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 13,100 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: (i) Matches the desired plan, design and contract provisions. (ii) Qualifies as per the Eligibility Criterion set forth by the Bank as per guidelines. (iii) Demonstrates the ability to deliver high quality services at a competitive price. | Task | Completion Date | | e-Tender No. | 2026_RBI_290010_1 | | 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 | September 07, 2026, at 1200 hrs | | Date & time of NIT available to parties to download | September 07, 2026, at 1300 hrs | | Date & time of starting of e-Tender opening for submission of online Technical Bid and Financial Bid at CPP Portal | September 07, 2026, at 1300 hrs | | Pre-bid meeting (Offline) | September 10, 2026, at 1100 hrs | | Date & time of closing of online e- Tender for submission of online Technical and Financial Bid | September 19, 2026, at 1800 hrs | | Date & time of opening of Part I (Technical Bid) | September 21, 2026, at 1100 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. | | Estimated number of employees to be covered in one year | 14,552 $ | | Estimated value of tender # | ₹21.21 Cr. (Incl of GST) | $ - Includes tentative new joinees during the policy period.
# - Estimated value is for period of Eighteen months | Note: -
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. -
The bidders shall submit their tenders online on or before September 19, 2026, at 1800 hrs. -
Tenders received after due date and time shall be rejected. -
Tenders not complying with the provisions of bidding documents are liable to be rejected. -
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. -
M/s. Marsh India Insurance Brokers Pvt. Ltd shall be the Bank’s insurance broker for the Group Term Life Insurance Policy. -
All queries regarding the tender should be submitted to the broker latest by 1800 hrs on September 10, 2026. 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’s 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 CPP Portal and RBI website only. 5. Any queries related to) Group Term Life Insurance Policy may be directed to M/s. Marsh India Insurance Brokers Private Limited. Their contact details are as under: | Name: Sushant Mallya | Name: Nutan Das | Mr. Girish Rajpal | | Designation – Senior Vice President | Designation- Senior Vice President | Designation- Senior Vice President | | Contact No. - +91 9833806364 | Mobile- +91 +91 9833801489 | Mobile- +91 7045070166 | | | | Marsh India Insurance Brokers Pvt. Ltd | | I 1201-02 Tower 2, One World Centre, Senapati Bapat Marg, Mumbai 400 013 | | |