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SBI Launches Group Micro Insurance Plan

Grameen Shakti is launched only for the members of self help groups that is intended to provide life insurance coverage

State Bank of India (SBI), in association with SBI Life Insurance, has introduced group micro insurance product – ‘Grameen Shakti’, specifically meant for the weaker sections of the society – reported in myiris.com.

The program is launched only for the members of self help groups (SHG) that is intended to provide life insurance coverage at an affordable cost of INR1 per day. The close ended scheme will remain open for 45 days between August 1 and September 14, 2009.

A dual-benefit life insurance plan provides cover for five years and the premium payable is INR361 per annum per member (inclusive of service tax) for a sum assured of INR30,000. On death of the group member, the nominee receives the sum assured. On maturity of the plan, the group member, if alive, receives 50% of the premium paid for a five year term.

The product is meant for a person between 18 to 50 years of age and he should be linked to SBI. Moreover, no medical check up is required for joining the scheme, said the company.