KIGALI – RWANDA

TERMS OF REFERENCE FOR GROUP LIFE INSURANCE

International Alert (Alert) is an international organisation headquartered in the United Kingdom that works to build peace by working with local civil society organisations through research, advocacy, capacity building, inclusive dialogue and political and civic participation. 

INTERNATIONAL ALERT is looking for an insurance company to provide Group Life Insurance for its staff for the next financial year starting from 01 January 2024 to 31 December 2024.

The proposal should include the following:

A. Technical proposal

I. Mandatory documents comprising the bid

1. Certificate of incorporation
2. Insurance regulatory authority registration and license
3. Proof of membership with the Association of Insurers
4. TIN and VAT Certificate
5. Tax Clearance Certificate
6. RSSB Certificate / Relevant Certificate in Country of Operations

II. Other required Information

1. Company profile showing the company background & the company assets which back the business.
2. Audited financial statement for the last 2 years (2022 & 2021)
3. Total annual volume of business for the work performed in the last three years. Also list details of work underway or committed.
4. Reference letters from clients for similar work performed.
5. Information of current litigation in which the bidder is involved for the type of services requested under this tender. Clearly state the cause of dispute and amount involved.
6. Claims handling procedures with proof of payment of 6 funeral claims for the years 2018, 2019 & 2020 (3 for each year), showing the date on which, the last document was received and the payment date.
7. Confirmation of reinsurance cover & proof of the ability to cover the amount above the treaty capacity. 

B. Financial proposal 

The Group Life Insurance should cover the following:

1. Death (all circumstances) or Total and Permanent Disability
2. Partial Permanent Disability (PPD)
3. Funeral Expenses “ extended to family member “spouse and kids”
4. Loss of Revenue

The financial proposal should clearly show the sum assured for each event and the annual premium to be paid for each person insured based on the information provided below and in the Annexure to this document: 

1. Death (all circumstances) or Total and Permanent Disability: the sum assured is 15 times the monthly basic salary.
2. Partial Permanent Disability (PPD): the sum assured is 15 times the monthly basic salary
3. Funeral expenses extended to family member “spouse and kids” (payable on death resulting from all circumstances) “1,000,000 Each
4. Loss of Revenue due to accident or illness: sum assured 75% of monthly salary payable each month for period of 15 months.

Proposals will be evaluated based on the following criteria:

• Coverage comprehensiveness.
• Premium affordability.
• Company reputation and experience.
• Claims processing efficiency.
• Financial stability. 

Insurance companies shall submit their bids electronically at this email address: Rwanda@international-alert.org  . All information provided in response to this tender should be treated as confidential and used solely for the purpose of evaluating proposals. This tender document does not commit the Organization to award a contract, and the organization reserves the right to reject any or all proposals without providing any reasons. 

The application deadline is 15/11/2023 at 5:00 pm local time. 

Done at Kigali 01/11/2023