Open Tender for Group Term Insurance Service - Permanent Employees, Contract Employees, As per RFP Document; Natura in BANGALORE, KARNATAKA
Progress
RAA tender has been published for Indian Telephone Industries Limited (iti) Group Term Insurance Service - Permanent Employees, Contract Employees, As per RFP Document; Natural death, Accidental death, Suicide, Pre-Existing Illnesses, As per RFP Document in BANGALORE, KARNATAKA. Quantity: 1345 by. Submission Deadline: 24-03-2025 11: 00: 00. Check eligibility and apply.
Technical Results
| S.No | Seller | Date | Status |
|---|---|---|---|
| 1 | AXIS MAX LIFE INSURANCE LIMITED Under PMA | 23-03-2025 18:42:41 | |
| 2 | SBI LIFE INSURANCE COMPANY LIMITED Under PMA | 21-03-2025 13:05:01 | |
| 3 | SHRIRAM LIFE INSURANCE COMPANY LIMITED Under PMA | 24-03-2025 09:01:04 |
Reverse Auction Results Final Prices
These are the final prices after the reverse auction event. Prices may be lower than initial bids.
| Rank | Seller | Final Price | Item |
|---|---|---|---|
| L1 | SHRIRAM LIFE INSURANCE COMPANY LIMITED Under PMA Winner | ₹65,25,734 | Item Categories : Group Term Insurance Service - Permanent Employees, Contract Employees, As per RFP Document; Natura |
| L2 | SBI LIFE INSURANCE COMPANY LIMITED Under PMA | ₹66,02,336 | Item Categories : Group Term Insurance Service - Permanent Employees, Contract Employees, As per RFP Document; Natura |
| L3 | MAX LIFE INSURANCE COMPANY LIMITED Under PMA | ₹88,24,276 | Item Categories : Group Term Insurance Service - Permanent Employees, Contract Employees, As per RFP Document; Natura |
🎉 L1 Winner
SHRIRAM LIFE INSURANCE COMPANY LIMITED Under PMA
Final Price: ₹65,25,734
Reverse Auction Schedule
Start
01-Apr-2025, 11:00 am
End
02-Apr-2025, 11:00 am
Duration: 24 hours
Reverse Auction Document
✅ RA concluded. Check financial results for final rankings.
Tender Data
Bid Details
Quantity
1345
Bid Type
Two Packet Bid
Bid Validity
180 (Days)
Bid Type
Service
Evaluation
Total value wise evaluation
RA Qualification Rule
H1-Highest Priced Bid Elimination
Tech Clarification Time
2 Days
Requirements
Arbitration Clause
No
Mediation Clause
No
Additional Tender Data
Commercial Details
Tender Category
Service
Bid To RA
No
Bid To RA Enabled
Yes
Item Category
Group Term Insurance Service - Permanent Employees, Contract Employees, As per RFP Document; Natural death, Accidental death, Suicide, Pre-Existing Illnesses, As per RFP Document
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 5
GeM-Bidding-7645382.pdf
Main Document
BOQ Document
BOQ
Other Documents
OTHER
Other Documents
OTHER
GEM General Terms and Conditions Document
GEM_GENERAL_TERMS_AND_CONDITIONS
Corrigendum Updates
1 Update Update
Required Documents
Experience Criteria
Bidder Turnover
Certificate (Requested in ATC)
Additional Doc 1 (Requested in ATC)
Additional Doc 2 (Requested in ATC)
Additional Doc 3 (Requested in ATC)
Additional Doc 4 (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
Frequently Asked Questions
Key insights about KARNATAKA tender market
What are the eligibility requirements for participation in the tender for Group Term Insurance Services?
The eligibility requirements include being a registered provider of insurance services, demonstrating relevant industry experience, and possessing adequate financial stability to ensure the fulfillment of contractual obligations. Compliance with local and regulatory standards in the insurance sector is also mandatory.
What documentation must be provided to show compliance with requirements?
Bidders are required to submit certificates such as registration documents, licensing information, and evidence of prior experience in managing similar insurance services. Additional compliance certifications relevant to the insurance sector may also be requested in the documentation process.
Can you explain the registration process for submitting bids?
The registration process involves submitting an online application through the designated submission portal as outlined in the tender announcement. Bidders must ensure that all required documentation, including company registration and financial statements, is meticulously completed and submitted as part of their bid.
Are there specific financial terms or performance security requirements mandated?
Participants in the tender must provide an Earnest Money Deposit (EMD), the specifics of which will be detailed within the tender documents. The successful bidder will also be required to present performance security to ensure compliance with the contract terms, the structure of which will be outlined during contract negotiations.
What benefits are available for SMEs and compliance with 'Make in India' initiatives?
Micro, Small, and Medium Enterprises (MSEs) may access benefits such as relaxation of certain eligibility criteria, access to simplified bidding procedures, and financial incentives aimed at encouraging local participation. Compliance with 'Make in India' initiatives is expected, prioritizing the use of local contents in fulfilling insurance service contracts.