Corrigendum (Tender No.: RBI/HRMD-CO Central Office Departments/Others/10/25-26/ET/717) An offline pre-bid meeting on the captioned RFP was held at Human Resource Management Department, 20th floor, COB on December 19, 2025 (Friday) at 1100 Hrs. The meeting was chaired by Shri Bipin Nair, General Manager. HRMD. Shri Saksham Sood, Assistant General Manager, made a presentation highlighting the key provisions of the RFP for the clarity and understanding of the prospective bidders. The meeting was attended by representatives of prospective bidders. The list of participants is furnished in Annex. 2. The suggestions / queries submitted by the prospective bidders and response of the Bank are furnished below: | Sl. No. | Tender Reference | Reference in RFP | Suggestions | Bank’s Response | | 1 | Pre-Qualification Eligibility Criteria | Section III Page-23 and Annex II Page 38 | The company must be registered/issued license by Insurance Regulatory and Development Authority of India (IRDAI) under “Composite” license category. Its license should have been renewed by IRDAI at least twice during the last seven years.
Policybazaar.com has requested the Bank to amend the stipulation requiring a composite broking license to have been renewed by IRDAI at least twice during the last seven years, proposing instead that the requirement be revised to accept the possession of a valid composite broking license as sufficient compliance. | The Bank has reviewed the suggestion, and the revised criterion will be as follows:
The company must be registered/issued license by Insurance Regulatory and Development Authority of India (IRDAI) under “Composite” license category.
A corrigendum will be issued in this regard. | | 2 | Pre-Qualification Eligibility Criteria | Section III Page-23 and Annex II Page 38 | The company should have ISO 27001 (Information Security Management System) Certification
M/s K M Dastur Reinsurance Brokers Private Ltd. has requested a temporary waiver for submission of the ISO 27001 (Information Security Management System) Certification for this tender. | The existing criteria shall continue without modification. | | 3 | Evaluation criteria for Technical Bids | Section IV Page 27 and Annex III Page 39 | Average Annual Revenue earned in the last three financial years in India.
Upto ₹500 crore
More than ₹500 crore and upto ₹750 crore
More than ₹750 crore and upto ₹1,000 crore
More than ₹1,000 crore
M/s Edme Insurance Brokers Ltd. and M/s Prudent Insurance Brokers Pvt. Ltd. have requested the Bank to consider revising the average annual revenue criterion downward. | The existing criteria shall continue without modification. | | 4 | Evaluation criteria for Technical Bids | Section IV Page 27 and Annex III Page 39 | Overall Group Health Premium placed in India as on March 31, 2025
Upto ₹2,000 crore
More than ₹2,000 crore and upto ₹3,000 crore
More than ₹3,000 crore and upto ₹5,000 crore
More than ₹5,000 crore
M/s Edme Insurance Brokers Ltd. and Policybazaar.com have requested the Bank to consider revising the group health premium criterion downward. | The existing criteria shall continue without modification. | | 5 | Evaluation criteria for Technical Bids | Section IV Page 28 and Annex III Page 39 | Number of IRDAI-approved broker qualified persons on roll as on March 31, 2025
Upto 100 employees
Above 100 and upto 250 employees
Above 250 and upto 500 employees
Above 500 employees
M/s Edme Insurance Brokers Ltd. has requested the Bank to consider revising the number of IRDAI-approved broker qualified person criterion downward. | The existing criteria shall continue without modification. | | 6 | Evaluation criteria for Technical Bids | Section IV Page 28 and Annex III Page 40 | Number of employees in the office exclusively engaged in Health and Wellness functions.
Upto 10 employees
More than 10 and upto 20 employees
More than 20 and upto 30 employees
More than 30 employees
M/s Edme Insurance Brokers Ltd. and M/s Prudent Insurance Brokers Pvt. Ltd. have requested the Bank to consider revising the number of employees in the office exclusively engaged in Health and Wellness functions criterion downward. | The existing criteria shall continue without modification. | | 7 | General Information | Section I Point 20 and Page 14 | The Bank may, at its discretion, avail the broker’s services in connection with other insurance policies taken out by the Bank from time to time viz. term insurance, overseas travel insurance, motor vehicle insurance, other asset insurance, etc. In such cases, the brokerage rate payable shall be the same as quoted under this RFP, and the decision of the Bank in such cases shall be final.
Participants in the meeting confirmed that, in the case of property insurance, the premium quoted by the insurer includes an inbuilt brokerage. As this inbuilt brokerage cannot be adjusted or replaced with a defined brokerage, they requested the Bank to consider revising the clause accordingly. | The Bank has reviewed the suggestion, and the revised criterion will be as follows:
The Bank may, at its discretion, avail the broker’s services in connection with other insurance policies taken out by the Bank from time to time viz. term insurance, overseas travel insurance, motor vehicle insurance, other asset insurance, etc. In such cases, the brokerage rate payable shall be the same as quoted under this RFP, except for property insurance, and the decision of the Bank in such cases shall be final.
A corrigendum will be issued in this regard. | | 8 | Scope of Work | SECTION II g. Minimum Staffing and Operational Requirements Point 3 and Page 21 | The Broker shall also maintain a dedicated team of minimum two qualified personnel to support the Bank’s health and wellness activities, including planning the annual wellness calendar, coordinating speakers, preparing content and ensuring smooth delivery of monthly sessions.
M/s Marsh India Insurance Brokers Pvt. Ltd. has requested the Bank to clarify whether the deployment of additional staff from the Insurance Broker shall be at an additional cost. | The Bank informed the participants that no additional cost shall be payable to the selected Insurance Broker other than the brokerage paid by the Insurance Company for deployment of additional staff.
Prospective bidders are required to consider all the requirements specified in the Scope of Work before submitting their financial bids. | | 9 | Assessment Criteria | SECTION IV
A. Proposal requirements Point 10 and Page 26
C. Process for Evaluation of the Bids Point 6 and Page 29 Annex IV and Page 41 | Bidders must quote the brokerage only after a comprehensive assessment of the Scope of Work. In cases where the quoted price appears abnormally low and raises concerns about the bidder’s ability to execute the contract, the Bank may seek written clarifications and a detailed price analysis. If the explanation does not satisfactorily justify the quoted brokerage in relation to the defined scope of services and deliverables, the bid may be rejected.
M/s Marsh India Insurance Brokers Pvt. Ltd. has sought clarification from the Bank regarding the threshold below which the broker is not permitted to quote brokerage rates. | Participants were informed that there is no threshold below which they are restricted from quoting brokerage rates. All bids will be evaluated as per the Assessment Criteria laid down in Section IV of the RFP. | 3. GM, RBI advised the participants to submit their bids well in advance to avoid last minute technical glitches, if any, on the MSTC portal. It was also informed that the Bank expects to select only such insurance broker/ consultant who ensures full transparency as regards all aspects of their dealings with the Bank and keeps the Bank’s interest paramount in all their dealings.
Annex List of Participants Present in the Pre-bid Meeting | Sl. No. | Name | Organisation | | 1 | Shri Bipin Nair, General Manager | RBI | | 2 | Shri Saksham Sood, Assistant General Manager | RBI | | 3 | Shri Vikas V, Assistant Manager | RBI | | 4 | Shri M Srikanth, Assistant | RBI |
| Sl. No. | Name of the Prospective Bidder | Name of Representative | | 1 | M/s Edme Insurance Brokers Ltd. | Shri Narender Saini
Ms. Jovita Katiyare | | 2 | Policy Bazaar | Shri Nakul Bhatia
Shri Shakir Salam | | 3 | M/s Aon Risk Insurance Brokers India Private Limited | Shri Prashant K. Sharma
Shri Niall DSouza | | 4 | M/s Howden Insurance Brokers India Pvt. Ltd. | Shri Niraj Jain
Shri Suresh Subramanium | | 5 | M/s Mahindra Insurance Brokers Ltd. | Shri Nitin Bhavsar
Ms. Manisha Menon | | 6 | M/s K M Dastur Reinsurance Brokers Private Ltd. | Shri Priyadarshan Kakodkar | | 7 | M/s Prudent Insurance Brokers Pvt. Ltd. | Shri Narendra Pratap Yadav
Shri Vinod Seetha ram Shetty | | 8 | M/s Wills Towers Watson India Insurance Brokers Pvt. Ltd. | Shri Abhishek Ozha | | 9 | M/s Marsh India Insurance Brokers Pvt. Ltd. | Shri Gunjeet Kathuria
Shri Sushant Mallya
Ms. Nutan Das | |
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