REQUEST FOR PROPOSAL - Allahabad Bank · PDF fileREQUEST FOR PROPOSAL ... Single Premium) 16 Letter of Expression of Interest ... separate intimation in this connection will be sent

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albhomktg/gi-rfp/2016

ALLAHABAD BANK Marketing Department

Head Office, 2 N. S. Road, Kolkata - 700001

REQUEST FOR PROPOSAL [RFP] for selection of insurance companies for providing Life Insurance Cover to Loan Outstanding of the

Borrower(s) of the Bank. Ref No : ALB/HOMKTG/RFP/GI/2016

RFP Coordinator

The Asstt. General Manager, Allahabad Bank, Marketing Department,

3rd Floor, 14 India Exchange Place, Kolkata – 700 001.

RFP Schedule

Sl Activity Deadline

1 Publication of RFP on Bank’s Website 09.05.2016

2 Pre Bid Meeting 16.05.2016

3 Closing of submission of technical & financial bids 24.05.2016

4 Opening of Technical Bids 24.05.2016

6 Opening of Financial Bid 30.05.2016

From the time this RFP is issued until award notification is made, all contact with Allahabad Bank regarding this RFP must be made through the aforementioned RFP coordinator. No other person / employee is empowered to make binding statements regarding this RFP. Violation of this provision may lead to disqualification from the bidding process at the Bank’s discretion.

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TABLE OF CONTENTS

Particulars Page No.

Inviting Request For Proposal (RFP) 3

Objective & Scope of RFP 4

Bid Process 5

Validity of Offer & Contract 7

Terms of Contract 7

Submission, Evaluation & Acceptance of RFP 8

Disclaimer 10

Technical Bid Format - Annexure A 11

Assessment Sheet - Annexure B 12

Commercial Bid Format – Annexure C-1 (Cash Credit & OD Loan – Regular Premium)

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Commercial Bid Format – Annexure C-2 (SME & Retail Loan – Single Premium)

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Commercial Bid Format – Annexure C-3 (Staff OD Loan – Regular Premium)

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Commercial Bid Format – Annexure C-4 (Staff OD Loan – Single Premium)

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Letter of Expression of Interest – Annexure D 17

List of Bank’s Zonal Offices – Annexure- E 18

Draft SLA to be executed by 20

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Inviting Request for Proposal (RFP) Allahabad Bank invites offers in sealed covers (technical offer and commercial offer) from Life Insurance Companies holding a valid license granted by IRDAI for providing Life Insurance Coverage under single / regular premium group credit life policy on voluntary basis to the existing & new Loan Borrowers under different loan schemes including overdraft facility given to Staff of the bank. The details are given below:

Tender Reference ALBHOMKTG/GI-RFP/2016

Pre Bid Meeting 16.05.2016

Issue of Clarifications 18.05.2016

Last Date and Time for submission of RFP

24.05.2016 up to 02.00 pm

Opening of Technical Bid 24.05.2016 at 03.30 pm

Opening of Commercial Bid 30.05.2016 at 03.30pm

Email address [email protected]

Contact Telephone Numbers Phone: 033-22624198 Fax: 033-22104754

Sealed RFPs to be submitted to

Asstt. General Manager, Allahabad Bank, Marketing Department,

3rd Floor, 14- India Exchange Place, Kolkata – 700 001

RFP offers will be opened at the time and date mentioned above in the presence of the company’s representatives who choose to attend the opening of RFP and no separate intimation in this connection will be sent to the Companies.

Technical Specifications, Terms and Conditions, the formats and Performa for submitting the RFP offer are described in this RFP document and its Annexures.

(A. K. Basu) ASSTT. GENERAL MANAGER

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1. Objective & Scope of RFP

This request for proposal document (“RFP document” or RFP) has been floated to select Life Insurance Companies (“Company”) by Allahabad Bank (“Bank”) to provide Credit Life Cover to its existing as well as new borrowers through its entire network of branches all over the country. The objective is to offer life insurance cover under group insurance schemes to all the existing as well as new borrowers under following schemes against the risk of death without any rider. i) SME Loans. ii) Retail Loans (except housing & education loans) iii) General Cash Credit Facility. iv) General Overdraft Facility. v) Overdraft facility offered to Bank’s Staff. The insurance will cover death of the insured, may it be natural, accidental or arising out of suicide or any other reasons. The scheme shall mandatorily cover the borrower’s life to the extent of loan liability (fixed or reducing as the case may be) at any point of time during the period of coverage.

The insurance cover shall be applicable to the above mentioned loan schemes only covering the loan liability of the borrowers both existing as well as new.

Some of the scheme specific features shall be as under:

i. Maximum amount of life coverage to the extent of the loan sanctioned or outstanding as on the date of enrolling the life for extending insurance cover.

ii. For all Term Loans as well as Overdraft Facility to Staff Members of the Bank

the single premium shall be payable upfront at the time of member enrolment.

iii. The regular premium shall be payable for General Cash Credit and Overdraft facilities. The regular premium shall also be offered to cover Overdraft Facility extended to Staff members of the Bank if the member does not desire to opt for one time cover.

iv. The limits for Age and Quantum of Loan requiring MEDICAL examination shall be clearly demarcated in the offers made by companies. Any enrolment outside these limits shall not require MEDICAL examination.

iv. Cost of Medical Examination shall be borne by the Company.

v. In case of joint borrowers, the life of the borrower owning primary responsibility for repayment of loan shall have to be covered for the entire amount of loan sanctioned or outstanding as on date of extending cover. The life of co-borrower may also be covered if the co-borrower desires to obtain such cover on paying due premium for the extent of loan he/she is willing to own.

Bank, in order to provide seamless administration of the schemes, may prefer to opt for “Web Based Solution” available to its entire network of Branches.

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2. Bid Process Both the Technical & Commercial Offers duly signed on each page and sealed in SEPARATE envelopes kept inside a common cover should reach us on or before the last date for submission at the following address.

Allahabad Bank Head Office, Marketing Department 3rd Floor, 14 India Exchange Place

Kolkata – 700 001. Tel: 033-22624198

The companies shall give complete details as per the formats for Technical Bid and Commercial Bid attached under Annexure – A, B, C-1, C-2, C-3 & C-4.

The Companies willing to participate in the bid process shall preferably offer their quotes for all loan schemes mentioned in the RFP.

All envelopes should be properly sealed and super-scribed with following:

a) Type of Offer (Technical / Commercial) b) RFP Reference Number c) Name of Company d) Name, Telephone No. & email id of contact person

A. ENVELOPE- I (Technical Bid):

The Technical Offer shall contain complete information by filling all desired parameters indicated in Technical Bid (Annexure – A). A specimen Technical Bid - Assessment Sheet (Annexure – B) indicating scales for scoring weightage to various parameters is attached for reference of the companies participating in the bid process. The technical offer should not contain any information on premium rates and if found in violation of the terms of RFP shall be liable for rejection.

It is mandatory to furnish the supporting documents evidencing regulatory approval of the products from IRDAI in the Envelope-I.

Company’s non-adherence to the format or partial submission of technical details as per the format given in the RFP or not satisfying criteria for Technical evaluation (Annexure – B) will be rejected and not taken up for the opening of commercial offer.

B. ENVELOPE- II (Commercial Bid):

The Commercial Offer must be as per Commercial Bid Format (Annexure C-1, C-2, C-3 & C-4) and should be duly signed on each page submitted along with the covering letter as per (Annexure – D).

In addition to hard copies of Commercial Offers duly signed by the authorised representative, the envelope containing commercial bid must also contain a soft copy of premium matrix in excel format (.xls / .xlsx).

The premium tariffs offered under each bracket of Age & Tenure shall be for per Rupees One Thousand (per Rs 1000/=) of Sum Assured applicable either as Regular Premium or One Time Premium. The offered tariff should be exclusive of all tax and surcharge that if applicable will be charged extra.

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The Bank reserves the right to reject any or the entire proposal and / or annul the entire process without assigning any reason what so ever. The Bank may abort the entire process at any stage without thereby incurring any liability to the affected Company or any obligation to inform the affected Insurance(s) of the grounds for Bank's action.

The Companies sending their expression of interest in response to this RFP may refer to Terms & Conditions contained in this document. These terms and conditions will be binding on all the participants and may form part of the agreement to be entered into with the successful Company after the outcome of the RFP process.

C. Pre Bid Meeting

The participating bidders may authorise one of their representative to attend the pre-bid meeting scheduled prior to bid closing date for seeking any further clarifications in regard to this RFP. Any such clarification sought by bidders shall be communicated to all insurance companies for their information exclusively over their email IDs.

D. Modification and Withdrawal of Offers The Companies participating in the RFP process may be allowed to either modify or withdraw their offer prior to last date for submission of bids only upon receiving a written request to do so from the authorised representative. No offer can be modified or withdrawn subsequent to the closing date and time for submission of offers.

E. Opening and Evaluation of Technical Bids Bids received well within the closing date and time of submission shall only be considered for opening on the time and date as given in this RFP. The participating Companies may authorize one of their representatives to remain present during the opening of bid who shall authenticate his/her presence by signing the Attendance Sheet.

Any bid received by the Bank after the deadline for submission of bids, will not be entertained.

Bank will scrutinize all opened technical bids to determine whether these are complying to the terms of participation and carry all desired information. Any incomplete or partly filled, non-complying, unsigned bids will not qualify for opening of commercial bids. All eligible technical bids will be assessed on the basis of parameters contained in the Assessment Sheet for the purpose of awarding scores.

All participating bidders will be intimated about the outcome of technical bid opening through e-mail as well as Notification over Head Office Notice Board at ground floor of 2, N.S. Road, Kolkata.

F. Clarification on Technical Offers To assist in the scrutiny, evaluation and comparison of offers, Bank may, at its discretion, ask some or all participants for clarification on their offer. The request for such clarification and the response thereon may be in writing also.

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G. Opening of Commercial Bids

The technically qualified bidders will be called during opening of financial bid as per pre-decided schedule. The tariffs received through financial bids will be assessed across all the age brackets and tenures for obtaining the positions of bidders.

H. Assessment of Commercial Bids & Award of Contract

Premium quoted by the Companies against each bracket of age & tenure shall be compared and the bidder qualifying for maximum L-1 positions across age and tenure brackets or in total will be called for submission of their acceptance. Bank, at its sole discretion will decide upon awarding the contract either to a bidder achieving L-1 position in all the segments or segments wise L-1 position. Bank if intend to sign up more than one insurer in any of the loan segments; the bidder at L-2 position will be given the option to match the tariffs with L-1 to obtain the contract. If L-2 fails to accept the offer, similar option will be given to bidder at L-3. In case, any two bids draw to a tie at any level (L-1, L-2, L-3) the score received in the technical bid assessment will be considered as deciding factor.

3. Validity of Offer & Contract

The Bank shall effort to complete the entire RFP process leading to engagement of Companies and commencement of operation by the selected Company within the shortest possible time. However, the bids offered by the Companies shall remain valid for 180 days from the date of submission and no change will be permitted during its validity.

The tie up between the Company and the Bank shall be for a minimum period of three (3) years commencing from a date to be determined / advised after completion of the process of selection. The tie-up arrangement may be renewed for a further period of three (3) years or lesser period at the discretion of the Bank and on consent of all parties, subject to satisfying performance by the Company during contract period.

4. Terms of Contract

1. The Insurance Company shall have to bear all costs towards printing and distribution of member enrolment application forms, publicity materials, cost of training and software for web based application etc, for the purpose of seamless functioning between the Bank & the Company.

2. Any publicity campaign undertaken by the insurance company to promote the schemes using the name and logo of the Bank may be done only with the explicit written concurrence of Bank and prior approval of the regulator IRDAI, if applicable.

3. Disclosure of any information by the Company, in course of business, to parties not binding to this contract will be treated as breach of trust inviting legal action. The company shall give an indemnity to the Bank to the effect that they will not use or part with the data for any purpose other than for what it is intended for.

4. In case the Company commits any breach of contract entered into between the

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Bank and the Company, it will be liable to the Bank for any loss or damages arising out of such action. The terms and provisions of this Contracts shall be governed and interpreted in accordance with the acts and regulations in force and are subjected to the Court of law at Kolkata which shall have exclusive jurisdiction.

5. Guidelines issued by IRDAI or any other Regulatory Authorities from time to time with regard to Insurer’s responsibility & liability towards insured shall be automatically applicable to this Insurance Contract.

6. The Company shall be liable for all costs, consequences, penalties arising out of the settlement of the claims lodged by the insured. Bank shall not be held liable for any deficiency or negligence in the services rendered by the Insurance Company. The Company shall indemnify the Bank for all such costs and consequences arisen out of the claims on the insurance policy by the members enrolled. The liability of the Company towards the enrolled members shall be continuing irrespective of the termination of the contract as per the terms of the RFP.

7. The Company must comply prevailing guidelines pertaining to Regulations in force. The Company will alone be responsible for any breach thereof and for all its implications including financial ones. The Company shall indemnify Bank for any of its act during the course of business attracting penalties from regulatory authorities.

8. The insurance cover for members not requiring medical examination will commence from the date of paying the premium amount in the Bank Account of the Company maintained with nodal branch of Allahabad Bank. For members requiring medical examination the cover will begin from the date of acceptance of enrolment by the Company duly informed in writing to the premium originating bank branch.

9. The claim administration shall be a simplified procedure to settle the basic Sum Assured within a reasonable time from the date of submission of all necessary documents required to process the claim.

5. Submission, Evaluation & Acceptance of RFP.

1. RFP document is available on Bank’s website. If desired, the physical copy of this

RFP may also be collected in person from Manager, Allahabad Bank, Marketing Department.

2. Proposal is to be submitted in accordance with the requirements specified in this RFP. Bank reserves the right to retain all submitted proposals irrespective of their fate.

3. Offer received by the Bank after the deadline for submission of Offers mentioned above will not be accepted. In the event of the specified date and time for the submission of Offers, being declared a holiday for the Bank, the Offers will be received up to 14:00 hours on the next working day.

4. The Bank reserves the right to add / delete / modify any of the clauses in this RFP during the tendering process. Such addition / deletion / modification will be communicated only through email to all life insurance companies.

5. This RFP contains no contractual proposal of any kind. Mere participation in the bid process does not confer any right on the participant for being selected.

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6. Bank shall be under no obligation to accept the lowest or any other offer received in response to this RFP and shall be entitled to reject any or all offers including those received late or incomplete offers without assigning any reason whatsoever.

7. The submitted offers carrying any hand-written addition / alterations shall make the offer ineligible.

8. It shall be the responsibility of the Company entering into service contract with the Bank to extend life cover in loan accounts that will be sanctioned at various branches located throughout the country. At present the bank has 3209 branches as on 31.03.2016 and all the branches including branches that may be opened in future are authorized to sanction loans under all the specified schemes.

9. The premium shall be payable upfront at the time of member enrolment irrespective of one-shot or phase-wise disbursement and shall be borne by the borrowers.

10. All proposals will be evaluated in accordance with the provisions of the evaluation criteria as specified in this RFP conforming to CVC guidelines. It is absolutely essential for the companies to quote the lowest rate at the time of making the offer in their own interest.

11. Bank will create a short-list of technically qualifying companies based on the assessment / evaluation of the scores obtained in parameters mentioned in assessment sheet (Annexure-B). The number of companies, to be shortlisted, not exceeding six, will be decided by the Bank at its sole discretion. The commercial offers of such short-listed companies only will be opened.

12. Bank reserves the right to alter the terms of offer specified in the RFP document, including the last date for submission of offers and shall be notified to all by publication in News Papers without any further individual intimation and also place the said notification on Bank’s Website, which shall be binding on all..

13. The selected company shall submit acceptance of f SLA including terms and conditions as per attached Annexure-

14. Bank reserves the right to select the company achieving L-2 rank, if the L-1 ranked company withdraws its offer or found to be submitted misleading information in the proposal. Bank also reserves right to take such action as it deems fit including claim for damages.

15. It shall be sole responsibility of Company to comply with all statutory and

regulatory provisions (including RBI and IRDAI) while delivering the services mentioned in the RFP.

16. Allahabad Bank reserves the right to:

a. Reject any or all bids received in response to the RFP without assigning any reason whatsoever.

b. Cancel the RFP at any stage, without assigning any reason whatsoever.

c. Reject the INCOMPLETE offer as per the RFP requirements.

d. Reject any conditional submission made by the company in its offer.

e. Reject if the company remains silent on time bound submission of any supplementary information or clarification sought for evaluation of bids.

f. Select the company obtaining L-2 rank, if the L-1 ranked company fails to commence operation within a specified time period.

g. Share the information / clarifications provided in response to RFP by any

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company, with all other participating companies, in similar fashion as provided to the company raising the query.

6. Disclaimer

1. This RFP is prepared with an objective to enable various Life insurance Companies to participate in the process of bidding and does not constitute, nor should it be interpreted as an offer or invitation for the appointment of the company participating in the bid process. This document constitutes no commitment on the part of the Bank.

2. No representation, expressed or implied, is or will be made as to the reliability, accuracy or the completeness of any of the information contained herein. The conditions on roles and responsibilities of companies shall be subject to alterations at any time during the validity of RFP.

3. While this document has been prepared in good faith, neither the Bank, nor any of their officers/directors make any representation or shall have any responsibility or liability whatsoever in respect of any statements or omissions here from. Any liability is accordingly and expressly disclaimed by the Bank and any of their officers/directors, even if any loss or damage is caused by any act or omission on the part of the Bank or any of their directors, officers, employees, representatives, whether negligent or otherwise.

4. The participating companies shall be accepting any superseded information made available by way of written communication to any or all of the companies by or on behalf of the Bank.

5. All interested companies shall carry out an independent assessment and analysis of the requirements of the information, facts and observations contained herein.

6. This RFP confers neither the right nor an expectation on any party to participate in the proposed process. It shall be presumed that the participating company has fully ascertained and ensured about its eligibility to act as an insurer in the event of the same being selected to act as insurer fully understanding that there is no statutory or regulatory prohibition imposed on it.

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(ANNEXURE – A) TECHNICAL BID FORMAT

This sheet should be enclosed as the top sheet in the Technical offer cover along with all supporting documents underneath.

Sl. Particulars of Company Background

2012-13

2013-14

2014-15

1 Net Worth of the Company 2 No. of Branches 3 No of States Covered

4 Market Share 5 Solvency Ratio 6 Profit After Tax (Rs. Crores)

7 Total New Business Premium in Group Schemes (Rs. in Crs)

8 Average Premium per policy Under Group Scheme (Rs. in Crores)

9 No.of lives covered under all group policies (Nos in Lacs)

10 No of claims settled under group schemes

11 Amount of claims settled under group schemes (Rs in Crores)

12 Claims Settlement Ratio

13 TAT in Death Claim Settlement (Group Schemes)

14 No of Penalties imposed by Regulator during last 3 years if any

15 Amount of Penalty imposed by Regulator during last 3 years

16 No.of.Tie-up with Public Sector Bank [Corporate Agency]

Seal & Signature of the authorized signatory Note: The Companies shall ensure to enclose/attach the relevant documents in

support of each of items given above. The technical evaluation will be carried out on the basis of weightage given to each of the above factors and scoring achieved by each bidder.

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SL No. Verticals WeightageCompany

DataScale

Weighted

Score

Obtained

Maximum

Score

Percentage

Obtained

1 Net worth of the Company as on 31.03.2015. (INR in Crores) 5 0.00 0.25 0.00

2 Total Premium Collected in Group Platform as on 31.03.2015.(INR in Crores) 5 0.00 0.25 0.00

3 No. of Lives covered under Group Platform as on 31.03.2015. (Nos in Lacs) 5 0.00 0.25 0.00

4 No. of Claims settled in Group Platform during last three FYs. (Absolute Figures) 7 0.00 0.35 0.00

5 Amount of Claims settled in Group Platform during last three FYs. (INR in Crores) 7 0.00 0.35 0.00

6 Claim Settlement Ratio in Group Platform as on 31.03.2015. 15 0.00 0.75 0.00

7 TAT in Death Claim Settlement in Group Platform. (in days) 10 0.00 0.50 0.00

8 No of penalties imposed by Regulator during last 3 years if any 8 0.00 0.40 0.00

9 Amount of Penalty imposed by Regulator during last 3 years if any (INR in Lacs) 8 0.00 0.40 0.00

10 No of tie-up with PSBs as on 31.03.2015 under Group Credit Life segment. 10 0.00 0.50 0.00

11 Total Number of Branches as on 31.03.2015. 10 0.00 0.50 0.00

12 No. of States Covered 10 0.00 0.50 0.00

Total 100 0 0.00 5.00 0.00

SL No. Scaling Criteria 0 1 2 3 4 5

1 Net worth of the Company as on 31.03.2015. (INR in Crores) 1-500 501-2000 2001-3000 3001-4000 4001-5000 >5001

2 Total Premium Collected in Group Platform as on 31.03.2015.(INR in Crores) 1-101 102-501 502-1001 1002-1501 1502-2001 >2002

3 No. of Lives covered under Group Platform as on 31.03.2015. (Nos in Lacs) ≤2 > 2 to ≤10 >10 to ≤50 >50 to ≤100 >100 to ≤200 >200

4 No. of Claims settled in Group Platform during last three FYs. (Absolute Figures) <3000 3001-6000 6001-9000 9001-12000 12001-15000 >15000

5 Amount of Claims settled in Group Platform during last three FYs. (INR in Crores) 1-100 101-200 201-300 301-400 401-500 >500

6 Claim Settlement Ratio in Group Platform as on 31.03.2015. 80< 81-85 86-90 91-95 96-98 >98

7 TAT in Death Claim Settlement in Group Platform. (in days) >150 121-150 91-120 61-90 31-60 20-30

8 No of penalties imposed by Regulator during last 3 years if any 5 4 3 2 1 0

9 Amount of Penalty imposed by Regulator during last 3 years if any (INR in Lacs) >20 16-20 11-15 6-10 1-5 0

10 No of tie-up with PSBs as on 31.03.2015 under Group Credit Life segment. 0 1 2 3 4 >4

11 Total Number of Branches as on 31.03.2015. 50-100 101-200 201-300 301-400 401-500 >500

12 No. of States Covered 1-5 6-10 11-15 16-20 21-25 >25

Technical Bid - Assessment Sheet

Name of the Insurance Company :

ANNEXURE-B

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ANNEXURE - D

Covering Letter for Expression of Interest (to be submitted on Company Letter Head)

Date:

The Asstt. General Manager - Marketing Allahabad Bank, Marketing Department Head Office, 3rd Floor, 14 India Exchange Place Kolkata – 700 001

Dear Sir,

RFP Reference : ALB/HOMKTG/RFP/GI/2016 With reference to the captioned RFP, we have examined and understood various terms & conditions contained therein and offer to provide Life Insurance Cover to the existing as well as new members (borrowers) under the specific loan schemes including overdraft facility to Staff of the bank. In response to the said RFP, we are pleased to submit our offer both Technical & Commercial in accordance to the provisions of this RFP. If our offer is accepted for execution of Service Level Agreement (SLA), we undertake to commence operation within 45 days from the date of intimating the award of contract. Until a formal SLA is executed and Master policy is issued under Group Insurance Scheme, this offer shall be binding on us.

The offer made in conformity to this RFP shall remain valid for 180 days from the date of submission for acceptance of contract. This offer shall remain binding upon us and may be accepted by the Bank any time before the expiry of such period. We understand that the Bank is not bound to accept the lowest or any offer that the Bank may receive.

We confirm that the signature appearing on each page of RFP and its enclosures is of the representative duly authorized by the company.

Signature

Designation:

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ANNEXURE – E

LIST OF ZONAL OFFICES

Sl STATE ZONE FGMO

1 ANDHRA PRADESH HYDERABAD Hyderabad

2 ASSAM DIBRUGARH Kolkata

3 ASSAM GUWAHATI Kolkata

4 BIHAR MUZAFFARPUR Ranchi

5 BIHAR PATNA Ranchi

6 BIHAR BHAGALPUR Ranchi

7 CHANDIGARH CHANDIGARH New Delhi

8 CHHATTISGARH RAIPUR Bhopal

9 GUJARAT AHMEDABAD Mumbai

10 JHARKHAND RANCHI Ranchi

11 JHARKHAND DEOGHAR Ranchi

12 KARNATAKA BANGALORE Hyderabad

13 MADHYA PRADESH BHOPAL Bhopal

14 MADHYA PRADESH JABALPUR Bhopal

15 MADHYA PRADESH SATNA Bhopal

16 MAHARASHTRA NAGPUR Mumbai

17 MAHARASHTRA PUNE Mumbai

18 MAHARASHTRA MUMBAI Mumbai

19 NCT OF DELHI NEW DELHI New Delhi

20 NCT OF DELHI DELHI NCR New Delhi

21 ODISHA BHUBANESHWAR Hyderabad

22 PUNJAB AMRITSAR New Delhi

23 PUNJAB LUDHIANA New Delhi

24 RAJASTHAN JAIPUR New Delhi

25 TAMIL NADU CHENNAI Hyderabad

26 UTTAR PRADESH BAHRAICH Lucknow

27 UTTAR PRADESH AGRA Lucknow

28 UTTAR PRADESH LAKHIMPUR KHERI Lucknow

29 UTTAR PRADESH SITAPUR Lucknow

30 UTTAR PRADESH MORADABAD Lucknow

31 UTTAR PRADESH VARANASI Lucknow

32 UTTAR PRADESH MEERUT Lucknow

33 UTTAR PRADESH LUCKNOW Lucknow

34 UTTAR PRADESH KANPUR Lucknow

35 UTTAR PRADESH GONDA Lucknow

36 UTTAR PRADESH HAMIRPUR Lucknow

37 UTTAR PRADESH ALLAHABAD Lucknow

38 UTTAR PRADESH GORAKHPUR Lucknow

39 UTTAR PRADESH MIRZAPUR Lucknow

40 UTTARAKHAND DEHRADUN Lucknow

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Sl STATE ZONE FGMO

41 WEST BENGAL ASANSOL Kolkata

42 WEST BENGAL CHINSURAH Kolkata

43 WEST BENGAL BERHAMPORE Kolkata

44 WEST BENGAL KOLKATA METRO Kolkata

45 WEST BENGAL SILIGURI Kolkata

46 WEST BENGAL BARASAT Kolkata

47 WEST BENGAL KOLKATA URBAN Kolkata

48 WEST BENGAL BEHALA Kolkata

49 WEST BENGAL MIDNAPORE Kolkata

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ANNEXURE-F

THIS AGREEMENT is made & entered into at Kolkata, on this __ day of ________, 2016

BETWEEN

Allahabad Bank, a banking company constituted by and under the Banking Companies

(Acquisition and Transfer of Undertaking) Act 1970, having its Head Office at 2, N. S. Road,

Kolkata-700001 hereinafter called “Allahabad Bank” (which expression shall, unless it be

repugnant to the context or meaning thereof, mean and include its successors and assigns)

of the One Part

AND

Insurance Company a company constituted by and under ______________having its

Registered office at _______________________________ (hereinafter called the

INSURANCE COMPANY which expression shall include its successors and assigns) of the

Other Part;

WHEREAS

I. Allahabad Bank is engaged in banking activities including giving loans to its customers and employees under various segments through different loan schemes.

II. INSURANCE COMPANY is engaged in business of Life Insurance.

III. Allahabad Bank requires certain risks to be insured of its Loan Borrowers and accordingly has agreed to administer group insurance scheme for which Allahabad Bank negotiated with INSURANCE COMPANY to avail the insurance cover for its Loan Borrowers.

IV. Allahabad Bank has also provided to INSURANCE COMPANY the Scheme Rules under which Allahabad Bank proposes to administer the group insurance scheme.

V. This Service Level Agreement should be read in the light of Policy Terms & Conditions as contained in the Master Policy and its respective Scheme Rules (To be provided by Insurance Company).

VI. Under the group insurance scheme INSURANCE COMPANY needs to provide the services to Allahabad Bank and its members / borrowers enrolled under the group insurance scheme.

VII. In consideration of the above, the parties hereto mutually agreed to record the terms and conditions hereunder:

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General Understanding between the Parties

The Parties have mutually agreed that the terms and conditions as contained in this Service Level Agreement supersedes all previous agreement, if any, between the Parties as regards the subject matter of this Agreement. The Agreement incorporates the various timelines within which services shall be provided by INSURANCE COMPANY. INSURANCE COMPANY shall endeavour to conform to the timelines as mentioned in this Agreement but failure to conform to the timelines on the part of INSURANCE COMPANY should not be construed as conferring any additional right besides what is provided for by the IRDAI, on any person including the members who either propose to enrol as a member under any group insurance scheme administered by Allahabad Bank or persons who are already enrolled as a member under any group insurance scheme administered by Allahabad Bank.

Premium Remitting & Receipting Process:

� On disbursement of loan, individual proposal forms shall be signed by the bank borrowers / employees. With every proposal form, the calculated premium would be deposited in the INSURANCE COMPANY’s Bank account opened with Allahabad bank. With every deposit the Application No. to be mentioned in the narration.

� Filled proposal form along with the “Journal No” (Unique Number generated by Bank for each transaction, which is to be mandatorily mentioned on each application form at top of application form). & necessary documents will travel from Allahabad Bank branches to the nearest INSURANCE COMPANY’s branch office or will be collected by the INSURANCE COMPANY’s field sales person from the respective bank branches and submitted to INSURANCE COMPANY’s branch.

� Allahabad Bank’s Branch will send daily credit MIS to a single point contact person defined by Insurance Company. This daily credit MIS shall following data as per format given below:

Transacti

on Date

Journ

al No

Applicati

on No

Bran

ch

Code

Account

Descripti

on/

Narration

Amou

nt

Custom

er

name

Custom

er Bank

A/c

I

FS

C

� INSURANCE COMPANY Branch ops to process scrutiny & enter “Journal No” as mandatory field while processing the scrutiny.

� Insurance Company to match the scrutiny details, application no & journal no at primary level.

� Insurance Company to provide the details in the specified format of receipting to its operations team for receipting.

� Insurance Company to ensure receipting and see that receipting is done for the entire lot of scrutinized cases.

� Un-receipted funds lying in INSURANCE COMPANY’s Bank account for more than 30 days (from the date of credit) would be refunded to the customer’s account. INSURANCE COMPANY to send the email communication to Bank’s originating branch office, zonal office, & marketing department along with reason for refund.

� Collection, Issuance MIS would be submitted on daily basis by the Insurance Company to be downloaded at respective zonal offices and the premium originating

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branches. Insurance Company shall also provide monthly MIS on cases not taken up for underwriting for any reason thereof after receipt of premium specifically mentioning if the premium received is refunded or withheld with the company. Further, Insurance Company shall keep sending monthly MIS to Head Office, Marketing Department giving consolidated data of proposals received, accepted, not taken up and rejected for issuance of COI, number of grievances received, redressed and pending during the period and number of claims received, settled, repudiated and pending for action.

� Soft copies of Certificate of Insurance can be downloaded from Insurance Company’s portal and to be shared with customers through power SMS as well.

Underwriting Requirements:

� The physical applications would be scrutinized for correctness of the data and incomplete forms would be returned to Allahabad Bank for necessary rectification. For the cases where Medical underwriting is required, Medical examination would be conducted by INSURANCE COMPANY’s empanelled medical examiners and the same would be facilitated by INSURANCE COMPANY through its team members.

� For any additional documentation / medical requirement, a requirement letter would be sent to customer by post/email and the same would be shared with Allahabad Bank in the MIS. Medicals would be arranged by the team of INSURANCE COMPANY in coordination with Allahabad Bank’s support team.

� An MIS will be sent to the Master Policy Holder (Allahabad Bank) containing the receipt details against each application number.

� Once the receipting is done at INSURANCE COMPANY the issuance would be taken up.

� After the case is underwritten and issued, soft copy of COI would be provided to Allahabad Bank through an FTP link and Certificate of Insurance will be issued to the member which will be dispatched through logistic module.

� In case a requirement is not complied within 30 days of requirement raised, the proposal would be cancelled and the proposal deposit would be refunded to concerned proposed Member within 7 working days of the expiry of 30 days.

Issuance of Certificate of Insurance:

� Insurance Company to collect enrolment forms from the nearest Bank Branch for scrutiny, receipting and issuance of certificate of insurance..

� The Certificate of Insurance will be issued within 2 working days from the date of issuance.

� INSURANCE COMPANY to ensure Original Policy Bond /Certificate of Insurance to be dispatched to member’s registered address within 2 working days from date of issuance & maintain acknowledgement of delivery to customer as and when received from speed post/courier. Delivery details will be provided in those cases where Allahabad Bank specifically asks for the same and acknowledgment will be based on revert from Speed Post/courier.

� Soft copy of Certificate of Insurance will be provided to Allahabad Bank and hard copy will be sent to the member. The soft copy will be made available in downloadable form through portal.

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� In case COI is returned undelivered, the same would be sent to Allahabad Bank or to an alternate address as confirmed by Allahabad Bank.

Turn Around Time (TAT’s):

� Issuance of cover for non-medical cases will be processed within 3 working days.

� Cover of Insurance issuance for discrepant/medical/financial requirement proposals

will be processed within 7 working days from the date of receiving of the complete

requirement.

� All requirements intimated by INSURANCE COMPANY to Allahabad Bank /

Customer should be completed within 30 working days on receipt of the MIS.

� In case of a decision being postponed / declined, a communication would be sent to Allahabad Bank and the same would be refunded within 7 working days

� Queries / Complaints raised by members shall be resolved within 3 working days

Claim Process:

� Master Policy Holder (Allahabad Bank) should provide death intimations to INSURANCE COMPANY within 180 days from the date of death.

� INSURANCE COMPANY will adhere to 10 working days TAT from the date of receipt of all complete claim documents being received at INSURANCE COMPANY, for claim settlement except for cases referred for investigation.

� No specific timelines can be mentioned for completion of claims processing for the cases referred for investigation. (Format to be provided by Insurance Company for notification process).

General Terms of Contract

� The Insurance Company shall have to bear all costs towards printing and distribution of member enrolment application forms, publicity materials, cost of training and software for web based application etc, for the purpose of seamless functioning between the Bank & the Company.

� Any publicity campaign undertaken by the insurance company to promote the schemes using the name and logo of the Bank may be done only with the explicit written concurrence of Bank and prior approval of the regulator IRDAI, if applicable.

� Disclosure of any information by the Company, in course of business, to parties not binding to this contract will be treated as breach of trust inviting legal action. The company shall give an indemnity to the Bank to the effect that they will not use or part with the data for any purpose other than for what it is intended for.

� In case the Company commits any breach of contract entered into between the Bank and the Company, it will be liable to the Bank for any loss or damages arising out of such action. The terms and provisions of this Contracts shall be governed and interpreted in accordance with the acts and regulations in force and are subjected to the Court of law at Kolkata which shall have exclusive jurisdiction.

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� Guidelines issued by IRDAI or any other Regulatory Authorities from time to time with regard to Insurer’s responsibility & liability towards insured shall be automatically applicable to this Insurance Contract.

� The Company shall be liable for all costs, consequences, penalties arising out of the settlement of the claims lodged by the insured. Bank shall not be held liable for any deficiency or negligence in the services rendered by the Insurance Company. The Company shall indemnify the Bank for all such costs and consequences arisen out of the claims on the insurance policy by the members enrolled. The liability of the Company towards the enrolled members shall be continuing irrespective of the termination of the contract as per the terms of the RFP.

� The Company must comply prevailing guidelines pertaining to Regulations in force. The Company will alone be responsible for any breach thereof and for all its implications including financial ones. The Company shall indemnify Bank for any of its act during the course of business attracting penalties from regulatory authorities.

� The insurance cover for members not requiring medical examination will commence from the date of paying the premium amount in the Bank Account of the Company maintained with nodal branch of Allahabad Bank. For members requiring medical examination the cover will begin from the date of acceptance of enrolment by the Company duly informed in writing to the premium originating bank branch.

� The claim administration shall be a simplified procedure to settle the basic Sum Assured within a reasonable time from the date of submission of all necessary documents required to process the claim.

� In case of conflict between the terms of this Agreement and RFP, RFP shall prevail over.

Validity and Termination Clause:

This agreement remains valid for a period of three years from the date of execution and shall be terminated by either party with 90 days written notice for any reason whatsoever at any time during its currency. However, the duties, liabilities and obligations of both parties would survive beyond the expiry of this agreement for all deals handled before and during the notice period. After which this agreement shall become void and of no further force and effect.

Non-exclusivity:

Nothing in this SLA shall restrain Bank from entering into similar arrangement or an agreement for the services same or similar to those availed under the agreement, with regard to payment of fees and dues to other insurance companies / agencies. Similarly nothing in this SLA shall restrain the insurance company from entering into any agreement with regard to receipt of fees, dues and other payments with other authorities , entities, persons.

Invalidity:

If any of the provisions of this SLA become invalid or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired. If any provision of this SLA becomes invalid, the parties agree to substitute for such invalid provision with a new provision which serves the purpose of the invalid provision to the maximum possible extent by execution of an addendum.

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Governing Law

This SLA shall be governed and construed in accordance with the Laws in India, guidelines instructions issued / that may be issued from time to time by IRDA/RBI or any other Regulatory Authority and Government.

Miscellaneous

This Agreement is entire in itself and cannot be changed or terminated orally. No modification waiver or amendment of this Agreement shall be binding unless communicated and accepted in writing and signed by both parties. All legally required amendments shall automatically become an integral part of this Agreement.

All notices to be given pursuant to the provisions of this Agreement shall be sent to the parties at the following address:

Asstt General Manager Allahabad Bank Marketing Deptt 14, India Exchange Place, 3rd Floor Kolkata – 700 001.

Authorized Signatory Insurance Company,

All correspondence, notices or any other communication, shall be deemed to have been

duly and sufficiently served on the parties seven days after the same shall have been

delivered to the post office, properly addressed to the parties at their above mentioned

respective addresses or, as otherwise intimated by the parties, and if delivered to the

parties against acknowledgment such correspondence, notices, or any other communication

shall be deemed to have been duly served as on the date of delivery.

IN WITNESS WHEREOF the parties hereto have hereunto set and subscribed their respective hands and seal on the date and place herein above mentioned.

Signed, Sealed and Delivered by Allahabad Bank through its Authorized Signatory

_________________ _____________________

Name & Designation Witness Name & Designation

Signed, Sealed and Delivered by Insurance Company. through its Authorized Signatory

_________________ _____________________

Name & Designation Witness Name & Designation

REQUEST FOR PROPOSAL - Allahabad Bank · PDF fileREQUEST FOR PROPOSAL ... Single Premium) 16 Letter of Expression of Interest ... separate intimation in this connection will be sent

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