SBI Life launches insurance schemes for SHGs
SBI Life Insurance Company, a subsidiary of the State Bank of India, has launched 'Grameen Shakti' scheme for SHGs in Tamil Nadu and Puducherry.
By PTI |
COIMBATORE: SBI Life Insurance Company, a subsidiary of the State Bank of India, has launched 'Grameen Shakti' scheme for SHGs in Tamil Nadu and Puducherry.
The company expects to bring about three lakh SHGs under its insurance network in Tamil Nadu, company Deputy Chief Executive Pier Paola Dipaola said at the launch of a function here last evening. The scheme has received tremendous response in Orissa and a few other states in the country, with two lakh SHGs covered in Orissa alone, Dipaola said.
The five-year scheme involved a life cover for Rs 50,000 and the annual premium was Rs 601, including refund of 50 per cent as survival benefit. There are 14 lakh SHG members in Tamil Nadu and Puducherry and a sum of Rs 655 crore has been advanced to the groups, with almost 97 per cent repayment, SBI, Chief General Manager J Chandrasekharan said.
The bank had received about 77,000 proposal forms for the scheme at the launch, Chandrasekaran said.
The company expects to bring about three lakh SHGs under its insurance network in Tamil Nadu, company Deputy Chief Executive Pier Paola Dipaola said at the launch of a function here last evening. The scheme has received tremendous response in Orissa and a few other states in the country, with two lakh SHGs covered in Orissa alone, Dipaola said.
The five-year scheme involved a life cover for Rs 50,000 and the annual premium was Rs 601, including refund of 50 per cent as survival benefit. There are 14 lakh SHG members in Tamil Nadu and Puducherry and a sum of Rs 655 crore has been advanced to the groups, with almost 97 per cent repayment, SBI, Chief General Manager J Chandrasekharan said.
The bank had received about 77,000 proposal forms for the scheme at the launch, Chandrasekaran said.
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