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LIC Life Insurance Corporation Establish Day Medal Tender Department of Financial Services 2026

Bid Publish Date

16-Jun-2026, 12:38 pm

Bid End Date

29-Jun-2026, 1:00 pm

Location

JABALPUR , MADHYA PRADESH
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Progress

Issue16-Jun-2026, 12:38 pm
AwardPending
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Quantity

1992

Bid Type

Single Packet Bid

Key Highlights

  • • Explicit quantity variation up to 25% at the time of contract placement and during contract currency
  • • Delivery period adjustments based on (Increased quantity ÷ Original quantity) × Original delivery period with a 30-day minimum
  • • Delivery start tied to the last date of the original delivery order
  • • Possibility of extended delivery time within the original contract period
  • • No BOQ items published; emphasis on capability to scale and deliver at contracted rates
  • • Mandatory compliance with option and extension terms for award execution
  • • Procurement context: ceremonial/recognition item category (Establish Day Medal) under LIC and DFS

Tender Overview

Life Insurance Corporation of India (LIC), under the Department of Financial Services, seeks a procurement related to the Establish Day Medal category in 2026. The opportunity structure allows bidders to quote against a variable quantity with an option clause up to 25%, and the contract includes a delivery-period adjustment formula. No BOQ items are published, and precise start/end dates are not disclosed. This tender emphasizes compliance with delivered quantities at contracted rates and a flexible delivery timeline, highlighting LIC’s sourcing strategy for ceremonial or recognition items. The lack of itemized BOQ suggests a focus on general compliance and capability to fulfill an adaptable order volume. Unique aspect: explicit quantity-variation and delivery-time mechanics within the contract.

Technical Specifications & Requirements

  • Option Clause up to 25% of bid quantity can be exercised at contract, with corresponding impact on delivery schedule.
  • Delivery period starts from the last date of original delivery order; if extended, additional time is calculated as (Increased quantity ÷ Original quantity) × Original delivery period, minimum 30 days.
  • If the original delivery period is < 30 days, the additional time equals the original period; extension may continue up to the original delivery period.
  • If exercised, purchaser may extend calculated duration during the extended period.
  • No BOQ items published; no explicit product specs; focus on ability to scale and deliver at contracted rates.
  • Compliance with contractual option/extension mechanics is essential.

Terms, Conditions & Eligibility

  • Option-based delivery: up to 25% quantity variation permitted at contract; extension mechanics apply.
  • Delivery-time extensions are defined by the formula provided, with a minimum extension of 30 days.
  • Last date of original delivery order governs start of extended delivery period.
  • Purchaser reserves right to adjust quantities within the specified 25% threshold during currency of the contract.
  • Bidders must comply with these terms for award and execution.

Key Specifications

    • Quantity variation: up to 25% of bid quantity can be ordered as an option during contract duration
    • Delivery formula: additional time = (Increased quantity ÷ Original quantity) × Original delivery period, with a minimum of 30 days
    • Delivery start point: from the last date of original delivery order
    • Extended delivery: may be authorized within the original delivery window if option clause is exercised
    • BOQ status: No published items; bidders must demonstrate scalable fulfillment capability and pricing against contracted quantities

Terms & Conditions

  • Option clause permits 25% quantity variation and related delivery extensions

  • Delivery period calculation requires last date of original order and 30-day minimum

  • Purchaser may extend duration within contracted parameters; comply to be eligible

Important Clauses

Delivery Flexibility Clause

Allows up to 25% increase in bid quantity during contract and currency; extended delivery time calculated per formula with minimum 30 days

Delivery Start Point

Delivery period commences from the last date of the original delivery order; extensions align with extended period terms

Quantity Adjustment

Purchaser may adjust quantities within ±25% at contracted rates; bidder must be prepared to fulfill scaled orders

Bidder Eligibility

  • Demonstrated ability to scale orders up to 25% beyond bid quantity

  • Experience in supplying ceremonial/medal or equivalent recognition items (preferred)

  • Financial stability evidenced by standard fiscal documents

Additional Tender Data

Commercial Details

Tender Category

Goods

Bid To RA

No

Bid To RA Enabled

No

Item Category

ESTABLISH DAY MEDAL

Authority Records

MINISTRY OF FINANCEFINANCIAL SERVICES DEPARTMENT

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Documents 3

GeM-Bidding-9474146.pdf

Main Document

Other Documents

OTHER

GEM General Terms and Conditions Document

GEM_GENERAL_TERMS_AND_CONDITIONS

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Required Documents

1

GST registration certificate

2

Permanent Account Number (PAN) card

3

Experience certificates for similar procurement, if any

4

Financial statements or solvency proof

5

EMD/Security deposit documentation (if applicable per bid terms)

6

Technical bid documentation demonstrating capability to meet variable quantity and delivery timelines

7

OEM authorizations or supplier certifications (if required by contract terms)

Frequently Asked Questions

How to bid for LIC Establish Day Medal tender in 2026 with DFS?

Bidders should prepare standard bid documents and demonstrate scalability for up to 25% quantity variation. Ensure ability to meet the delivery-time formula and provide GST, PAN, experience certificates, and financial statements. The tender requires compliance with option/extension terms for award execution; submit all documents to participate.

What documents are required for LIC medal procurement submission?

Required documents include GST certificate, PAN card, experience certificates, financial statements, and EMD documentation if applicable. Technical bid should prove capability to fulfill variable quantities; OEM authorizations optional unless specified in terms.

What are the delivery terms for the LIC Establish Day Medal contract?

Delivery starts from the last date of the original delivery order; if quantity increases, extended delivery time is calculated as (Increased quantity ÷ Original quantity) × Original delivery period, with a minimum extension of 30 days.

What happens if quantity increases under the option clause?

The purchaser may increase quantity up to 25% of the contracted quantity during the currency of the contract, at the contracted rates; extended delivery time applies per the specified formula.

Which organization and location are involved in this tender?

The tender is issued by Life Insurance Corporation of India (LIC) under the Department of Financial Services; the location details are not specified in the data provided, so bidders should verify the regional office and delivery sites in the official portal.

What are the essential eligibility criteria for the LIC medal bid?

Essential criteria include the ability to fulfill variable quantities, compliance with delivery-extension terms, and submission of standard bid documents such as GST, PAN, and financials; prior experience in similar procurement is preferred but not explicitly mandated in the data.

How is the contract price affected by quantity changes?

Prices apply at contracted rates for the base bid quantity; any 25% quantity variation occurs at the same contracted rates, with delivery adjustments according to the extension formula.

When are the bid terms for delivery extensions finalized?

Delivery-extension terms are finalized at contract award and governed by the formula: (Increased quantity ÷ Original quantity) × Original delivery period, with a 30-day minimum; extension may be exercised within the original delivery window.

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