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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 |