Name: Providing Group Term Insurance Policy for officers/staff members of the National Pension System Trust (NPS Trust)
Start: 2024-04-26
End: 2024-05-09
Location: National Pension System Trust

Organization Details:

Organization Name:

National Pension System Trust

Country:

India

Contact Person:

Address:

Contact Details - Email:

Phone

Notice Details:

Notice Type

Tender Notice

Bidding Type

Other

Notice No.

81289582

Deadline

2024-05-09

Description

NPST/15/15/5/2022-HRD/11 19.04.2024
To,
Various Life Insurance Companies
Subject: - Inviting bids from IRDAI registered Life Insurance companies for
providing Group Term Insurance Policy for officers/staff members of the
National Pension System Trust (NPS Trust) - reg.
NPS Trust is the registered owner of all assets under the NPS architecture which is
held for the benefit of the subscribers under NPS with its Head Office located in
New Delhi. NPS Trust proposes to purchase a Group Term Insurance policy for its
officers/staff members for period of one year (Policy starting from 19.05.2024). At
present, the coverage under the Group Term Insurance Policy is to be provided to
a total of 25 staff members for a sum insured of Rs. 25,21,41,658 (twenty five crore
twenty one lakh forty one thousand six hundred fifty eight Rupees only) The list of
officials/staff members along with their respective sum insured, date of birth etc. is
enclosed as per ANNEXURE - I.
2. The policy should provide comprehensive term insurance coverage. The bid
should comply with the following terms and conditions:
I. Benefits:
a) Death Benefit
b) Mid-term inclusion/ separation of employees during the term of
policy
c) Mid-term separation premium refund on account of separation of
employee due to any reasons. The refund will be calculated from
the date of separation
d) Free Cover Limit (FCL) - Base Life Cover for Sum Assured upto
of Rs. 1.5 crore upto age of 65 years. Thus, no medicals for
coverage upto Rs. 1.5 crore. However, the coverage amount of
each employee will be as per the limit shown in Annexure I.
Minimum Documentation/Medicals (if any) is expected for
providing coverage above FCL.
e) All employees are to be given the coverage under the Policy.
IMPORTANT NOTES:
1) The L1 (lowest) bid will be determined based on the premium quote which is
to be submitted in prescribed format as per Annexure -Il in a closed envelope
duly superscribing it as "Premium quote for NPS Trust Group Term Insurance
Policy 2024"
2) You are requested to submit your bid considering the existing group size, sum
insured and the terms and conditions mentioned above for premium payable
by NPS Trust on annual basis for the Group Term Insurance policy. The bids
can be submitted in a sealed cover as per the important notes mentioned
above. The bids should reach latest on 09.05.2024 by at 15:00 Hrs. at the
following address: -
The General Manager,
National Pension System Trust
B-302, Tower-B, WTC
Nauroji Nagar, New Delhi-110029
The pre-bid meeting shall be held on 29.04.2024 16:00 hrs. and the bids shall be
opened on 09.05.2024 at 16:00 hrs. at the office premises of NPS Trust as per
above mentioned address. The bids sent by e-mail will not be considered under any
circumstances.
General Terms & Conditions
a) There should be a dedicated helpline (24*7) of the Insurance Company
available and the contact details should be furnished after the start of the
insurance cover.
b) In case of claim settlement of the official/staff, the same should be paid
to the claimant within 15 working days from the submission of the claim
documents.
c) The response time by the Insurance Company should be maximum six
hours.
d) The claim statement is to be furnished by the Insurance Company
to NPS Trust on quarterly basis.
e) The Insurance company shall maintain absolute confidentiality and not
share the personal data of the employees with any third party and shall not
give any unauthorized access of the same to any of its employees or agents,
other than those who are involved in submission of bid or servicing the
policy, if bid is awarded. The details shall not be used for any targeted
advertising or unsolicited advices and personal information shall be
accorded highest protection in accordance with the prevalent laws in India,
failing which the company shall be held liable.
f) NPS Trust reserves the right to terminate this process at any point of time,
pre or post selection and without their being any obligation owed to any
person including the bidders or the successful bidder. There shall be no
obligation to award the policy to any party much less the successful bidder.
NPS Trust shall have the right to modify the terms and conditions of this
invitation to offer at any time, based on its requirements. NPS Trust shall
have the right to reject the bids which in its opinion are conditional.
g) The Bid is to be submitted for the capital sum insured of 25,21,41,658 (twenty
five crore twenty one lakh forty one thousand six hundred fifty eight Rupees
only) as per format given at ANNEXURE — II.
h) Initial Premium Quoted/Paid during the last two year is at Annexure-III.
i) All matters pertaining to this shall be subject to the exclusive jurisdiction of
the courts in New Delhi only.
Annexure-I
Details of Employees for Group Term Insurance (Group Insurance) Policy for 2024
S.No
.
Name of the
Employee
Birth
Date
Date of
Joining
Age as on
31.03.2024
PROPOSED SUM
INSURED
1 Employee 1 14-Jan77 3-May-21 47 18379532
2 Employee 2 17-Oct75 27-Apr-21 48 18379532
3 Employee 3 19-Mar85 7-May-21 39 16329738
4 Employee 4 7-Mar-81 7-May-21 43 16329738
5 Employee 5 10-Jul-75 9-Jul-21 48 16329738
6 Employee 6 6-Jul-86 22-Mar-24 37 16329738
7 Employee 7 13-Dec85 7-May-21 38 16329738
8 Employee 8 6-Dec-90 30-Mar-22 33 8609416
9 Employee 9 18-Sep93 21-Dec-21 30 8609416
10 Employee 10 24-Apr95 23-Dec-21 29 8609416
11 Employee 11 7-Jul-95 20-Jan-22 28 8609416
12 Employee 12 25-May94 23-Feb-23 29 8609416
13 Employee 13 10-Sep92 13-Feb-23 31 8609416
14 Employee 14 6-Ju

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