Union Bank of India Group Personal Accident Insurance Service Tender Mumbai Maharashtra 2025

To bid for this Mumbai insurance service, review the SOW attachment for deliverables, ensure up-to-date GST and PAN, provide insurer licenses or credentials, and prepare experience certificates in group insurance. Expect 25% quantity flexibility and an excess settlement option; submit all documents per T&C.

Submit GST certificate, PAN card, last 3 years of audited financial statements, experience certificates in similar programs, insurer/TPA credentials, and EMD as per bank terms. Include technical bid and OEM authorizations if applicable, plus any SOW-specific attachments.

Bidders must demonstrate prior group insurance administration experience, regulatory compliance with insurance norms, financial stability evidenced by audits, and capacity to meet service SLAs. Ensure licenses and certifications align with prevailing RBI/IRDA guidelines and bank procurement standards.

Delivery terms hinge on SOW SLAs for annual premium collection and claims processing. Payment terms are not specified in data; anticipate premium-based payments with renewal cycles aligned to policy terms—confirm in the final contract and SOW.

The buyer can increase or decrease contract quantity or duration by up to 25% at contract issuance and after issue, requiring bidders to accept revised scope. Include pricing revisions and SLA alignment to manage this variance in the final bid.

Excess settlement permits additional charges up to a defined percentage of the item-level total value, with mandatory supporting documents. Ensure invoicing software supports extra charges and provide documentation to validate the added costs during settlement.

Bidders should access the attached SOW file referenced in the tender terms. It contains the service scope, deliverables, SLAs, and documentation requirements essential for completing the technical bid and aligning with Union Bank of India expectations.

Although not specified in data, bidders should align with applicable insurance norms, RBI and IRDA guidelines, and bank procurement policies. Provide certifications, insurer registrations, and evidence of regulatory compliance in the bid package.