Life Insurance Corporation of India Procurement Tender Chennai Tamil Nadu 2026 - 25% Quantity Flexibility & ATC Terms

Tender Overview

Organization: Life Insurance Corporation of India (LIC) - Department of Financial Services, located in Chennai, Tamil Nadu. The procurement lacks explicit product specifications in the provided data. The tender includes an option clause allowing a 25% quantity increase/decrease at contracted rates and during the currency of the contract, with delivery time recalculation. No BOQ items or estimated value are disclosed. This section highlights the need to verify product category, confirm exact deliverables, and prepare for flexible quantity planning within LIC procurement processes.

Technical Specifications & Requirements

• No explicit technical specifications are listed in the tender data.
• Key known terms include an option clause enabling up to 25% quantity variation at contracted rates.
• Delivery timelines adjust based on the formula: (Increased quantity ÷ Original quantity) × Original delivery period, with a minimum of 30 days.
• If extended delivery periods occur, the purchaser may further extend to the original delivery period while exercising the option clause.
• Bidder must comply with the option-based delivery framework and be prepared to scale orders accordingly.
• Absence of BOQ items suggests the need for bidder clarification and potential scope confirmation with LIC procurement officials.

Terms, Conditions & Eligibility

• Option Clause acceptance required: quantity changes up to 25% during and after contract award.
• Delivery period recalculation applies as described, with a minimum lead time of 30 days.
• No explicit EMD, payment, or warranty details are provided in the data; bidders should seek official ATC/terms and align with LIC policies.
• Compliance with LIC’s procurement norms and Department of Financial Services guidelines is assumed; confirm via bidder inquiries.
• Ensure readiness to adapt to possible scope changes without re-tendering.