REQUEST FOR PROPOSALS (RFP) FOR SELECTION OF LIFE INSURERS FOR MANAGING CIAL GROUP GRATUITY & LEAVE ENCASHMENT FUNDS
Cochin International Airport Ltd (CIAL) invites sealed Request for Proposals from interested Life Insurance Companies , duly licensed by Insurance Regulatory and Development Authority (IRDAI) for empanelment as Fund Manager for managing the funds of the Cochin International Airport Limited Employees Gratuity Trust and the funds allocated by the company in respect of the accumulated leave encashment benefits to meet the liabilities of employees of the company as and when they occur.
Proposal is required in respect of the Group Employee Schemes under Traditional Product only, from IRDAI Approved Insurers.
Fund Size –
Combined (Gratuity & Leave Encashment)- Rs 125 Crores.
Eligibility Criteria
Only IRDAI Approved Life Insurance Companies having Group Gratuity & Leave Encashment Products on traditional platform as on 31.03.2024 and fulfilling criteria outlined in the RFP document are eligible to take part in this process.
Selection Criteria
CIAL shall enlist three IRDAI-approved insurance companies based on the financial criteria and evaluation matrix outlined in the RFP document. The Selection and Appointment of Insurers through this process shall be subject to Final Approval from the Board of Directors of CIAL.
Methodology of Appointment
CIAL shall enlist three IRDAI-approved insurance companies on priority ranking basis, to manage the funds for a period of three years from the date of appointment, based on the criteria specified in the Evaluation Matrix in the RFP document.
Out of the three enlisted IRDAI-approved insurance companies, the First and Second shall be chosen as fund managers for CIAL Employees Gratuity Trust in the ratio of 50:50.
The First and Third shall be chosen as fund managers for CIAL Leave Encashment Fund in the ratio of 50:50.
Bid Restrictions
A maximum of two bids may be submitted by the same insurer, if they have multiple products on traditional platform for the group business.
Only bids submitted directly by the insurance company shall be accepted. If bids are received from multiple divisions/channels of the same insurance company, only the bid from such division having jurisdiction over Cochin, Kerala shall be accepted.
Timelines
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Event
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Date/Time/Venue
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Official Publishing
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13.05.2025
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Pre-Bid Meeting
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23.05.2025, At the Office of CIAL.
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Start Date for Submission of Proposals
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02.06.2025, 09:00 Hrs
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End Date for Submission of Proposals
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10.06.2025, 17:00 Hrs
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Evaluation of RFPs
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13.06.2025, At the Office of CIAL.
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Cost of Bidding & Sharing of RFP document
Cost of the RFP document shall be Rs 2,360 Incl. GST. The bidder shall bear all costs associated with the preparation and submission of the bid. The fee shall be paid to the below account of CIAL by DD/Fund Transfer-
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Name
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CIAL
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Account No
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1522 0200 0005 42
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IFSC
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FDRL 000 1522
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Bank
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The Federal Bank
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Branch
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CIAL Extension Counter, Cochin Airport P.O 683111,
Ernakulam, Kerala
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The RFP document shall be shared (physically/digitally) only with interested insurers who remit the fee to the above account to ensure authenticity of participation.
For further details, please contact Ms. Anju Rose Thomas (AGM Finance), Cochin International Airport Limited, Kochi Airport PO, Ernakulam, Kerala – 683111.Ph: 9539701553, Phone: 0484 2610115 Ext: 2206, E-mail: anju@cial.aero
Or
Mr. Akshay K. S (AM Finance), Cochin International Airport Limited, Kochi Airport PO, Ernakulam, Kerala – 683111.Ph: 7012390787, Phone: 0484 2610115 Ext: 2207 E-mail: akshay.ks@cial.aero
Sd/-
Managing Director.