Bid Publish Date
22-May-2026, 8:30 pm
Bid End Date
16-Jun-2026, 3:00 pm
Location
Progress
Quantity
1
Bid Type
Two Packet Bid
Union Bank of India invites bids for a Group Term Life Insurance service covering CASA Account Holders in Mumbai, Maharashtra. The scope includes natural death, accidental death, suicide, animal bite, and pre-existing illnesses as per the RFP. No BOQ items are listed, and key financials (EMD and estimated value) are not disclosed. This procurement targets a single bank-endorsement life policy to serve customer segments tied to CASA deposits, with the tender framed to ensure risk coverage and adherence to regulatory compliance. The absence of attached BOQ highlights a broad policy procurement rather than a modular supply. The opportunity requires bidders to align with the bank’s risk management and customer protection criteria, and to demonstrate capability in large-scale group life program management within a financial services context.
Product/Service: Group Term Life Insurance for CASA account holders
Coverage: Natural death, Accidental death, Suicide, Animal bite, Pre-Existing Illnesses
Eligibility: Banks/insurers capable of large-scale bank policy administration
EMD/Value: Not disclosed in data; verify in RFP
Delivery: Policy inception aligned with RFP timeline; onboarding implied
EMD amount to be clarified in official documents
Eligibility requires capability to administer large CASA-based life policy
Delivery schedule and payment terms to be specified in RFP
Not specified in provided data; refer to RFP for schedule and milestones
Delivery aligned with policy inception; onboarding timelines to be defined in RFP
No LD details available; consult RFP for performance penalties and SLA penalties
Experience in managing group life policies for banks or large financial institutions
Evidence of financial stability and compliance with regulatory standards for life insurance
Ability to onboard CASA-based customer segments and administer large-scale policy administration
Tender Category
Service
Bid To RA
No
Bid To RA Enabled
No
Item Category
Group Term Insurance Service - Group Term Life Policy for CASA Account Holders of Bank; Natural death, Accidental death, Suicide, Animal bite, Pre-Existing Illnesses, as per RFP
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Main Document
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GEM_GENERAL_TERMS_AND_CONDITIONS
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GST registration certificate
PAN card
Experience certificates in group life/employee benefits
Financial statements (as mandated by tender terms)
EMD submission proof (as per RFP)
Technical bid documents and compliance certificates
OEM authorizations (if required by RFP)
Any RFP-attached SOW or annexures
Key insights about MAHARASHTRA tender market
Bidders should submit the technical bid with experience certificates, GST and PAN, financial statements, and EMD as per the Terms & Conditions. The RFP requires group term life coverage for CASA holders, including natural and accidental death, suicide, and pre-existing illnesses. Compliance with bank risk and regulatory standards is mandatory.
Required documents include GST certificate, PAN card, experience certificates in group life or employee benefits, financial statements, EMD proof, technical bid, and any OEM authorizations if mandated by the RFP. Ensure attached SOW and annexures from the tender portal.
The policy must cover natural death, accidental death, suicide, animal bite, and pre-existing illnesses for CASA account holders. No ISI/ISO spec is listed; bidders should align with standard life insurance governance, regulatory compliance, and scalable premium administration in a bank context.
The EMD amount is not disclosed in the provided data; bidders must verify the exact EMD requirement in the official tender document and upload the receipt with the bid submission.
Delivery timelines are not specified in the data; refer to the RFP for policy inception dates, onboarding milestones, and payment terms tied to delivery of the life coverage to CASA holders.
Eligible bidders should demonstrate capacity to administer large-scale bank policies, provide prior group life experience, and show financial stability with supporting statements. Regulatory compliance and bank policy governance experience are essential to qualify.
No explicit standards are listed in the data; bidders should comply with general life insurance regulatory requirements and any bank-specific governance standards mentioned in the RFP, with ensure ongoing service levels and customer protection.
Payment terms are not specified here; the official RFP will define milestone-based payments, premium remittance schedules, and any performance-based settlements aligned to policy delivery and onboarding.
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