Procurement of Group Term Assurance for Employees of State Bank of Pakistan and SBP Banking Services Corporation

The State Bank of Pakistan Banking Services Corporation (SBP BSC) Head Office Karachi (General Services Department) invites bids for the procurement of Group Term Assurance (GTA) services for its employees and contract personnel for the financial year 2026-27. This procurement is planned under reference number P77125 and will be conducted through the e-Pak Acquisition and Disposal System (EPADS) v2.0 platform. The procurement follows a Single Stage-Two Envelope procedure using Least Cost Based Selection (LCBS) technique in accordance with Public Procurement Rules, 2004. Items being procured: - Mandatory Life Insurance/Takaful Coverage for SBP & SBP BSC employees - Optional Additional Benefits Policy for SBP & SBP BSC - Optional Separate Additional Policy (Death) for SBP & SBP BSC The scope includes providing life insurance and takaful coverage with specified sum assured amounts based on salary ranges, additional benefits such as accidental death and disability coverage, natural disability, and terminal illness benefits. The contract duration is three years starting from January 1, 2027. The insurance company must have at least two qualified insurers conversant with international insurance and actuarial standards, with experience in similar assignments. Bidders must be registered on EPADS v2.0 and submit bids electronically by the deadline. Bid security in the form of Pay Order, Banker's Cheque, Call at Deposit, Bank Guarantee, or Demand Draft is required. Eligibility criteria include being on the FBR Active Taxpayers List, no blacklisting or sanctions, a minimum life fund of Rs. 10 billion, and experience with similar insurance contracts. Technical evaluation is based on completion of at least ten similar contracts, claims settlement record, years of experience, qualified insurers, and minimum financial strength rating. Bids must be submitted online on EPADS v2.0 by Thursday, October 15, 2026 at 11:00 AM. Technical bids will be opened the same day at 11:30 AM. Manual submissions are not accepted. The procuring agency reserves the right to reject any or all bids. For assistance, bidders may attend a pre-bid meeting on October 6, 2026 at 11:00 AM at the SBP BSC office or via Zoom. A practical tip for bidders: Ensure timely registration on EPADS v2.0 and upload all required documents including bid security before the deadline to avoid disqualification. Carefully review the detailed scope and eligibility criteria to prepare a compliant and competitive bid. This procurement offers a significant opportunity for insurance providers with strong financial standing and relevant experience to serve the employees of a premier financial institution in Karachi.