Contract Bidding Open For Assets Insurance Service - AS PER SCOPE; AS PER SCOPE; Optional,Marine and Transit Insurance Servic in BANGALORE, KARNATAKA
Progress
RAKiocl Limited invites bids for Assets Insurance Service - AS PER SCOPE; AS PER SCOPE; Optional, Marine and Transit Insurance Service - AS PER SCOPE; Land, Sea, Air in BANGALORE, KARNATAKA. Quantity: 2. Submission Deadline: 17-02-2025 16: 00: 00. Submit your proposal before the deadline.
Technical Results
| S.No | Seller | Date | Status |
|---|---|---|---|
| 1 | ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED Under PMA | 14-02-2025 17:09:00 | |
| 2 | THE ORIENTAL INSURANCE COMPANY LIMITED Under PMA | 17-02-2025 14:38:17 | |
| 3 | UNITED INDIA INSURANCE COMPANY LIMITED Under PMA | 17-02-2025 13:41:35 |
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 | THE ORIENTAL INSURANCE COMPANY LIMITED Under PMA Winner | ₹92,23,749 | Item Categories : Assets Insurance Service - AS PER SCOPE; AS PER SCOPE; Optional,Marine and Transit Insurance Servic |
| L2 | ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED Under PMA | ₹92,33,434 | Item Categories : Assets Insurance Service - AS PER SCOPE; AS PER SCOPE; Optional,Marine and Transit Insurance Servic |
🎉 L1 Winner
THE ORIENTAL INSURANCE COMPANY LIMITED Under PMA
Final Price: ₹92,23,749
Reverse Auction Schedule
Start
07-Mar-2025, 6:00 pm
End
10-Mar-2025, 11:52 am
Duration: 66 hours
Reverse Auction Document
✅ RA concluded. Check financial results for final rankings.
Tender Data
Bid Details
Quantity
2
Bid Type
Two Packet Bid
Bid Validity
75 (Days)
Bid Type
Service
Evaluation
Total value wise evaluation
RA Qualification Rule
H1-Highest Priced Bid Elimination
Tech Clarification Time
2 Days
Requirements
Min. Avg. Annual Turnover
21
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
Assets Insurance Service - AS PER SCOPE; AS PER SCOPE; Optional , Marine and Transit Insurance Service - AS PER SCOPE; Land, Sea, Air
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-7368236.pdf
Main Document
Other Documents
OTHER
Other Documents
OTHER
Other Documents
OTHER
GEM General Terms and Conditions Document
GEM_GENERAL_TERMS_AND_CONDITIONS
Corrigendum Updates
1 Update Update
Extended Deadline
17-Feb-2025, 10:30 am
Opening Date
17-Feb-2025, 11:00 am
Required Documents
Experience Criteria
Bidder Turnover
Certificate (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 GEM/2025/B/5812487?
The eligibility requirements include being a registered entity with a valid license. Bidders must demonstrate a minimum average annual turnover of INR 21 Lakhs over the last three financial years. Additionally, proof of required experience in providing Assets Insurance Services must be submitted. Specific documents requested during the application process must be included, such as certifications outlined in the Additional Tender Conditions. Bidders seeking exemptions must provide supporting documentation for evaluation.
What certificates are required for participating in the Assets Insurance Services tender?
Bidders must submit several relevant certificates as part of the proposal. These include proof of registration, turnover verification, and experience criteria certifications. Additionally, any certificates specifically requested within the Additional Tender Conditions must be provided to meet compliance standards. Maintaining adherence to quality standards is paramount for ensuring eligibility during the evaluation phase.
How is the registration process conducted for bidding on GEM/2025/B/5812487?
The registration process for bidding involves a series of steps to ensure compliance with KIOCL Limited’s requirements. First, potential bidders must register as vendors with the Government E-Marketplace (GEM) platform. Once registered, bidders can access the specific tender and submit the necessary documents outlined in the tender description. Prompt attention to the required documentation and adherence to submission guidelines will facilitate the bidding process.
What are the Earnest Money Deposit (EMD) details for this tender?
The Earnest Money Deposit (EMD) required for this tender is INR 165,000. This deposit must be submitted alongside the tender proposal to demonstrate the bidder's commitment and intent. Failure to submit the EMD as specified will result in disqualification from the bidding process. Details regarding performance security may be further elaborated in the tender documents.
What factors will be considered during the evaluation and selection process?
The evaluation and selection process will consider various factors, including the total value of the bids, compliance with eligibility criteria, completeness of submitted documents, and adherence to technical specifications. KIOCL Limited will conduct a total value-wise evaluation as the primary means for selection, ensuring that the best-suited bidders are chosen based on their qualifications and proposal strength. Notifications regarding the results of the evaluations will be communicated to the respective bidders following the completion of the evaluation phase.