Hiring of Insurance Company for Group Insurance of PARC Employees for year 2026-27

The Pakistan Agricultural Research Council (PARC) based in Islamabad Capital Territory is procuring services for the hiring of an insurance company to provide group insurance coverage for its employees for the financial year 2026-27. This procurement covers approximately 1,530 employees including officers and staff across PARC headquarters and its various centers and institutes. The scope of work includes providing group life insurance with coverage for death, invalid retirement/disability, accidental death/disability, and any other benefits as required by the insurance company. The insurer must propose sum assured amounts against defined pay scales with fixed premium contributions as per the federal government rates. The contract period is initially one year with the possibility of extension for two additional years upon mutual agreement. Eligible bidders must be reputable insurance firms with an AA rating or above, registered with SECP or State Bank of Pakistan, and capable of managing large-scale group insurance schemes. They must also provide audited financial reports for the last three years and hold valid NTN and active tax payer status. The bidding process follows a single stage-two envelope procedure through the EPADS v2.0 system, with technical and financial bids submitted separately online. Earnest money in the form of a pay order or demand draft is required before bid opening. The deadline for bid submission is Wednesday, July 15, 2026, at 11:00 AM, with bid opening at 11:30 AM the same day. Bidders should ensure compliance with all documentation requirements including bid security and technical qualifications. A practical tip for bidders is to carefully prepare their technical proposals to meet the eligibility and evaluation criteria, as only technically qualified bids will have their financial proposals considered. Submission must be done through EPADS v2.0 only; manual bids will be rejected. The contact person for this tender is the Deputy Director Procurement at PARC, reachable at +92-300-030-0013 or logistic@parc.gov.pk. This tender offers a significant opportunity for insurance companies to provide comprehensive group insurance services to a large federal research organization with a clear and structured procurement process.