INSURANCEREGULATORY AND DEVELOPMENT AUTHORITY OF INDIA

HYDERABAD

12^thApril, 2019

Minutesof the 57^th meeting of the Procurement Committee held on 12^thApril 2019

Present:

(i) Ms Pournima Gupte, Member-Actuary - Chairperson

(ii) Shri M. Pulla Rao, ED-General - Member

(iii) Shri P.K. Maiti, GM-Enforcement - Member

(iv) Shri M.S.Jayakumar, CAO - MemberConvener

UserDepartment present:

(v)Smt. Neetu Shahdadpuri, AGM

ItemNo. 1

Renewal of Group Medishield Insurance Policy

Administration Department submitted the agendaand appraised the Committee as follows:

The existing Group Medishield Policy (GMP) andGroup Personal Accident Policy (GPAP) taken by IRDAI for its employees, areexpiring on 19.4.2019.

Quotations were called from all GeneralInsurance Companies and Stand Alone Health Insurance Companies (32 in no.) andthe last date for submission of quotes was 9^th April 2019. Quotations were called for two options for GMP i.e. on the basis of existingcoverage and on the basis of proposed Coverage. Since there has not been anyrevision in terms of Medishield Policy, Option I under GMP (existing terms) hasbeen evaluated and considered. 12 insurers submitted quotes for GPAP and 11 insurerssubmitted quotes for GMP. Department informed that till last year, bidder wasselected based on L1 of combined price of GMP and GPAP. However, this year dueto substantial increase in Sum insured of GPAP, the Department decided toconsider quotations of GMP and GPAP separately.

The Department recommended for selection of L1 bidder,i.e. M/s Iffco Tokio General Insurance Company Limited at Rs.1,26,26,000/-(including GST) for GMP.

The Committee agreed with the recommendationsof the department and recommended as follows:

The meeting concluded with vote of thanks tothe Chair.

Ms Pournima Gupte

Chairperson