request for proposal for the optional group term insurance … … · financial bids) only from...

NB - RFP – Optional Group Term Life Insurance -2019-20

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REQUEST FOR PROPOSAL

for the

Optional Group Term Insurance Plan for employees of

National Bank for Agriculture and Rural Development

01 December 2019 to 30 November 2020

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT Head Office

6th Floor, 'D' Wing C-24, 'G' Block

Bandra Kurla Complex Bandra (East)

Mumbai – 400 051


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This document is the property of National Bank for Agriculture and Rural

Development (NABARD). It may not be copied, distributed or recorded on

any medium, electronic or otherwise, without NABARD’s written

permission therefor. The use of the contents of this document, even by the

authorized personnel / agencies for any purpose other than the purpose

specified herein, is strictly prohibited and shall amount to copyright

violation and thus, shall be punishable under the Indian Law.

DISCLAIMER

This Request for Proposal (RFP) is not an offer by NABARD, but an invitation

to receive response from eligible interested bidders for Optional Group Term

Insurance Plan (OGTIP) policy for employees of NABARD. No contractual

obligation whatsoever shall arise from the RFP process unless and until a

formal contract is signed and executed by NABARD with the selected bidder.

This document should be read in its entirety.


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Optional Group Term Insurance Plan (OGTIP) for employees of

National Bank For Agriculture And Rural Development for the

period – 01st December 2019 – 30th November 2020

Sealed tenders are invited by the National Bank for Agriculture and Rural Development (NABARD) for the Optional Group Term Insurance Plan (OGTIP) for all their existing employees at their own cost and for all new recruits who have joined NABARD after 01 August 2013 and are not covered under the Bank’s Group Savings Linked Insurance Scheme (GSLI) will be provided compulsory insurance cover as per the defined amount at Bank’s cost.

NABARD has authorized Marsh India Insurance Brokers Pvt. Ltd. to solicit proposals through a three stage bidding process (viz., Integrity Pact, Technical and Financial bids) only from IRDAI licensed Life Insurance Companies operating in India who satisfy the terms and conditions of this RFP, for Optional Group Term Insurance Plan (OGTIP) that they propose to offer to its employees.

Please note to submit that the Integrity Pact, Technical Bid and Financial Bid papers are duly signed by an Authorised Signatory on each page in token of having accepted the terms and conditions. Interested bidders are requested to refer to the said RFP. Bids are to be made strictly as per provisions of the RFP document and may be submitted not later than 5.00 p.m. on 13th November 2019, Wednesday. Tenders received after stipulated date/time shall not be entertained.

Bids shall be opened on 14th November 2019, Thursday at 11.oo a.m. at the below mentioned address in the presence of the Bidders and / or their representatives (maximum two) who choose to be present, Marsh India Insurance Brokers Pvt. Ltd. (our insurance consultant) and Selection Committee constituted by NABARD.

NABARD, Conference Hall, 7-E, C-24, G Block, Bandra Kurla Complex, Bandra East,

Mumbai 400051

Chief General Manager Human Resource Management Department NABARD, Head Office C-24, G Block, Bandra Kurla Complex Bandra East Mumbai 400051


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1. Introduction

National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India having its Head Office at Mumbai (Maharashtra) and Regional Offices all over the country.

NABARD has authorized Marsh India Insurance Brokers Pvt. Ltd. to solicit proposals through a three stage bidding process (viz., Integrity Pact, Technical and Financial bids) only from IRDAI licensed Life Insurance Companies operating in India who satisfy the terms and conditions of this RFP, for Optional Group Term Insurance Plan (OGTIP) that they propose to offer to its employees.

Complete confidentiality should be maintained. Information provided here should be used for its intended scope and purpose. Retention of this RFP signifies the bidder(s) agreement to treat the information as confidential. The bidder(s) must agree to bear all costs related to the preparation of their proposal.

Bid submission, queries and all other terms and conditions are detailed in the following sections of this document. All communication with regard to this proposal needs to be directed to Marsh India Insurance Brokers Pvt. Ltd. through e-mail to

[email protected] with copy to [email protected] and [email protected] Proposal Requirements

The following sections include the information necessary for the bidder/its organization to respond to this RFP. The proposal must include:

Policy placement and administration date 01st December 2019 to 30th November

2020

Provide premium quotes in the requested format as stated

Answer all questions in concerned sections clearly and concisely

All documents that comprise the offer should be signed and sealed by the firm.

Bids are to be made strictly as per provisions of the RFP document and may be submitted not later than 5.00 p.m. on 13th November 2019, Wednesday.

Failure to submit the proposal within the stipulated time will result in disqualification.

NABARD reserves the right to accept or reject any /all tender/s in part or whole of any firm / firms without assigning any reasons for doing so.

mailto:[email protected]




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2. General Information

The objective is to ensure that the proposed Optional Group Term Insurance Plan (OGTIP) for Employees of NABARD is managed effectively and in a cost-effective manner as far as possible. The insurer should possess the flexibility to respond to NABARD’s current and changing needs.

NABARD’s primary objective in inviting this RFP is to attract insurer/insurers who can:

Match the desired plan design

Demonstrate the ability to deliver high quality services & claims paying ability at a competitive price

Technological capabilities to run the program online, customizable as per the plan design with online payment gateway

Individual insurance policy issue & tax certificate granted to each employee opting for the cover.

Dedicated Helpline Numbers and Support on call for any query employee may have.

This RFP provides following information to enable the bidder(s) to prepare and submit proposals to NABARD:

Broker on record letter (BORL)

Terms of the Optional Group Term Insurance Plan (OGTIP)-Annexure 4

Employee demographics (existing employees)

Claim MIS

The following time table has to be followed for this RFP process:

Sr.No.

Activity Time Limit

1. Invitation for Request for proposal (RFP) 06th November 2019 (Wednesday) 2. Written queries/confirmation regarding RFP

to Marsh 7th November 2019 (Thursday)

3. Intent to Bid 8th November 2019 (Friday)

4. Proposal submission due date 13th November 2019 (Wednesday) (5.00 p.m.)

5. Date of Opening of Technical & Financial bid 14th November 2019 (Thursday) (11.00 a.m.)

6. Venue for bid opening NABARD, Conference Hall, 7-E, C-24, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400051

7. Policy period 01st December 2019 to 30th November 2020 No extension will be granted for submission of the bids.


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Response Format Your proposal must clearly indicate the name of the responding organization, as well as the name, address and telephone number of the primary contact at your organization for this proposal. Your proposal must include the contact name for local service and account management team that NABARD/ Marsh India Insurance Brokers Pvt. Ltd. can call directly.

Please submit your proposal response in sealed envelope not later than 13th

November 2019, Wednesday (5.00 p.m.) at the NABARD address mentioned below:

No proposal will be accepted beyond the stipulated date and time.

In case of any difficulty in bid submission, you may contact any of the below mentioned

officers of NABARD

Questions concerning the RFP or its attachments can be directed to representatives of Marsh India Insurance Brokers Pvt. Limited as per details given below:

Ms. Utkarshaa Pandey

Manager

Employee Health & Benefits

Mob.: 7045243683

e-mail:

[email protected]

Mr. Tilak Singh

Senior Manager

EB-Placements

Mob.: 7506706151

e-mail:

[email protected]

Beena Nair Vice President Employee Health & Benefits Mob.: 7506706219 e-mail : [email protected]

No questions concerning the RFP are to be directed to NABARD. Please submit all questions in writing by email to [email protected] and with copy to

[email protected] and [email protected] by Thursday, 7th November 2019, Marsh India Insurance Brokers Pvt. Ltd. will send a written response by email to substantive questions within 24 hours by reply mail.

Address for communication

The Chief General Manager

National Bank for Agriculture and Rural Development

(NABARD)

Human Resource Management Department-PPD

6th Floor, ‘D’ Wing, C-24, ‘G’ Block, Bandra-Kurla

Complex, Bandra (East), Mumbai – 400 051

Contact Persons at NABARD

Shri Awadhesh Bahadur Deputy General Manager Phone :+91-22-26539873 Mobile : 09510677447 e-mail : [email protected]

Shri Joshi Puthoore Assistant General Manager Phone: +91-22-26539476 Mobile: 08547722208 e-mail: [email protected]










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NABARD and Marsh India Insurance Brokers Pvt. Ltd. assume no responsibility or liability for any costs you may incur in responding to this RFP, including attending meetings, visits or negotiations. Deviations from RFP Specifications

It is intended that you should conform to these specifications in full. Do not quote any alternative Plan Designs. Please quote the requested financial arrangements only. Any deviation will make your bid liable to be disqualified. Your company will be bound to comply with the provisions set forth in this RFP.


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3 Proposal Instructions

(A) Proposal Requirements You may note that for the purpose of the appointment of insurance company for the renewal of these policies, a bidding process will be followed. Your response should be organized into the following sections: Technical Bid: Evaluation criteria

Sr.No. Criterion Points Total

1 Gross Total Premium underwritten within India (` in Crore) for the year 2018-19

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1. Upto `250 Crore 4

2. > `250 Crore - `500 Crore 6

3. > `500 Crore - `750 Crore 8

4. > `750 Crore 10

2 Group Term Life Premium underwritten within India (` in Crore) for the year 2018-19

20

1. Upto `25 Crore 5

2. > `25 Crore - `50 Crore 10

3. > `50 Crore - `100 Crore 15

4. > 100 Crore 20

3 Number of years since license given by IRDA as on 31.03.2019

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1. Up to One (1) Year 4

2. Up to Three (3) Years 6

3. Up to Five (5) Years 8

4. Above Five (5) Years 10

4 Number of Group Term Life policies being serviced where Total Employees covered are 1000 and more in each policy during Financial Year 2018-19

- 20

1. Less than 150 Policies 5

2. Between 150-200 Policies 10

3. Above 200-250 Policies 15

4. Over 250 Policies 20

5 Number of Group Term Life policies where the premium paid is more than `50 lakh during Financial Year 2018-19

20

1. Upto 10 Policies 5



4. Over 30 Policies 20

6 Group Term Policies Claims Settlement

Ratio for 2018-19 (Mention claim

settlement ratio in percentage)

20

Total 100


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For Point Number 4 and 5 mentioned above, the following conditions will apply:

- Policies where your company is a Co-Insurer will not be considered.

- Company that does not have any policy of the required size will not get any points

- Micro Insurance/State Policies will not be considered. Only Corporate Group Term Life

Insurance policies will be considered for the Technical Bid.

Highest Claim settlement ratio will be considered as C(High). Claims settlement ratio score will be arrived at by applying formula (C/C(high)*20). Bidders scoring equal to or more than 60% marks as per the above evaluation in technical bid, will qualify for Financial Bid.

Financial bid: The financial bid envelope should contain only premium amount. Premium quotes

should be mentioned in per Mille Rate & in absolute numbers (as per Annexure 3 to this RFP)

Financial Bids of only those bidders, who have qualified in Technical Bids, will be opened. In the case of eliminated bidders, the sealed Financial bid will be returned.

The bids received will be opened in front of a Committee constituted by NABARD for this purpose in the presence of representatives of Marsh India Insurance Brokers Pvt. Ltd., and the bidding companies.

Your response should be organized into the following sections: Section 1 Executive Summary / Introduction

Section 2 Proposal Compliance Letter A letter signed by an authorized officer of your organization signifying your proposal’s complete compliance with the RFP specifications except as specifically noted in the appropriate sections. Section 3 Integrity Pact (as per Annexure 1 to this RFP)

Section 4 Technical Bid (as per Annexure 2 to this RFP)

Section 5 Financial bid (as per Annexure 3 to this RFP)

Premium quotes should be inclusive of all charges as mentioned below excluding GST

-Brokerage payable- 2% of Premium with a maximum cap of INR 10 Lacs

payable by the insurer to the consultant directly)

Section 6 Items included with Proposal


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Important Note:

The ‘Integrity Pact’ document is attached as Annexure 1; Compliance to ‘Integrity Pact’ is

mandatory and shall be the pre-qualification criteria. Non Submission of ‘Integrity Pact’

shall disqualify the prospective vendors / bidders at the initial stage and their Technical /

Financial bids shall not be opened.

Prospective vendors / bidders are requested to submit a duly signed and stamped

‘Integrity Pact’ on an INR 200 Stamp Paper. All RFP responses will be opened in front of a Committee constituted for this purpose in NABARD in the presence of representatives (Maximum – two) of each insurance company, if they choose to remain present.

(B) Important Terms:

The rates quoted must be final and considered firm regardless of actual claims experience as on the policy effective date.

Proposal must not have any Premium Review clause. Proposal must not have any Claims Review clause: Irrespective of potential / actual

claims / loss experience under the policy, there would no changes allowed to be made mid-term to any terms and conditions and premiums paid for the policy.

There will be no adjustments/additional premium charged for adverse claims ratio post inception of the policy.

Insurance company will not be allowed to modify any terms and conditions of the policy post inception of the policy.

Insurance company will not have the right to cancel or discontinue the insurance policy during the policy period due to adverse claim ratio.

(C) NABARD reserves the right to:

Reject any or all responses received in response to the RFP without assigning any reason whatsoever.

Cancel the RFP / Tender at any stage, without assigning any reason whatsoever.

Select the next most responsive bidder if the first most responsive bidder evaluated for selection fails to result in an agreement within a specified time frame.

(D) National Bank For Agriculture And Rural Development reserves the right to: Reject any or all responses received in response to the RFP without assigning any

reason whatsoever. Cancel the RFP / Tender at any stage, without assigning any reason whatsoever. Waive or change any formalities, irregularities, or inconsistencies in this proposal

(format and delivery). Such a change / waiver would be duly and publicly notified on NABARD’s website before the closure of the bid date.

Extend the time for submission of all proposals and such an extension would be duly

communicated by Marsh India Insurance Brokers Pvt. Ltd. to all the companies.


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Select the next most responsive bidder if the first most responsive bidder evaluated for selection fail to result in an agreement within a specified time frame.

Select the bidder even if a single bid is received as response.

Share the information / clarifications provided in response to RFP by any bidder,

with all other bidder(s) / others, in the same form as clarified to the bidder raising

the query. (E) Bid Submission

1. Response Format:

Section 1 – Integrity Pact to be submitted in the separate envelope – refer Annexure 1 (attached Separately). *Superscribe the envelope with the reference # NABARD/OGTIP/2019-20/IP

Section 2 – Technical Bid to be submitted in a separate envelope in the attached

Format-Refer: Annexure 2 *Superscribe the envelope with the reference # NABARD/OGTIP/2019-20/TB Section 3 – Financial Bid to be submitted in a separate envelope in the attached Format-Refer: Annexure 3 *Superscribe the envelope with the reference # NABARD/OGTIP/2019-20/FB

2. The sealed covers containing the Integrity Pact, Technical Bid and the Financial

Bid should in turn be put in one single sealed outer envelope to be super-scribed

as “Integrity Pact, Technical and Financial Bids for Optional Group Term Life

Insurance” – 2019-20.

3. The bid should be signed by the bidder or any person duly authorized to bind the

bidder to the contract. The signatory should give a declaration through authenticated

documentary evidence establish that he/she is empowered to sign the tender

documents and bind the bidder. All pages of the tender documents except brochures,

if any, are to be signed by the authorized signatory. 4. The bid should contain no interlineations, erasures or over-writings except as necessary

to correct errors made by the bidder. In such cases, the person/s signing the bid should

authenticate such corrections. 5. The bidder is expected to examine all instructions, forms, terms and conditions and

technical specifications in the Bidding Documents. Failure to furnish all information

required by the Bidding Documents or submission of a bid not substantially

responsive to the Bidding Documents in every respect will be at the Bidder’s risk and

may result in rejection of the bids


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6. No columns of the tender should be left blank. Offers with insufficient information and

Offers which do not strictly comply with the stipulations given above, are liable for

rejection. 7. The bids will be opened in the presence of authorized representatives of the bidders.

However, the representative of the bidder has to produce an authorization letter

from the bidder to represent them at the time of opening of Integrity Pact

/ Technical / Financial Bids. Only two representatives will be allowed to represent any

bidder. In case the bidder’s representative is not present at the time of opening of bids,

the bids will still be opened at the scheduled time at the sole discretion of NABARD.


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4

Plan Design and Related Documents

Plan Design

Please see the attached RFP Document

Census Data

ATTACHED

Claims Data for last 4 years

ATTACHED


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5

RFP Terms and Conditions:

Following additional terms and conditions shall apply to the evaluation process:

(a) Bidder warranties - By submitting a Response, Bidder represents and warrants to

NABARD that, as on the date of submission:

i. the Bidder has fully disclosed to NABARD in its Responses all information which could

reasonably be regarded as affecting in any way NABARD’s evaluation of the Response;

ii. All information contained in the Bidder’s Response is true, accurate and complete and

not misleading in any way;

iii. No litigation, arbitration or administrative proceeding is presently taking place,

pending or to the knowledge of the Bidder threatened against or otherwise involving the

Bidder which could have an adverse effect on its business, assets or financial condition or

upon NABARD’s reputation if the Response is successful;

iv. The Bidder will immediately notify NABARD of the occurrence of any event,

fact or circumstance which may cause a material adverse effect on the Bidder’s business,

assets or financial condition, or NABARD’s reputation or render the Bidder unable to perform

its obligations under the agreement, if any or have a material adverse effect on the evaluation

of the responses by NABARD; and

v. The Bidder has not and will not seek to influence any decisions of NABARD during

the evaluation process or engage in any uncompetitive behavior or other practice which may

deny legitimate business opportunities to other Bidders.

(b) Confidentiality - Bidder must keep confidential any information received from or about

NABARD as a result of or in connection with the submission of the Response. All information

contained in the Response, or in subsequent communications shall be deemed confidential

and may be used only in connection with the preparation of Bidder’s Response. Unless

expressly agreed in writing prior to submissions, Responses are not confidential and may be

used by NABARD in whole or part. NABARD however, will not disclose the information

provided by Bidder in a Response other than to its affiliates or to its professional advisors,

unless required otherwise by any provisions of law. Additionally and at any point of the

evaluation and selection process, NABARD may require the Bidder to execute a Non-

Disclosure Agreement (NDA) if the Bidder has not executed an NDA with NABARD

previously.

(c) Disclaimer - Whilst all reasonable care has been taken in compiling this Response

document, the figures, documents and details are presented in good faith; and no warranty

or guarantee (express or implied) is given by NABARD as to the completeness or accuracy of


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the Response or any information provided in or in connection with it. To the maximum extent

permitted by law:

i. NABARD, its officers, employees and agents will not be liable in any way whatsoever

for any loss, damage, cost or expense (including without limitation any liability arising from

any fault or negligence on their part) arising from the evaluation process; and

ii. each Bidder releases and indemnifies NABARD from all claims, suits, demands,

proceedings, actions, liabilities, damages and costs which may arise under statute, law, equity

or otherwise arising from, whether directly or indirectly, or in connection with the evaluation

and selection process.

(d) This RFP is not an offer to contract, nor should it be construed as such; it is a definition

of specific NABARD requirements and an invitation to recipients to submit a responsive

proposal addressing such requirements. NABARD reserves the right to make no selection and

enter into no agreement as a result of this RFP. Only the execution of a written agreement

between NABARD and a vendor will obligate NABARD in accordance with the terms and

conditions contained in such agreement.

(e) It should be understood that your response to this RFP constitutes an offer to do

business on the terms stated in your response and that, should a contract be awarded to you,

NABARD may, at its option, incorporate all or any part of your response to this RFP in the

contract. NABARD reserves the right to accept your offer without further discussions and

without any additional opportunity for you to amend, supplement or revise your submitted

offer.

(f) NABARD’s right to verify - NABARD reserves the right to conduct a site survey or

obtain other evidence of facilities, resources, and managerial, financial and Bidder

performance abilities prior to announcing the successful Bidder or awarding an agreement

under this evaluation process.

(g) Financial documents - NABARD may request additional financial/business information

from the Bidder at its discretion.

(h) Selection criteria - The selection criteria, inquiries, questions or information put forth

in the Response are meant to be provided on the aforesaid and established through the details

submitted by the bidder in the Technical Bid. Financial bids of those companies which do

not meet the evaluation standard of 50% marks, will not be opened and processed further.

(i) Termination/or suspension of evaluation process - NABARD reserves the right to

suspend or terminate the Bidder evaluation process (in whole or in part) at any time in its

absolute discretion and without liability to the Bidder or any third party. Bidders will be

notified if any suspension or termination occurs but NABARD is not obliged to provide any

reasons.


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(j) Other Rights - Without limiting its rights under any other clause of this evaluation

process or at law, and without liability to the Bidder or any third party, NABARD may at any

stage of the evaluation process:

i. Require additional information from a Bidder;

ii. Change the structure and timing of the evaluation process;

iii. Terminate further participation in the evaluation process by a Bidder;

iv. Negotiate with more than one Bidder;

v. Terminate negotiations being conducted with a Bidder;

vi. Vary or extend the timetable and evaluation process

vii. Accept any non- complying Response; or

viii. Vary the terms and conditions of the evaluation process, the RFP or specifications or

requirements at any time.

(k) Responsibility for Costs - Bidder is responsible for all costs, expenses or liabilities

incurred by them or on their behalf in relation to the evaluation process (including in relation

to providing NABARD with the response, the revised response or any additional information).

(l) Non-Reliance by Bidder - Bidder, by submitting a Response, acknowledges that:

i. it does not rely on any information, representation or warranty, whether oral or in

writing or arising from other conduct, other than that specified in this RFP or otherwise

provided by NABARD in writing;

ii. it has made its own inquiries as to regarding the risks, contingencies and other

circumstances that may have an effect on the Bidder’s Response as well as the accuracy,

currency or completeness of such information; and

iii. Information provided in its Responses are based on historical trends does not

constitute a representation that such trends will continue into the future or occur again and

nothing contained in its Response can be relied upon as a commitment, guarantee or

representation regarding future events or performance.

(m) NABARD‘s right to vary - NABARD reserves the right to vary any aspect of this

evaluation process, RFP without liability to Bidder. Where NABARD varies any aspect of this

evaluation process or the agreement, NABARD shall notify the Bidder of that variation.

(n) Incorporation of Responses into agreement - The successful Bidder as concluded by

NABARD shall sign an agreement with NABARD. NABARD may, at its sole discretion,

incorporate any portion of any successful Response of a successful Bidder into the final

agreement. NABARD may require a successful Bidder to submit, before negotiation of the

agreement, details of issues which may affect their ability to act as a Bidder.


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(o) Precedence of Documents - If there is any inconsistency between the terms of this RFP

and any of its appendices, schedules or attachments then, unless the contrary is explicitly

stated in this RFP, the terms of the RFP will prevail to the extent of any inconsistency.

(p) Governing Laws & Dispute Resolution-The RFP and selection process shall be

governed by and construed in accordance with the laws of India. Any dispute arising out of

the RFP process shall be referred to arbitration under the Arbitration & Conciliation Act, 1996

as provided hereunder:

(i) If any dispute, difference or question shall at any time arise between the parties

concerning anything or as to the rights, liabilities and duties of the parties under

this RFP, except in respect of matters for which it is provided hereunder that the

decision of NABARD is final and binding, the same shall be referred to arbitration

for a final decision after giving at least 30 days' notice in writing to the other party

(hereinafter referred to as the “Notice for Arbitration”) clearly setting out the

items of dispute to a sole arbitrator who shall be appointed as hereinafter

provided. For the purpose of appointing the sole arbitrator referred to above,

NABARD shall send to the BIDDER within thirty days of the “Notice of

Arbitration”, if the dispute is raised by the Bidder a panel of three persons who

shall be presently unconnected with NABARD or the BIDDER.

(ii) The BIDDER shall on receipt of the names as aforesaid select any one of the

persons so named to be appointed as the Sole Arbitrator and communicate his

name to NABARD within 15 days of receipt of the names. NABARD shall

thereupon without any delay appoint the said person as the Sole Arbitrator. If the

BIDDER fails to communicate such selection as provided above within the period

specified, NABARD shall be entitled to appoint one of the persons from the said

panel to act as the Sole Arbitrator.

(iii) If NABARD fails to send to the BIDDER the panel of three names as aforesaid

within the period specified, the BIDDER shall send to NABARD a panel of three

persons who shall be unconnected with either party. NABARD shall on receipt of

the names as aforesaid, select any one of the persons and appoint him as the sole

arbitrator. If NABARD fails to select the person and appoint him as the Sole

Arbitrator within 30 days of receipt of the panel and inform the BIDDER

accordingly, the BIDDER shall be entitled to appoint one of the persons from the

panel as sole arbitrator and communicate his name to the NABARD.

(iv) If the Arbitrator so appointed is unable or unwilling to act or refuses his

appointment or vacates his office due to any reason whatsoever another sole

arbitrator shall be appointed as aforesaid.

(v) The arbitration shall be governed by the Arbitration &Conciliation Act, 1996 as in

force from time to time or any Ordinance or Legislation that may be made in lieu


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thereof. The award of the Arbitrator shall be binding and final on the parties. It is

hereby agreed that in all disputes referred to the Arbitration, the Arbitrator shall

give a separate award in respect of each dispute or difference in accordance with

the terms of reference and the award shall be a reasoned award.

(vi) The Courts in Mumbai only shall have the exclusive jurisdiction to deal with the

matter(s) arising out of the above claims/dispute.

(vii) The evaluation process as communicated earlier shall continue without any

changes.

(viii) In the event that you elect not to respond to this RFP, then the restrictions shall

continue to apply to the use or disclosure of the information. Additionally,

Bidders must immediately return this document and certify in writing to Marsh

India Insurance Brokers Pvt. Ltd., that all copies have been returned to Marsh

India Insurance Brokers Pvt. Ltd., or destroyed.


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Annexure 1 (Integrity Pact)

(Uploaded separately)

Annexure 2 (Technical Bid)

Technical Bid for Policy Period 01st December 2019 – 30th November 2020

Sr.

No.

Parameters Response Documents required

1 Gross Total Premium underwritten

within India

(Rs. in Crore) as on 31.03.2019 for the

year 2018-19

Auditor’s Certified Copy

[External / Internal Auditor /

Legal and Compliance]

2 Group Term Life Premium

underwritten in India (Rs. In Crore)

as on 31.03.2019




3 Number of Years Since Inception as

on 31.03.2019

(Years and Months)

Copy of valid license issued by

IRDA while granting the license

and confirmation that the

entity can do business

4 Number of Group Term Life Policies

being

serviced where Total Lives covered

are 1,000 Lives in

Each Policy for the Financial Year

April 2018 to March 2019




5 Number of Group Term Life Policies

where the

Premium paid is more than Rs. 50

Lakh during

Financial Year April 2018 to March

2019





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6 Claims data for Group Policies :

No Amount

Total Group

Claims

(Reported)

Total Group

Claims

(Settled)

Settlement

Ratio :




Point No 4 – Required Details for Top 10 clients

Details in respect of each such policy to be provided as under:

Sl. No. Name of the

Company &

Contact Person(s)

No of Lives

Covered

Average Sum

Assured Per Life

Covered

Total Yearly

Premium

(Exclusive of GST )

1

2

3

4

5

6

7

8

9

10

For Point Number 4 mentioned above, the following conditions will apply:

Micro Insurance/State Policies will not be considered. Only Corporate Group Term Life

Insurance policies will be considered for the Technical Bid.

Company that does not have any policy of the required size will not get any points

National Bank for Agriculture and Rural Development reserves the right to verify the

information provided by the Bidder.


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Annexure 3 (Financial Bid)

Financial Bid

Premium for Compulsory Cover Policy Period- 1st December 2019-30th November 2020

Per Mille Rate Net Premium before

Tax Applicable Taxes

Gross/Total

Premium

Uniform per mille rate to be quoted factoring the mid-term sum insured enhancement.

Premium for Voluntary Cover Policy Period- 1st December 2019-30th November 2020

Age of the

member

in

completed

years

Per

Mille

Rate

Sum Assured Options (INR)

12,50,000 25,00,000 50,00,000 75,00,000 1,00,00,000

Net Premium before Tax*

Male Female Male Female Male Female Male Female Male Female

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25

26

27

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29

30

31

32

33

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35

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39

40


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41

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44

45

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49

50

51

52

53

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56

57

58

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NOTE:

All age will be rounded down, for eg. a proposer’s age as on renewal date is 32.7 will be

considered 32 years and premium will be calculated accordingly for the policy period.

Net Premium quoted above should be valid for a period of 1 year and inclusive of

Brokerage @ 2% of Premium with a maximum cap of INR 10 Lacs payable by the insurer

to the consultant directly

The contract for both the covers (Compulsory and Voluntary) will be awarded to

the L1 bidder on the basis of Compulsory Premium and Voluntary Premium

Pricing combined together. The Voluntary Premium Pricing will be arrived at by

applying the rate chart provided above by each of the insurers to the last year’s members

enrolled under the voluntary policy.

The rates to be provided for the Voluntary Premium Pricing should be considering ‘Nil’

minimum participation.


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Annexure 4

Optional Group Term Insurance Plan (OGTIP)

Data for

Direct

Recruits

Data for Compulsory Cover (Direct Recruits)

Sr. No. Category of Employees No. of employees during the

year 2019-20 to be considered

as renewal data

1. Group A 396

2. Group B 124

3. Group C 4

Total 524

Note: Data for any additions/deletions during the year will be shared by

NABARD through subsequent communications.

Data For Direct Recruits (DRs) proposed to be covered during the year

The DRs that are likely to be covered under the compulsory plan maybe around

300 in number.

Policy

Description

and Sum

Insured

1. Base Plan 100% funded by NABARD (Compulsory)

Cover Required – Covering all the employees of Bank who have joined /will

join the Bank on or after August 1, 2013. New joiners will be covered on pro-

rata basis by default. Insurance cover amount as given below:

Category

Sum Insured

Group C Rs. 12.50 Lakhs

Group B Rs. 25 Lakhs

Group A Rs. 50 Lakhs


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2. Voluntary plans 100% paid by employees

Cover Required –– All employees may apply for the cover on Voluntary basis

(including those covered compulsorily by the Bank).

• Maximum insurance cover limit is Rs. 1 Crore for Group A, Rs. 50 Lakhs for

Group B and Rs. 25 Lakhs for Group C staff.

•Employees may opt for lower insurance cover also, minimum being

Rs. 12.5 Lakhs.

Category

Base Policy Sum

Insured for

Direct Recruits

Can Enhance up to

Sum Insured at

own cost

Group C Rs. 12.50 Lakhs Rs. 25 Lakhs

Group B Rs. 25 Lakhs Rs. 50 Lakhs

Group A Rs. 50 Lakhs Rs. 75 lakhs or

Rs. 1 Crore

Free Cover Limit (FCL) :- Rs. 1 Crore.

• Type of Cover – 24 Hrs Death Risk Cover under one year renewable term

assurance plan.

• “Actively at Work clause” has to be waived off.

• Age Group – Entry Age – 18 Years, Maturity Age – Upto 59 Years.

• Retirement Age – 60 Years

• Administration of the scheme – At the Bank’s Head Office in Mumbai.

• Suicide Clause – No Suicide Clause will be applicable.

• Medical – NO Medical Examination and NO Medical questionnaire to be filled.

• The claim amount with respect to the employee’s sum insured amount should

be credited to the respective nominee of insured member with intimation to

NABARD.

• Future Additions of new joiners shall be on pro-rata basis.

• Mid-term addition of employee should be allowed as per discretion of

NABARD.


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Free Cover

Limit

No Medical underwriting/examination for employees for both New

Recruits (premium paid by Bank) and existing employees (premium paid

by employees).

Scope of

Cover

Death Due to All Causes

24 x 7 Worldwide cover

Eligibility For New recruits

In view of discontinuance of GSLI product by IRDA, new employees who

are/may be recruited by the Bank after 01 August 2013, will be covered

under the Optional Group Term Insurance Plan (OGTIP).

New recruits who have joined the Bank and not covered under the GSLI

scheme; are provided compulsory insurance cover at Bank’s cost i.e.

the Bank will bear the annual premium under the plan.

The insurance cover will be effective for one year and thereafter the

policy will be renewed every year.

Existing employees

The Bank has decided to keep the option open for the existing employees

to join the plan, voluntarily at their own cost.

Only those employees who have joined the Bank before 01 August 2013

will have the option to join the OGTIP on voluntary basis.

The Age for retirement for employees falling in the above category is 60

years.

The Bank will not bear the premium for existing employees.

Retirement

Age of

Employees of

NABARD

60 Years

Features

Required

Death Due to all causes are covered. (Natural/Suicidal/Accidental)

Terms of

Settlement

In an event where the death of an insured member takes place, the proceeds

received as a part of the sum insured will be paid directly to the eligible nominee

of the insured


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Premium

Payment

New Recruits:

All new Recruits will be provided compulsory insurance cover at Bank’s cost

i.e. the Bank will bear the annual premium.

The selected company will have to issue the policy copy and send COIs to

the email IDs of all the insured members post receiving the final data from

NABARD, and share all the COIs with NABARD Head office as well. All

formalities in this regard will have to be dealt with, on one to one basis by

the Insurance Company so selected.

Important

policy features

Newly recruited employees joining the OGTIP during the policy period may

be allowed to join on payment of requisite premium on pro-rata basis.

In case of deletion on account of retirement etc., the premium will be

refunded on pro rata basis (in both the policies).

No mid-term cancellation of policy is allowed.

Policy

Enrollment

Fresh inductees:

For mid-term new joiners, Bank will provide additions on a monthly basis

and bear the premium.

Existing Employees:

Employees who are interested will log in to the link given by the insurance

company

Employee will have to Login in with their PAN number as login ID. Once the

PAN number is entered, the other employee details will be pre-populated.

Employee will have to enter his/her location, Email-ID & Mobile Number

and confirm the same.

Employee needs to choose Sum Assured (Insurance cover amount) as per

choice.

Once an employee selects the sum insured amount, the page should display

the annual premium, cover commencement date and cover limit.

Nominee details will also have to be entered by the employee.

Once the employee confirms to be covered under the policy, he/she will

have to give a consent authorizing the Bank to deduct the premium from

the salary.


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There will be No medical underwriting and No Medical examination for

existing employees and new employees.

Special

Condition

The policy shall be valid for One year. Insurance policy should not have a

cancellation clause

Servicing

MOU/SLA for servicing will be signed by the insurer and insured.

Pricing Age wise annual premium exclusive of applicable GST for eligible employees

(under the voluntary policy) will be called for from eligible Insurance

Companies as per format.

Uniform per mille rate to be quoted for compulsory cover factoring the mid-

term sum insured enhancement.


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Claims Data for last three years

(Amount in Rs.)

Policy Year

No. of

Claims

Made

No. of Claims

Settled

Claimed

Amount

Settled

Amount

01/12/2016 to 30/11/2017 01 01 50,00,000 50,00,000

01/12/2017 to 30/11/2018 04 04 1,75,00,000 1,75,00,000

01/12/2018 to 30/11/2019

(up to 31/10.2019) - - - -


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CLAIMS PROCESS:

1. Intimation of Loss:

The Insured shall intimate every incident that may give rise to a claim under the policies to

the Insurer in accordance with the conditions of the policy in question i.e. the incident or

loss shall be notified immediately upon loss coming to notice by the following mode:

E-Mail Notification: (E-Notification) (cc: Marsh)

Insurer’s e-mail address:

Insurer Contacts E-mail Contact Nos

Contact 1:

Contact 2:

Contact 3:

Following contacts at Marsh may also intimate to insurer at above contacts upon being

informed about incidence:

Marsh Contacts Email Contact Nos.

Contact 1 Utkarshaa Pandey [email protected] 7045243683

Contact 2 Beena Nair [email protected] 7506706219




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Mobile Claim Notification:

In the event of emergency, the insured can send initial claim intimation via SMS to the

above mentioned mobile numbers of Marsh and the insurers. However, such notifications

shall be followed by a notification through NABARD via e-mail or letter as soon as

practically possible.

Whichever mode of notification is used, the notification shall be acted upon.

2. Action by the Insurer:

2.1. The insurer shall ask for pre agreed documents upon receiving the initial notification.

• Claim Form

• Death Certificate / Death Summary

• Employee ID

• Nominee Details (ID proof & Cancelled cheque)

• FIR / Panchnama (In case of Accident/Murder/Suicide)

All documents submitted in support of the claim must be forwarded by NABARD.

2.2. The insurer shall within 24 hours of receiving the initial claim notification send an email

to the insured with copy to Marsh stating the requirements. The insurer will monitor the

claims and ensure all covered claims are settled within 3 working days of receiving all

necessary documents required to service the claim.

2.3. The Insurer will always follow the principles and time-lines as set out within the Clause

9 of the IRDA (Protection of policyholders’ interest) Regulations 2002.

2.4. The Insurer along with Marsh would arrange Quarterly review meetings with the Insured

and share MIS regarding operation of the scheme with both NABARD and Marsh on a

monthly basis.


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3. Settlement of Claims:

3.1. Dedicated account management team from Insurer’s end.

3.2. Account review to be done on monthly basis with NABARD / Marsh India.

3.3. Insurer will confirm whether a claim is admissible or not as per terms of the policy within

2 working days from the receipt of claim notification. If, in the opinion of the insurer, the

claim is not admissible, then a detailed written explanation will be provided to the insured

within the time frame of 2 days.

3.4. Final Payment: Insurer will make payment for claim amount directly to the Nominee’s

account under advice to NABARD and Marsh.

3.5. Insurer will accept all documents sent through E-mail and hard copies of the documents

if required shall be sent to Insurer directly by NABARD. Where documents cannot be shared

due to their confidential nature or volume involved, the Insurer shall visit the insured’s office

to verify such original documents.

3.6. If additional requirement/clarification is needed by the Insurer, Insurer to inform the

same to NABARD within 2 working days from the date of receipt of last set of documents.

3.7. Once all documents, as desired, have been received by the insurer, claim settlement

should be effected within 3 working days.

DOCUMENTATION AND ISSUE OF POLICY DOCUMENTS:

1. Issue of the Risk Held letter - Insurer will issue the Risk Held letter immediately from

the time of receipt of Bank Guarantee / Premium cheque from Insured.


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2. Master Policy - Policy documents will be issued by Insurer within 7 working days from

the receipt of Payment and submission of the required information.

3. Endorsements - Endorsements for additions / deletions / amendments / refunds to the

policies to be issued by Insurer within 5 working days from the date of receipt of the

information/ premium.

4. Renewal – The Agreement would be up for renewal on an annual basis provided the same

is acceptable to both parties viz. NABARD and the insurer. Insurer may initiate the process

in writing at least 90 days prior to date of renewal.

5. CD statements - to be sent to the Insured with a copy to Marsh on Monthly basis.

6. Monthly Claim MIS - to be sent to Insured with a copy to Marsh on Monthly basis.

7. Quarterly meeting - for discussion on claims and other pending issues, if any.

On Behalf of the Insured On Behalf of the Insurer

Signed: Signed:

Named: Named:

Title: Title:

Date: Date