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SBI Life launches ‘Grameen Shakti’

Photo: Ashoke Chakrabarty

MD and CEO of SBI Life U.S. Roy addressing the press at the launch of Grameen Shakti. —

Bhubaneswar: Encouraged by overwhelming response in its foray into rural Orissa, SBI Life Insurance plans to cover over 3 lakh people under its micro-insurance scheme within two months in the State and extend it elsewhere in the country.

“Our foray into micro insurance with State Bank signifies our commitment to provide protection to the most vulnerable and weaker section across the country,” Managing Director and CEO of SBI Life U.S. Roy told reporters here after the launch of a micro insurance product ‘Grameen Shakti’.

More than three lakh people are likely to be covered under the micro-insurance product by January next year in Orissa where the first pilot was launched yesterday. It will extend to other parts of the country, he said.

Describing Grameen Shakti, meant for members of self help groups banking with CBI, as a dual benefit life insurance product, he said it would safeguard the group member by providing protection with maturity benefit at affordable rate.

SBI’s vast distribution network covering the entire spectrum of rural India would help the company deepen life insurance penetration particularly amongst customers in rural areas who would benefit from micro-insurance, Roy said.

Claiming that SBI Life maintained leadership in group policies and remained the largest private life insurer with 64.9 lakh lives insured, he said its net profit rose by 88 per cent during 2006-07 and business premium grew by 210 per cent to Rs 2,566.08 crore during last fiscal.

Ranked third amongst its private peers in terms of business premium income, SBI Life extensively leverages the SBI group as a platform for cross-selling insurance products, he said. - PTI

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