Canara Bank Group Term Life Insurance for Salary Account Holders Tender Bengaluru Karnataka 2026-27

Tender Overview

Organization: Canara Bank, Department of Financial Services, Bengaluru, Karnataka. The tender seeks a Group Term Life Insurance Policy for salary account holders for a one-year period from 10/04/2026 to 09/04/2027. The procurement scope targets bancassurance for employee accounts, with eligibility for insurers to provide comprehensive life cover, rider options, and seamless claim settlement processes. The opportunity demands compliance with Canara Bank’s internal policies, integrity pact, and mandatory certifications. The award is expected to align with regulatory and risk controls, ensuring timely premium remittance and beneficiary settlement. The absence of BOQ items indicates a policy-wide issuance rather than unitized goods. Vendors should prepare to demonstrate financial stability and adherence to governance standards.

Technical Specifications & Requirements

• Product/Service: Group Term Life Insurance Policy for salary account holders (one-year contract).
• Policy period: 01 year (10/04/2026–09/04/2027).
• Delivery scope: Insurance coverage across Canara Bank employee base in Bengaluru, with premium administration and claim handling.
• Standards/Compliance: Integrity Pact compliance; upload of required certificates/documentation; no explicit product specs due to unspecified BOQ.
• EMD/Financials: Tender requires demonstration of financial integrity and non-liquidation status; exact EMD not disclosed in data.
• Documentation: OEM authorizations or insurer credentials may be required; upload digital certificates per ATC & Corrigendum.

Terms, Conditions & Eligibility

• EMD/financial health: Bidder must not be under liquidation or bankruptcy; provide undertaking.
• Integrity: Signed Integrity Pact as per buyer policy.
• Documentation: Upload all certificates demanded in the ATC/Corrigendum; non-submission leads to rejection.
• Eligibility: Compliance with Canara Bank terms; ensure non-disclosure of tender ID in public channels; adhere to policy-specific clauses.
• Contractual notes: Specific payment terms and service level expectations will be clarified in the final award; A/P terms to be negotiated.
• Penalty/acceptance: Standard risk and governance controls apply; termination and renewal terms to be defined post-award.