Bank Of India Group Personal Accident Insurance Service Tender Mumbai Maharashtra 2026 - 120000000 International Standards & 25% Flexibility
Bid Publish Date
19-Oct-2026, 6:40 pm
Bid End Date
09-Nov-2026, 2:00 pm
Value
₹12,00,00,000
Location
Progress
Tender Overview
The Bank of India, Department of Financial Services, Mumbai, Maharashtra invites bids for a Group Personal Accident Insurance Service under an RFP framework. The estimated contract value is ₹120,000,000 with potential quantity/duration changes of up to 25%. Location: Mumbai, Maharashtra. Key scope focuses on employee safety coverage via insurance services, with no detailed technical specs published in the tender data. A clear differentiator is the availability of a quantity/duration adjustment clause that permits scope expansion with provider consent. This procurement targets a centrally managed insurance service for a large workforce under government-aligned procurement processes. Unique terms include unilateral quantity/duration variation up to 25% at bid issuance and post-award, ensuring flexibility for demand fluctuations. No BOQ items are listed, signaling a broad service category rather than discrete line items.
Technical Specifications & Requirements
- Service category: Group Personal Accident Insurance as per RFP
- Estimated contract value: ₹120,000,000
- Location: Mumbai, Maharashtra
- Tender data indicates no explicit product specs or coverage details; the scope relies on an insurance service contract framework under standard government procurement practices
- Special clause: Option Clause 25% allows increase/decrease in quantity or duration at contract award and during execution
- Delivery/implementation timelines are not specified; bidders should expect standard insurance policy rollout requirements under RFP
- No mandatory BOQ items; bidders must align with organizational insurance procurement processes and risk management standards
Terms & Eligibility
- EMD amount: not disclosed in data; bidders should anticipate standard EMD submission in line with government procurement norms
- Experience/turnover: explicit requirements not provided; bidders should prepare evidence of prior group insurance service delivery or similar risk management contracts
- Payment terms: not specified; bidders should expect government payment cycles per RFP terms
- Documents: standard set includes GST registration, PAN, company profile, financial statements, and prior insurance project experience; OEM authorizations if applicable
- Clause: Contract variation up to 25% is permitted during and after contract issuance; consent required for scope expansion
Key Specifications
-
Product/Service: Group Personal Accident Insurance Service
-
Estimated value: ₹120,000,000
-
Location: Mumbai, Maharashtra
-
Standards/Compliance: Not specified in tender data
-
Delivery: Not specified; expect standard policy rollout terms
-
Eligibility: Prior experience in group insurance provision recommended
Terms & Conditions
-
25% contract quantity/duration variation allowed
-
EMD amount not disclosed; submit as per norms
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No BOQ items; insurance service framework only
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RFP-based procurement with standard government terms
Important Clauses
Payment Terms
Not specified; bidders should align with standard government payment cycles under RFP terms
Delivery Schedule
Not specified; expect policy rollout and renewal milestones per RFP
Penalties/Liquidated Damages
Not specified; bidders should review RFP for LD provisions and renewal penalties
Bidder Eligibility
-
Experience in delivering group insurance services or similar risk management contracts
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Financial stability demonstrated by recent financial statements
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Compliance with GST and PAN registration requirements
Tender Data
Bid Details
Quantity
1
Bid Type
Two Packet Bid
Bid Validity
60 (Days)
Bid Type
Service
Evaluation
Total value wise evaluation
Tech Clarification Time
2 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
Min. Avg. Annual Turnover
1000
Experience Required
3 Year (s)
Arbitration Clause
No
Mediation Clause
No
Additional Tender Data
Commercial Details
Tender Category
Service
Bid To RA
No
Bid To RA Enabled
No
Item Category
Group Personal Accident Insurance Service - As per RFP; As per RFP
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)
Pre-Bid & Qualification
Pre-Bid Date
26-10-2026 12:00:00
Pre-Bid Venue
Resource Mobilisation Department, Bank of India, Head Office, Star House-II, 8th floor C-5, G Block, Bandra Kurla Complex Bandra East, Mumbai 400051
Delivery Details
Delivery Locations
1
Delivery Cities
Mumbai Suburban
Delivery Pincodes
400051
Delivery Locations
| Consignee | Address | City | State | Pincode | Quantity | Delivery Days | Additional Requirement |
|---|---|---|---|---|---|---|---|
| Rizwan Alam | 400051,Bank of India, Head office, Resource Mobilsiatin department, Star house, C-5, G Block, Eighth Floor,Bandra kurla Complex Bandra (East), Munbai, Mumbai - City, 400051 | Mumbai Suburban | Maharashtra | 400051 | Project / Lumpsum Based | - | No. of People to be Insured : 5150077 Total Sum Insured : 99999999999 |
Authority Records
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Documents 5
GeM-Bidding-10057653.pdf
Main Document
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
Categories
3
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Required Documents
GST registration certificate
Permanent Account Number (PAN) card
Experience certificates of similar group insurance projects
Financial statements (last 2–3 years)
EMD submission document (as per RFP norms)
Technical bid submission documents
OEM authorizations or insurer accreditation (if applicable)
Frequently Asked Questions
Key insights about MAHARASHTRA tender market
What documents are required for the Mumbai insurance tender submission?
Bidders must submit GST registration, PAN, two to three years of financial statements, and experience certificates for similar group insurance projects. Include technical bid documents and any insurer/OEM authorizations, if applicable, to demonstrate coverage capabilities and regulatory compliance.
How to participate in Bank of India insurance procurement in Mumbai 2026?
Register on the GEM portal, prepare the technical bid with evidence of prior group insurance delivery, submit GST/PAN, financials, and EMD as per norms, and ensure policy rollout capability aligns with RFP terms, including a potential 25% scope variation clause.
What are the eligibility criteria for the Bank of India insurance tender in Maharashtra?
Eligible bidders should show prior group insurance experience, financial stability via financial statements, and compliance with GST and PAN requirements. The tender permits a 25% increase/decrease in scope; bidders must demonstrate capability to adjust without service disruption.
What is the estimated contract value for the Mumbai Insurance Tender 2026?
The estimated value is ₹120,000,000 for the group personal accident insurance service. Bidders should plan pricing to meet this scale, accounting for policy renewals and potential scope changes under the 25% variation clause.
What is the delivery/implementation timeline for the insurance service?
The tender data does not specify a fixed timeline; bidders should anticipate policy rollout milestones and renewal schedules aligned with RFP terms and standard government procurement practices.
How does the 25% option clause affect contract variation for this tender?
The buyer may increase or decrease contract quantity or duration by up to 25% at issue and post-award. Bidders must accept revised scope, with the service provider’s consent required for post-award expansions.