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PDF - Request for Proposal for the Compulsory and Voluntary (optional) Group Term Life Insurance Policy for employees of Reserve Bank of India from February 01, 2026 to March 31, 2027 ()
Date : Nov 24, 2025
Request for Proposal for the Compulsory and Voluntary (optional) Group Term Life Insurance Policy for employees of Reserve Bank of India from February 01, 2026 to March 31, 2027

SCHEDULE OF TENDER (SOT)

I. General Information

Reserve Bank of India (the Bank) is the Central Bank of the country with Central Office at Mumbai. It has 34 Offices situated across the country and employs a total of around 13,500 employees. The RFP is being floated to ensure that the bidder offering life insurance manages it at a high service level and in the most cost-effective manner. The insurer must have the flexibility necessary to respond to RBI's current and changing needs. The Bank's primary objective in conducting this RFP is to contract with an insurer who:

  1. Matches the desired plan, design and contract provisions.

  2. Qualifies as per the Eligibility Criterion set forth by the Bank as per guidelines.

  3. Demonstrates the ability to deliver high quality services at a competitive price.

Task Completion Date
e-Tender No. RBI/Central Office/HRMD/9/25-26/ET/635
Mode of Tender e-tendering system
(online Part I - Technical Bid and Part II – Financial Bid)
Date & Time of publication of e-Tender through publication in RBI website and Procurement Portal November 24, 2025, at 1100 hrs
Date & time of NIT available to parties to download November 24, 2025, at 1200 hrs
Date & time of starting of e-Tender opening for submission of online Technical Bid and Financial Bid at www.mstcecommerce.com/eprochome/rbi November 24, 2025, at 1200 hrs
Pre-bid meeting (Offline) December 03, 2025, at 1100 hrs
Date & time of closing of online e-Tender for submission of online Technical and Financial Bid December 15, 2025, at 1300 hrs
Date & time of opening of Part I (Technical Bid) December 15, 2025, at 1430 hrs
Date & time of opening of Part II (Financial Bid) The financial bid of only those bidders who qualify in the technical evaluation as per the RFP will be opened at a later date. All qualified bidders will be informed of the date and time of opening.
Portal address https://mstcecommerce.com
Estimated number of employees to be covered in one year 10,888 $ for Compulsory Cover
(Headcount under voluntary cover will depend on the proposal)
Estimated value of tender # ₹8,26,00,000/- (Excl of GST)
$- Includes tentative new joinees in the financial year 2026-27.
#- Both for Compulsory and voluntary cover for the period from February 2026 to March 2027

Note:

  1. In the event of any unforeseen closure of work/ holiday on any of the above days, the same will be opened / held on the next working day.

  2. The bidders shall submit their tenders online on or before December 15, 2025, at 1300 hrs.

  3. Tenders received after due date and time shall be rejected.

  4. Tenders not complying with the provisions of bidding documents are liable to be rejected.

  5. The selected insurance company has to execute a Service Level Agreement and Non-Disclosure Agreement on a stamp paper of ₹1000 each respectively with RBI.

  6. M/s. Aon Risk Insurance Brokers Pvt. Ltd shall be the Bank's insurance broker for the Compulsory & Voluntary (optional) Group Term Life Insurance Policy.

  7. All queries regarding the tender should be submitted to the broker latest by 1700 Hrs December 02, 2025.

II. Response Format for RFP

1. If a bidder intends to respond to this proposal, the schedule given above should be followed. The proposal must include the contact name and account management team that the Bank can call directly.

Address for communicating with the Bank officials is as follows:

The Chief General Manager-in-charge
Reserve Bank of India
Human Resource Management Department
Central Office, 21st Floor
Central Office Building, Shahid Bhagat Singh Road
Fort, Mumbai-400001

2. Complete confidentiality should be maintained. Information provided here should be used for its intended scope and purpose. Retention of this RFP signifies an agreement to treat the information as confidential. The bidder will have to bear all costs related to the preparation of the proposal.

3. The Bank assumes no responsibility or liability for any costs that bidders may incur in responding to this RFP, including attending meetings, visits etc.

4. Corrigenda or clarifications with respect to this proposal, if any, shall be hosted on the MSTC portal and RBI website only.

5. Any queries related to Compulsory & Voluntary (optional) Group Term Life Insurance Policy may be directed to M/s. Aon Risk Insurance Brokers Private Limited. Their contact details are as under:

Mr. Rajkiran Nampelly – Senior Manager Health & Benefits
Mobile No.- 9870008089
rajkiran.nampelly2@aon.com		 Mr. Prashant Sharma – Deputy Vice President Health & Benefits
Mobile No. 9971502727
prashant.sharma12@aon.com
Aon Risk Insurance Brokers Private Limited,
5th Floor, One Forbes, VB Gandhi Marg, Kala Ghoda, Fort
Mumbai, Maharashtra 400001



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