Tender Title: Group Personal Accident Insurance Service - bb5a32f2
Issuing Authority: Department of Chemicals and Petrochemicals, Ministry of Chemicals and Fertilizers
The Group Personal Accident Insurance Service tender aims to provide a comprehensive insurance solution covering permanent employees against accidental death and disabilities. This service focuses strictly on adverse incidents resulting in accidental death, permanent total disability, permanent partial disability, and temporary disabilities, excluding natural causes. The primary objective is to ensure that all employees are safeguarded against unexpected mishaps that may result in financial burdens on their families or themselves.
Scope of Work and Objectives
The successful bidder will be responsible for offering an inclusive group personal accident insurance policy that covers 174 permanent employees. The policy shall offer financial support in the event of accidental injuries, ensuring peace of mind for both employees and the employer. Key objectives include:
- Offering insurance solutions tailored to group accident needs.
- Expediting claim processing and support for insured employees.
- Regularly reviewing and updating policy provisions in line with legal standards and employee needs.
Eligibility Criteria
Bidders must fulfill specific eligibility requirements to qualify for this tender. Criteria include registration as a legal entity and compliance with all regulatory prerequisites concerning insurance services in India. Providers must demonstrate experience in handling group personal accident insurance adequately.
Technical Requirements
The technical specifications for this tender demand a policy that includes coverage for:
- Accidental death.
- Permanent total and partial disabilities.
- Temporary disabilities.
The vendor must adhere to recognized standards to ensure quality and reliability of services.
Financial Requirements
Vendors are expected to submit their financial bid in accordance with the prescribed format. A detailed breakdown of proposed premiums, service charges, and associated costs accompanied by any applicable taxes must be included.
Document Submission Details
All necessary documents must be submitted electronically through the designated e-procuring platform associated with the tender, showcasing compliance with the requirements stated in the tender documentation.
Special Provisions
There are special provisions included for Micro and Small Enterprises (MSEs) and startups, aligning with government initiatives to support emerging businesses. This includes relaxed eligibility criteria and possible financial benefits.
Evaluation Process
The evaluation of submissions will be undertaken based on a comprehensive analysis of the financial proposals and adherence to the technical standards laid out. Criteria for evaluation will consider the robustness of the proposed insurance coverage and efficiency in servicing claims.
Delivery Locations
Insurance services are to be applicable across all locations where employees are stationed. This includes urban and rural regions, ensuring coverage is uniformly provided regardless of geography.
Contact Information
For further inquiries, potential bidders can reach out through the official communication channel as specified in the tender documentation.
General Information
Financial Information
Evaluation and Technical Information
Tender Documents
7 DocumentsDocuments Required from Seller
- Experience Criteria
- Bidder Turnover
- Certificate (Requested in ATC)
- Additional Doc 1 (Requested in ATC)
- Additional Doc 2 (Requested in ATC) *In case any bidder is seeking exemption from Experience / Turnover Criteria
- the supporting documents to prove his eligibility for exemption must be uploaded for evaluation by the buyer
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Frequently Asked Questions
The eligibility requirements include being a registered legal entity that complies with regulatory prerequisites regarding insurance services in India. Bidders must demonstrate substantial experience in managing group personal accident insurance, ensuring they meet the technical and financial requirements specified in the tender documentation. Additionally, any necessary certifications as per the insurance industry standards should be presented.
The technical specifications mandated for the Group Personal Accident Insurance Service include comprehensive coverage for accidental death, permanent total disability, permanent partial disability, and temporary disabilities. Bidders must ensure compliance with recognized quality standards in the insurance industry and demonstrate their ability to support claims efficiently, guaranteeing seamless service delivery upon policy enactment.
The payment terms for this tender will be framed around the accepted financial bids, typically involving an upfront premium payment upon policy initiation. Ongoing payments may occur annually or semi-annually, based on the agreed terms between the insurance provider and the employer. Specific conditions regarding claims payments will also be discussed within the finalized agreement to ensure that all parties are clear on their financial obligations.
Submissions will undergo an evaluation process that hinges on both technical and financial proposals. The evaluation of proposals follows established criteria, emphasizing quality and affordability. Successful bidders will receive a notification of results through the official channels outlined in the tender documentation, ensuring transparency and adherence to competitive practices.
The tender includes specific benefits for Micro, Small, and Medium Enterprises (MSEs) and startups, aiming to encourage participation from emerging businesses. Benefits can include relaxed eligibility requirements and potential financial assistance, aligning with national policies to promote local enterprises and support the development of the insurance sector under the ‘Make in India’ initiative. This approach fosters a conducive environment for new entrants to compete on a level playing field.
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