Hiring Services of Insurance Company for Group Life Insurance of HBFC Employees

House Building Finance Company (HBFC) Karachi invites bids for hiring the services of an insurance company to provide Group Life Insurance for its employees. This procurement is for the financial year 2026-27 and follows the Single Stage-Two Envelope procedure under Open Competitive Bidding with Quality and Cost Based Selection (QCBS) technique. Items being procured: - Group Life Insurance coverage for Officers (Regular & Contractual) up to age 60 - Life insurance, Accidental Death Benefit (double insurance amount), Permanent Total Disability (Accidental and Natural Disease) for Officers - Group Life Insurance coverage for Staff up to age 60 - Life insurance, Accidental Death Benefit (double insurance amount), Permanent Total Disability (Accidental and Natural Disease) for Staff The insurance coverage sums assured vary by cadre: VP & above Rs. 3,500,000; AVP/Manager Rs. 3,000,000; Officers up to Assistant Manager Rs. 2,500,000; Clerical and Non-Clerical Staff Rs. 1,500,000 each. Total employees covered are 396 with monthly quantity of 60 policies. The successful bidder must be a well-established insurer with international insurance practice knowledge and actuarial standards, having completed at least 10 similar assignments with minimum annual premium of Rs. 50 million each in last 5 years. The contract duration is five years, renewable annually by mutual consent. Premiums for each insurance product should be quoted separately. Profit commission will be calculated half-yearly and paid annually. Bidders must be registered on EPADS v2.0 and submit bids electronically before the deadline of Monday, November 30, 2026 at 11:00 AM. Manual bids will not be accepted. Bid security in the form of Pay Order must be submitted physically at HBFC's procurement office in Karachi. Performance Guarantee of Rs. 2,000,000 is required within 30 days of contract signing. Eligibility requires FBR registration and compliance with Public Procurement Rules 2026. Technical evaluation includes experience, client list, financial strength, rating, and life fund minimums. Financial bids will be evaluated alongside technical scores. Bidders should carefully review the bidding documents available on EPADS portal and ensure timely submission. One practical tip: Register early on EPADS v2.0 and verify all bid security documents are submitted in original to avoid disqualification. This tender offers a significant opportunity for insurance companies to partner with HBFC in providing comprehensive group life insurance services in Karachi, Sindh.