Punjab National Bank Group Term Insurance Service Tender Central Delhi 2025 - ISI/ATC compliant GWP INR 1000 Crore+

Tender Overview

The procurement is led by Punjab National Bank for a Group Term Insurance Service covering Permanent Employees under ATC terms in Central Delhi, Delhi 110002. The scope includes base and Voluntary Top-Up policies with all bank employees, including deputationists and senior executives. Key differentiator includes a minimum GWP of INR 1,000 Crore and above and the possibility of Top-Up coverage at identical base policy rates. The contract allows prorated additions/deletions with GST on a monthly basis. No BOQ items are listed, and explicit value/EMD details are not disclosed in the available data.

• Organization: Punjab National Bank
• Location: Central Delhi, Delhi 110002
• Product: Group Term Insurance (Base + Voluntary Top-Up)
• Key terms: 25% quantity/duration variance, soft copy claim processing, FIR/Punchnama waiver for claims, data variation tolerance up to 10%, and full coverage for base and top-up policies.
• Unique aspects: mandatory top-up 100% over base policy, individual premium borne by employee, and coverage for executives including MD/CEO and Vigilance Officers.

Technical Specifications & Requirements

• Insurance scope: Group Term Insurance for permanent employees with ATC provisions; coverage includes base and Voluntary Top-Up policies.
• Financial/underwriting thresholds: GWP of insurer ≥ INR 1,000 Crore; Highest SI (Sum Insured) in data must be demonstrated by bidder.
• Top-Up specifics: 100% top-up over base policy on same rate, employer to bear base premium; employee bears top-up premium.
• Coverage details: all bank employees, including those on deputation, MD/CEO, EDs, and Vigilance Officers, across both base and top-up policies.
• Claims: claims to be settled on soft copy in both policies; data variation tolerance up to 10% without rate changes.
• Policy continuity: rate stability despite data variations; modifications allowed on prorate basis with GST.
• Compliance: ATC document required; bidder to view uploaded ATC file for additional terms.

Terms, Conditions & Eligibility

• Quantity/duration adjustment: up to 25% increase/decrease at contract issue and thereafter within 25%.
• Coverage requirements: ensure base and voluntary top-up coverage for all bank employees; top-up premium funded by employees.
• Documentation: submission must include ATC compliance, GWP thresholds, and demonstration of ability to settle soft-copy claims.
• Claims/Adverse events: FIR/Punchnama/Visra report waivers for all claims; errors in name accepted during claims/monthly endorsements.
• Data integrity: rates shall remain unchanged for data variation up to 10%; changes in SI allowed during year.
• Eligibility: insurer with capability to cover executive cadre and deputation staff; adherence to Indian insurance standards and statutory requirements.