Tender Title: Liability Insurance Service - Locker Insurance Policy
Reference Number: 5caada12
Issuing Authority
This tender is issued by the Department of Financial Services, under the Ministry of Finance.
Scope of Work and Objectives
The scope of this tender focuses on providing Liability Insurance Services specifically related to a Locker Insurance Policy. The objective is to ensure that all clients' assets stored in lockers are adequately insured against a range of liabilities, including theft, damage, or any unforeseen events that may adversely affect the insurance policy. The selected vendor will be responsible for the comprehensive management of the insurance policy and delivering efficient customer support services.
Eligibility Criteria
To be eligible for this tender, bidders must meet specific criteria as set by the issuing authority. This includes being a registered entity compliant with local laws and regulations governing insurance services. Bidders should demonstrate a proven track record in providing similar insurance services, preferably to governmental or large-scale private entities.
Technical Requirements
The successful bidder must comply with the following technical requirements:
- Possess valid insurance certifications and licenses required to operate in the insurance sector.
- Provide detailed documentation regarding the insurance policies along with coverage specifics.
- Ensure that the offered policy is compliant with all regulatory standards set by the Indian government.
- Provide robust claim handling and customer support mechanisms.
Financial Requirements
Bidders must present a detailed financial proposal outlining their pricing structure, including premiums, deductibles, and limits of coverage. Financial soundness must be proven through recent financial statements or other relevant documentation to ensure stability and capacity to meet policy obligations.
Document Submission Details
All documents must be submitted electronically through the designated government procurement portal. A comprehensive checklist of required documents will be provided to ensure adherence to submission protocols. Bidders are advised to carefully review the submission guidelines to avoid disqualification.
Special Provisions
This tender encourages participation from Micro, Small, and Medium Enterprises (MSEs) as well as startups. Specific provisions are in place to support these businesses, promoting inclusivity in the bidding process.
Evaluation Process
The evaluation of bids will be conducted based on a systematic review of technical proposals, financial viability, and compliance with eligibility and technical requirements. A scoring system may be implemented to rank submissions, with a focus on achieving the best value for the required insurance services.
Delivery Locations
The insurance services cater to multiple delivery locations as specified in the tender documentation. The successful bidder will be required to maintain effective communication channels with all stakeholders across these locations.
Contact Information
For any inquiries, bidders are encouraged to reach out to the designated contact person within the Department of Financial Services. However, please note that specific contact details should be obtained directly from the tender documentation or the procurement portal.
This tender represents an opportunity for qualified entities to contribute to the efficient management of liability insurance services within the Indian governmental framework, ensuring financial security for clients utilizing locker facilities.
General Information
Financial Information
Evaluation and Technical Information
Tender Documents
5 DocumentsDocuments Required from Seller
- Experience Criteria
- Bidder Turnover *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 entity compliant with local regulations, as well as having the necessary licenses and certifications to provide insurance services. Bidders should demonstrate relevant experience in delivering similar insurance products, preferably to governmental organizations or large enterprises, ensuring their capability to meet specified obligations.
To qualify for the tender, bidders must submit copies of relevant certificates, including valid insurance licenses issued by the Insurance Regulatory and Development Authority of India (IRDAI) and any certifications that prove compliance with quality and regulatory standards. Failure to produce these documents may result in disqualification from the bid evaluation process.
The registration process for this tender involves creating an account on the designated government procurement portal. Once registered, bidders can access the tender documentation and are required to submit all requested documents electronically before the submission deadline. It’s crucial to follow the specified guidelines to ensure a successful registration.
Bidders must submit their proposals electronically via the government procurement portal specified in the tender documentation. Accepted document formats include PDF and Word documents, ensuring that all submitted files adhere to size limitations and content requirements set forth in the tender instructions.
Provisions for Micro, Small, and Medium Enterprises (MSEs) include relaxed eligibility criteria, potential price preference policies, and special assistance in procurement processes. These measures are designed to encourage the participation of small businesses in government tenders, promoting fair competition and inclusivity in the bidding landscape.
These FAQs provide clarity on key aspects of the tender process, helping prospective bidders understand the requirements and benefits associated with the Liability Insurance Service - Locker Insurance Policy tender.
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