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RFP for Engagement of Insurance Broker/Consultant for Reserve Bank of India

Tender number	RBI/HRMD-CO/CODs/Others/10/25-26/ET/717
Date of publication of NIT	ଡିସେମ୍ବର 16, 2025
Nature of work	RFP for Engagement of Insurance Broker/Consultant for Reserve Bank of India
Mode of tender enquiry	Public Tender
Type of bidding (single/two bid system)	Two Bid System
Last date of receipt of tender	ଡିସେମ୍ବର 30, 2025
Number of tenders received	09 (Nine)
Nos. and names of parties qualified after technical evaluation	05 (Five) Five qualified for next stage (names in alphabetical order): 1.M/s Alliance Insurance Brokers Pvt. Ltd. 2.M/s Aon Risk Insurance Brokers India Private Limited 3.M/s Edme Insurance Brokers Ltd. 4.M/s Marsh India Insurance Brokers Pvt. Ltd. 5.M/s Policy Bazaar Insurance Brokers Private Limited
Nos. and names of parties not qualified after technical evaluation	04 (Four) Four not qualified for next stage (names in alphabetical order): 1.M/s Howden Insurance Brokers Ltd. 2.M/s India Insure Brokers. 3.M/s Mahindra Insurance Brokers Ltd. 4.M/s Willis Towers Watson Insurance company
Commercial Bid Ranking, if any	1. M/s Alliance Insurance Brokers Pvt. Ltd. 2. M/s Aon Risk Insurance Brokers India Private Limited 3. M/s Policy Bazaar Insurance Brokers Private Limited 4. M/s Edme Insurance Brokers Ltd. 5. M/s Marsh India Insurance Brokers Pvt. Ltd.
Final Ranking, if any	1. M/s Marsh India Insurance Brokers Pvt. Ltd. 2. M/s Edme Insurance Brokers Ltd.
Whether contract awarded to lowest tenderer/evaluated L1	No. In terms of RFP, it is awarded to the bidder who scored the highest total combined score in the QCBS.
Contract number and date	CO.HRMD.EHS.No.S11029/19-06-001/2025-2026 dated Jan 21, 2026
Name of contractor	M/s Marsh India Insurance Brokers Pvt. Ltd.
Value of contract	A brokerage rate of 0.50% applies to all Bank policies, excluding Property Insurance. (Brokerage for premium called through separate tenders, brokerage to be paid by the selected insurance companies)
Scheduled date of completion of supplies	The tenure of the selected bidder would initially be for one policy year of Group Mediclaim Policy for retirees. Thereafter, it may be renewed for a maximum of another two terms of policy period, subject to review & satisfactory performance.
Actual date of start of work	April 1, 2026
Actual date of completion of work	Till the completion of the policy
Reasons for delay, if any	Nil