Hiring of Insurance Company for Group Life Takaful (GLT) for Karachi Tools, Dies & Moulds Centre Staff

Karachi Tools, Dies & Moulds Centre (KTDMC) invites eligible and registered insurance companies to submit bids for the Hiring of Insurance Company for Group Life Takaful (GLT) coverage for its staff in Karachi. This procurement covers the period from January 15, 2027 to June 30, 2028, providing life takaful benefits to 106 employees under two plans: Plan A for executives and higher grades with coverage up to Rs. 3,000,000 and Plan B for other staff with coverage up to Rs. 1,500,000. Items being procured: - Group Life Takaful coverage including natural and accidental death - Accidental Death Takaful with double sum assured - Permanent Total/Partial & Temporary Total Disability due to accident - Temporary Total Disability weekly payments up to Rs. 40,700 per month - Permanent Total Disability due to natural causes - Terminal Illness Benefit advancing 50% of sum assured up to Rs. 500,000 The scope includes providing comprehensive takaful coverage for all employees listed, with detailed age and designation data provided. Bidders must be authorized takaful operators with valid Shariah compliance certificates, financial strength rating of A or better by PACRA/VIS, minimum equity of PKR 1 billion, and at least 5 years of relevant experience. Registration with Income Tax and Sales Tax departments and active taxpayer status is mandatory. A 2% bid security in the form of bank draft/pay order is required. Bids must be submitted electronically via EPADS by 23rd September 2026 at 10:30 am, with original bid security delivered to KTDMC Purchase Department before the deadline. Bids will be opened publicly at 11:00 am the same day at KTDMC Board Room, Korangi Creek Industrial Park, Karachi. The contract will be awarded on a least-cost basis to the most advantageous bidder meeting all criteria. Bidders should carefully review the detailed bidding documents and ensure compliance with all requirements including submission of a General Power of Attorney. One practical tip: ensure the original bid security reaches the procuring agency before the deadline to avoid disqualification. For queries, contact KTDMC Procurement Department at (92-21) 35121888 or visit www.ktdmc.com. This is a significant opportunity for insurance companies to provide group life takaful services to a reputable industrial center in Karachi with a clear and transparent procurement process.