Group Life Insurance Coverage for Employees of SECP Availing House Loan Facility

This tender invites bids for group life insurance coverage for employees of the Securities and Exchange Commission of Pakistan (SECP) who are availing house loan facilities. Located in Islamabad, the SECP requires insurance services covering life, accidental death, accidental partial and total disability, and natural disability benefits. The insurance premium will be calculated on a decreasing balance basis of the outstanding loan amount, paid annually, with coverage extending across multiple cities including Islamabad, Lahore, Karachi, and others. The scope involves coordination with SECP for claim processing and timely delivery of claim cheques within 45 days. Confidentiality of employee data is paramount. The insurance provider must have proven experience and capability to manage group life insurance policies for government employees. The contract period is three years starting March 1, 2026, with a possibility of early termination if performance is unsatisfactory. Bidders should ensure compliance with PEC category requirements and maintain active FBR/ATL status for FY 2025-26. Bid security of PKR 100,000 is mandatory, and bids must be valid for 150 days. The procurement follows the Public Procurement Rules, 2004, and the Single Stage One Envelope method. The contract requires a 10% performance guarantee in the form of a bank guarantee. Submission deadline is on the 10th of February, 2026 at 14:30 hours, with bid opening at 15:00 hours the same day. Bids must be submitted online via EPADS, with the original bid security submitted physically to SECP's NICL Building, 63 Jinnah Avenue, Blue Area, Islamabad. Pro-Tip: Ensure your bid explicitly mentions all required details including rates and free cover limits up to PKR 7 million, and carefully review the bid security submission process to avoid disqualification. Also, maintain close attention to the confidentiality clauses and timely claim processing obligations to meet SECP's expectations.