium for Top-Up Policy shall be remitted along with the premium for Base Policy.
3. 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.
4. 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.
5. Entire premium applicable for the add-on as well as Top-Up Policy shall be borne by the Retired Employee.
6. Nature of Policy shall be Top-Up without Domiciliary Coverage.
7. 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.
8. Top - Up Policy will be invoked only when the Sum Insured under the Basic Policy gets exhausted.
9. Cashless / Reimbursement facility shall be available in connection with Hospitalization.
10. Retirees who have not availed Top-Up Policy for the Policy period 2025-26 are also permitted to avail Top-Up Policy under the current renewal, provided they have opted for base policy for policy period 2026-27.
11. The Top up Policy commences w.e.f 01.11.2026 and the period will be identical to the main policy period i.e. expiry date will be 31.10.2027.
12. 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)

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

1. In order to renew/join the Policy covering the period from 01.11.2026 to 31.10.2027, 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, latest by 19^th October 2026. After the successful submission of application, the beneficiary will receive a confirmation mail in their registered email ID.
2. In order to promote paperless environment, beneficiaries are requested to use DSM portal for submitting the application. (Hardcopy applications will not be accepted)
3. 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 01.11.2026 to 31.10.2027 (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 Pension (Savings Bank) Account.  Beneficiaries are therefore advised to ensure that the required premium has been debited to their Account latest by 28^th October 2026 so as to confirm coverage under the proposed Mediclaim Policy covering the period 01.11.2026 to 31.10.2027.  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

Medical Insurance Scheme in respect of retired employees of the Bank

31.10.2025

The group mediclaim policy under the IBA Medical Insurance Scheme in respect of retired employees of the Bank has been renewed for a further period of one year, w.e.f. 01.11.2025.

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, beneficiaries can provide existing medical ID card of HITPA to the Hospital Insurance desk in order to forward the cashless claim request to Health Insurance TPA of India Ltd. Employees may contact HITPA Executive on the mobile no. 7428297167/8448983321 to get any immediate cashless assistance.

In order to ensure timely resolution of issues related to medical reimbursement claims, a structured escalation matrix has been established. Retired employees are requested to route the queries/concerns through the channels mentioned below and utilise the facility of escalation matrix in case of any delay, lack of clarity, or unresolved issues.

As per the extant provision of IBA medical insurance policy “the insurance company shall offer a settlement of the claim to the insured person within a period of 24 days on receipt of the final document. However, where the circumstances of a claim warrant an investigation in the opinion of the company, it shall initiate and complete such investigations at the earliest. In such cases, insurer shall settle the claim within 45 days from the date of receipt of last necessary document.”

If the claim is not settled within the timeline specified under the policy terms, the matter shall be escalated as per the below escalation matrix of HITPA and if the issue remains unresolved, the matter may be further escalated to HR Employee Relations and Operations for prompt attention and resolution.

Escalation Matrix of HITPA

Escalation Matrix of HR Employee Relations and Operations

Address of HITPA

Regards,

HR Department

IBA Medical Insurance Policy for Retired Employees of the Bank 2025-2026 - Remittance of Premium without GST