The present disclosure provides a flame retardant composition as well as fibers comprising a matrix and an additive wherein each of the matrix and the additive is independently selected from Ultra High Molecular weight Polyethylene (UHMPE) and Polyphosphazene (PPZ) and wherein, when the matrix is UHMPE, the additive is PPZ and when the matrix is PPZ, the additive is UHMPE. Further the present disclosure provides a process of melt spinning the flame retardant composition of a matrix and an additive wherein each of the matrix and the additive is independently selected from UHMPE and PPZ and wherein, when the matrix is UHMPE, the additive is PPZ and when the matrix is PPZ, the additive is UHMPE to obtain flame retardant fibers. The flame retardant fibers of the present disclosure has various industrial and medicinal applications