Demand of Proposals from the Insurance Companies for Retired and in Service Government Employees

Demand for Proposals for Group Insurance BPS-01 to BPS-22 from the Insurance Companies for Retired and Service Government Employees has been expressed. The Provincial Welfare Board Government of Punjab is accepting offers/proposals from insurance companies. The insurance companies can present their offers to the provincial welfare board for the 9 Lac group insurance for in-service and retired government employees.


Proposals for Group Insurance BPS-01 to BPS-22 Retired and In-Service Employees


Companies must mention the premium rate in bold form for the amount provided to them as beneficiaries of expired employees. The government of Punjab also provides a schedule for the group insurance of government employees to the insurance companies.


Schedule of Group Insurance for the Government Employees Basic Pay Scale Insurance Amount
1. BPS-01 to BPS-04 Rs.1,50,000
2. BPS-05 to BPS-10 Rs.1,75,000
3. BPS-11 to BPS-15 Rs.3,00,000
4. BPS-16 Rs.4,50,000
5. BPS-17 Rs.6,00,000
6. BPS-18 Rs.8,75,000
7. BPS-19 Rs.10,50,000
8. BPS-20 and Above Rs.12,50,000


Terms and Conditions for the Insurance Companies


All insurance companies must read the following conditions and terms in order to offer their services.

  1. The relevant insurance company must have 10 years experience of in life insurance.
  2. The insurance company must be registered with the Company Security Exchange Commission of Pakistan.
  3. An insurance company must provide a balance sheet of the previous five years of the economic condition of the company.
  4. Companies must also provide a financial statement from the auditor of the company.
  5. The company also provides the NTN certificate from the government of Pakistan.
  6. The contract is only for a period of three years.
  7. The Provincial Welfare Board of the Government of Pakistan reserves the right to reject the proposals and offers.
  8. Insurance companies must pay a rupees 1000 fee as a demand draft to the provincial chairman welfare board.
  9. The bidder company must sign and stamp all the technical and financial proposals.


Deadline to Make Proposals/Bidding


Interested insurance companies can submit their proposals by the 18th of September.



Demand of Proposals for Group Insurance BPS-01 to BPS-22

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