Life insurance services

Tender description

The BBC requires a Life Assurance Policy for c. 9,000 BBC employees who joined the BBC on or after 1.12.2010. Employees who joined the BBC before 1.12.2010 are covered under a separate arrangement which is not included in this exercise. The BBC requires a Life Assurance Policy for c9, 000 BBC employees who joined the BBC on or after 1.12.2010. Employees who joined the BBC before 1.12.2010 are covered under a separate arrangement which is not included in this exercise. All employees are covered for a minimum lump sum of two times life cover pensionable salary. Employees who elect to join the BBC's defined contribution plan called LifePlan are covered for four times life cover pensionable salary. Around 4,000 employees are currently members of LifePlan and covered for the higher lump sum. As employees can elect to join LifePlan at any time and qualify for the higher cover the BBC is keen to avoid any additional requirements about accepting increased cover under discretionary terms or additional underwriting. As a minimum requirement the BBC is seeking an automatic acceptance limit of 1 800 000 GBP sum assured and catastrophe limit of 200 000 000 GBP. In addition to the main group policy there is an excepted life policy currently covering five employees with lifetime pension protection considerations. It is a requirement that these employees are covered under similar terms. The policy will have a guarantee period of at least 2 years and a maximum 3 years, commencing on 1.7.2017 and ending on 30 June 2019/20, based on annual simplified accounting. The total premium charged for the policy is expected to range from 600 000 GBP — 1 500 000 GBP and is dependent on the length of the policy, the number of employees covered, the number of employees who elect to join the BBC's defined contribution plan (LifePlan) and the unit rate proposed by the winning Tenderer. Procurement documentation can be accessed at https://bbc.bravosolution.co.uk