Union Bank of India Cyber Insurance Services Tender Mumbai Maharashtra 2026 - RFP Standards and 50% Variation Clause
Bid Publish Date
29-Aug-2026, 6:42 pm
Bid End Date
19-Sep-2026, 3:00 pm
Location
Progress
Tender Overview
Organization: Union Bank of India (ubi) – Department of Financial Services, procurement of cyber insurance services in Mumbai, Maharashtra. The BOQ lists 0 items, and no explicit estimated value or EMD is stated in the available data. The tender references an SOW file attachment and a related file labelled अ'वीकरण/ for scope details. The procurement appears to be governed by Buyer's clause allowing substantial but capped scope/duration adjustments (up to 50%). This creates a flexible engagement window and may require compliance with an RFP document not included in the accessible data.
- Location: Mumbai, Maharashtra
- Category: Cyber Insurance Services under RFP documentation
- Key differentiator: 50% scope/duration variation permissible; SOW attachment indicates specific scope may be defined in a separate file
- Unique aspects: Absence of BOQ items and explicit line-item quantities in the available data; bidder readiness to align with the RFP document is essential
Technical Specifications & Requirements
- No standalone technical specs are published in the accessible data
- Relevant references include the SOW file attachment (anticated by file link) that likely outlines coverage terms, policy limits, and service levels
- Expectation: bidders should prepare insurance service proposals aligned with cyber risk coverage, policy terms, and response SLAs as described in the RFP and attached SOW
- The tender implies the need for compliance with standard insurance procurement practices and alignment to regulatory expectations for banking sector cyber risk
- Documentation may require certifications, policy endorsements, and evidence of capability to service banking clients in Mumbai
Terms, Conditions & Eligibility
- Variation rights: The buyer may adjust contract quantity or duration up to 50% during issuance and post-issuance
- For lumpsum service components, scope/value may be expanded up to 50% with bidder consent
- EMD/financial terms: Not explicitly disclosed in the available data; bidders should monitor the RFP for exact EMD and payment terms
- Documentation: Expect standard bank procurement requirements; OEM/licensing or insurer authorizations may be required per the RFP
- BOQ: No items listed; bidders should assume a cyber insurance service contract with banking-sector compliance requirements
- Compliance: Align with Department of Financial Services and banking sector cyber risk guidelines as referenced in the RFP and attached SOW
Key Specifications
-
Product/service names and category: Cyber insurance services
-
Estimated value: Not specified in available data
-
EMD amount: Not disclosed in provided data
-
Experience: Not specified; bidders should reference RFP for eligibility
-
Standards/Certifications: Not specified in data; expect banking-sector compliance
Terms & Conditions
-
50% variation clause allows adjustment to contract scope/duration
-
Lumpsum scope may increase by 50% with bidder consent
-
SOW file attachment likely defines detailed coverage terms
Important Clauses
Payment Terms
Not explicitly specified in provided data; payment terms to be confirmed in the RFP and SOW attachment
Delivery Schedule
No delivery timeline published; bidders should await RFP details and service level expectations
Penalties/Liquidated Damages
No LD details available; penalties to be defined in RFP terms and contract
Bidder Eligibility
-
Experience in cyber insurance services for financial institutions
-
Financial capacity demonstrating ability to underwrite or arrange cyber risk coverage
-
Compliance with banking sector regulatory requirements and fiduciary standards
Tender Data
Bid Details
Quantity
1
Bid Type
Two Packet Bid
Bid Validity
90 (Days)
Bid Type
Service
Evaluation
Total value wise evaluation
Tech Clarification Time
3 Days
Preference & Exemptions
EMD Required
No
MII Compliance
Yes
MSE Purchase Preference
Yes
MSE Preference Band
L1+15%
MSE Exemption/Relaxation
No
Startup Exemption/Relaxation
No
Bid Splitting Applied
No
Requirements
Experience Required
3 Year (s)
Arbitration Clause
Yes (Arbitration clause document) as per DoE OM No.F.1/2/2024-PPD dated 03.06.2024 Arbitration should not be routinely included in contracts
Mediation Clause
No
Additional Tender Data
Commercial Details
Tender Category
Service
Bid To RA
No
Bid To RA Enabled
No
Item Category
Cyber Insurance Services - As per RFP Document; As per RFP Document; As per RFP Document
Payment Timelines
Payments shall be made to the Seller within 45 days of issue of service delivery acceptance certificate (SDAC) and on-line submission of bills (This is in supersession of 10 days time as provided in clause 12 of GeM GTC)
Delivery Details
Delivery Locations
1
Delivery Cities
Mumbai Suburban
Delivery Pincodes
400024
Delivery Locations
| Consignee | Address | City | State | Pincode | Quantity | Delivery Days | Additional Requirement |
|---|---|---|---|---|---|---|---|
| Ajeet Kumar | 400024,Procurement Department, 239, Union Bank Bhavan, 12Th Floor, Vidhan Bhavan Marg, Nariman Point, MUMBAI, 400024 | Mumbai Suburban | Maharashtra | 400024 | Project / Lumpsum Based | - | Total Sum Insured : 5500000000 |
Authority Records
BID & GeM Expert Consultancy
End-to-end support — bid preparation, GeM registration, document filing & compliance by industry experts.
Free consultation · 24h response
Documents 7
GeM-Bidding-9822223.pdf
Main Document
Other Documents
OTHER
Other Documents
OTHER
Other Documents
OTHER
Other Documents
OTHER
GEM General Terms and Conditions Document
GEM_GENERAL_TERMS_AND_CONDITIONS
GEM General Terms and Conditions Document
GEM_GENERAL_TERMS_AND_CONDITIONS
Corrigendum Updates
1 Update Update
Categories
2
🤖 AI-Powered Bidder Prediction
Discover companies most likely to bid on this tender
Required Documents
GST registration certificate
PAN card
Experience certificates for cyber insurance services
Financial statements demonstrating financial capacity
EMD submission as specified in the RFP (amount and mode to be clarified in the issued tender)
Technical bid documentation showing proposed cyber insurance scope
OEM authorizations or insurer approvals (if applicable)
Any statutory compliance certificates relevant to banking sector risk insurance
Frequently Asked Questions
Key insights about MAHARASHTRA tender market
How to bid for the cyber insurance tender in Mumbai with Union Bank of India?
Bidders should review the RFP document and the SOW attachment for scope, policy limits, and SLAs. Ensure eligibility for banking-sector insurance purchases, submit required documents (GST, PAN, financials, and EMD as applicable), and align proposals to the 50% variation clause outlined in Buyer's terms.
What documents are required for the cyber insurance bid in Mumbai?
Submit GST registration, PAN card, financial statements, experience certificates in cyber insurance for banks, relevant insurer authorization documents, and the technical bid outlining coverage, endorsements, and service levels. EMD details will be provided in the RFP and must be complied with.
What standards or certifications are demanded for cyber insurance procurement?
The tender references banking-sector compliance; while specific standards are not listed in the available data, bidders should prepare evidence of regulatory compliance, insurer authorizations, policy endorsements, and any IS or ISO references likely specified in the RFP/SOW.
When is the variation window for contract quantity or duration in this tender?
The buyer can adjust contract quantity or duration up to 50% at contract issue and after issuance. Any expansion beyond initial scope requires bidder consent for lumpsum services, as per the Buyer's terms.
What is the estimated value and EMD for the cyber insurance tender?
The accessible data does not specify the estimated value or EMD amount. Bidders should refer to the issued RFP and EMD guidelines within the tender documents for precise figures and submission timelines.
What are the delivery or service level expectations for cyber insurance?
Specific SLAs are not published in the available data. The SOW attachment presumably contains coverage terms, response times, claim handling, and renewal terms; bidders must align proposals to those detailed SLAs once the attachment is reviewed.
How to ensure eligibility for Union Bank cyber insurance procurement in Mumbai?
Demonstrate banking-sector insurance experience, provide insurer authorization details, show financial stability, and present prior underwritten cyber risk projects. Ensure compliance with any IS/ISO or regulatory standards cited in the RFP/SOW and attach required documentation.
What documents must be submitted with the technical bid for this tender?
Include the technical bid detailing proposed cyber insurance coverage, endorsements, policy terms, and service levels, plus OEM or insurer authorizations if applicable. Attach supporting certificates for regulatory compliance and experience credentials relevant to financial services clients.