SERVICE STC

SPECIAL TERMS AND CONDITIONS FOR

Group Term Insurance Service

1. Preamble

• All contracts related to Group Term Insurance placed through GeM shall be governed by the following set of Terms and Conditions:

1. General terms and conditions for Goods and Services.
   II. Service STC contained in this document
                                III. BID / Reverse Auction specific ATC

• The above terms and conditions are in reverse order of precedence i.e. ATC shall supersede Service specific STC which shall supersede GTC, whenever there are any conflicting provisions. 
• This document represents the Special Terms and Conditions (STC) and the Service Level Agreement (SLA) governing the contract between the Government/Buyer and Agency/Service Provider. The purpose of this document is to outline the scope of work, stakeholders’ obligations and terms and conditions of all services covered as mutually understood by the stakeholders.

2. Objectives and Goal

• The objective of this document is to ensure that all the special terms and conditions are in place to ensure consistent delivery of services to the Buyer by the service provider. The goal of this document is to:
• Provide clear reference to service ownership, accountability, roles and responsibilities of both parties
• Present a clear, concise and measurable description of services offered to the Buyer
• Establish terms and conditions for all the involved stakeholders, it also includes the actions to be taken in case of failure to comply with conditions specified
• To ensure that both the parties understand the consequences in case of termination of services due to any of the stated reasons
• This document will act as a reference document that both the parties have understood the above-mentioned terms and conditions and have agreed to comply by the same.

3. Stakeholders

The main stakeholders associated with this agreement are:

• Buyer: The Buyer/ Client is responsible to provide clear instructions, approvals and timely payments for the services availed as per the contractual terms
• Service Provider: The service provider is responsible to provide all the required services in timely manner and to the satisfaction of Buyer or its authorized representative. The service provider may also include seller, supplier/bidder/contractor, any authorized agents, permitted assignees, successors, and nominees as per the context and as described in the document.

The responsibilities and obligations of the stakeholders have been outlined in this document. The document also encompasses payment terms and Deductions in case of non-adherence to the defined terms and conditions.

4. Service Scope

The service provider will extend life insurance cover to the people covered under this policy.

5. Standard Terms and Conditions for Insurance

• The terms and conditions of insurance cover and the policies, warranties and clauses need to be strictly in line with the provisions and notifications issued by IRDA from time to time.
• The Service Provider must agree with all the Terms and Conditions specified in the bid document by the Buyer. The policy issued by the Insurer must be compliant with the T&C of the bid document.
• Fair disclosure of material features relating to the risks should be disclosed by the Buyers to the insurers to enable them understand the risks and quote appropriate terms.
• The Buyer reserves the right to reject the tender / bid if the proposal of the bidder mentions exceptions, conditions or special conditions that are not aligned with the Terms and Conditions as specified by the Buyer in the Bid document.
• During pre-qualification and evaluation of the bid, the Buyer may, at its discretion, ask bidders for clarifications on their proposal. The respondents are required to respond within the time frame prescribed by the Buyer.
• Insurer should clearly indicate the list of ‘Exclusions and Assumptions’ in the proposal they submit to Buyer.
• Once an insurance has been awarded (policy has been purchased) for a given period, the insurance company shall have no right to unilaterally terminate the operation of the policy during this period.
• In case there is an addition during the contract (policy) period, the coverage would be extended without any reservation. The Buyer will intimate all such new additions to the Insurer periodically. Additional premium, if any, due to such inclusion may be advised to Buyer periodically. Similarly, for separations the Buyer will inform the Insurer and the premium to be paid by Buyer would be pro-rated/ recalculated.
• In case of foreclosure of the policy/contract, the premium on pro rata basis should be refunded
• No insurer shall assume any risk in India in respect of any insurance business unless and until the due insurance premium is paid in advance before the commencement of Risk date/time.
• Insurance companies may offer Add-on covers as per IRDA guidelines in-addition-to the coverage sought in this Tender. No weightage will be given to such Free Add-on covers during bid evaluation. However, any such Add-Ons indicated in proposal by Bidder must mandatorily be offered to all the insured.
• The bidders (Service Providers) must not divulge personal information of the insured to any external party, without the consent of the Buyer
• In case of any grievances, Buyer may file complaints either with the concerned Insurance Company or with Insurance Regulatory and Development Authority (IRDA).
• The details of the Insurance Ombudsman for all jurisdictions must be clearly indicated by the Service Provider, where necessary.
• Before the end of contract, the Insurer must give a detailed report with the statistics of the insurance claimed during the period
• The Buyer may at its sole discretion and at any time during the evaluation of proposal, disqualify any bidders, if the bidder makes any misleading or false representations in the forms, statements and attachments submitted in proof of the eligibility requirements or if the bidder fails to provide related clarifications sought by Buyer within the stipulated timelines.
• Service Provider must keep confidential any information received from or about Buyer because of or in connection with the submission of the bid response. The Buyer will also not disclose the information provided by Bidder in a response other than to its affiliates or to its professional advisors, unless required otherwise by any provisions of law.
• Whilst all reasonable care has been taken by Buyer when providing information in this bid document, the figures, documents and details are presented in good faith. Bidders indemnify Buyer from any claims, liabilities or costs that may arise due to this. Bidders may seek additional information where deemed necessary but the decision to provide any additional details will be the sole discretion of the Buyer.
• More than one bid from the same bidder shall disqualify the bidder from participation in the bid.

6. Standard Terms and Conditions for Group Term Insurance

• Any claim for increase in premium rates during the policy period on account of any reason whatsoever will not be entertained
• Risk cannot be assumed unless premium is paid before the risk inception date/time. Cover should commence from the date and time indicated by the Buyer (Insured) after receipt of the premium amount by the Insurance company.
• In case of foreclosure, the premium on pro rata basis will be refunded
• Inclusion or exclusion of member(s) to be allowed on monthly basis. In case of exclusion either premium will be refunded or adjusted against new entrant, as desired by Buyer.
• Deaths due to any pre-existing illnesses must also be covered
• For those superannuating (retiring) during a month, the retirement date would be closing hours on last date of the calendar month. Hence the coverage must be valid till such date
• The policy will cover all the employees irrespective of any kind of leave, including Medical Leave, Lien, Deputation, Sub employees, Maternity Leave and Paternity Leave, etc. It means active ‘at work’ clause will be waived.
• The authorised person of the Insurance company must present to give the presentation on benefit and scheme of the policy before the evaluation committee.
• Claim settlement should be initiated immediately on submission of death certificate by the Buyer to the Insurer and must be settled within 30 days of such intimation

7. Service Formula

The following formula will be used to calculate the value of this contract.

Total Contract Value = Total Premium quoted by service provider.

8. Payment Schedule

• The Payment Procedure shall be in as specified in the General Terms and Conditions of GeM.
• Payment schedule to be as per payment terms specified in bid document.

9. SLAs and Deductions