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

The State Bank of Pakistan and its subsidiary, SBP Banking Services Corporation (SBP BSC), based in Karachi, Sindh, are procuring Group Term Assurance and Takaful Services for their employees and contract personnel for a period of three years. This procurement is managed by the General Services Department of SBP BSC and follows the Single Stage Two Envelope Procedure under Public Procurement Rules 2004. The scope includes mandatory life insurance coverage with specified salary-based sum assured slabs, optional additional benefits including accidental death and disability, natural disability, terminal illness benefits, and a separate optional additional policy for death coverage. The insurance company must have at least two qualified insurers familiar with international insurance and actuarial standards, a minimum BBB rating, a life fund of at least Rs. 10 billion, and documented experience of at least ten similar assignments with premiums of Rs. 40 million each in the last five years. Claims settlement within 30 days is mandatory, with penalties for delays. Bidders must be on the FBR Active Taxpayers List and not blacklisted or sanctioned by NACTA. The bid security is Rs. 2,000,000 and must be submitted both electronically and in original form before the deadline. The pre-bid meeting is scheduled for June 18, 2026, via Zoom. Bids must be submitted electronically through the E-PADS system by June 30, 2026, 11:00 AM PKT, with technical bids opened first and financial bids opened only for technically compliant bidders. The contract includes a performance guarantee of 5% of the contract price and provisions for profit commission based on net profit after claims. The submission address for original bid security and queries is the Joint Director Procurement Division-II, General Services Department, 3rd Floor, BSC House, I.I. Chundrigar Road, Karachi. Bidders are advised to carefully prepare their technical and financial bids, ensuring all required forms and documents are included, and to attend the pre-bid meeting for clarifications. Earnest Money in the form of Pay Order, Demand Draft, or Bank Guarantee is essential, and failure to submit it timely will result in bid rejection. The contract duration is three years with strict compliance and reporting requirements. This tender offers a significant opportunity for insurance firms with strong local and international experience to provide comprehensive group insurance services to a prestigious financial institution in Pakistan.