SBI LAUNCHES GROUP MICRO INSURANCE PLAN GRAMEEN SHAKTI

SBI launches group micro insurance plan 'Grameen Shakti'

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SBI launches group micro insurance plan 'Grameen Shakti' Mumbai,01.08.09:State Bank of India on Saturday introduced group micro insurance product in association with SBI Life Insurance named 'Grameen Shakti' for the weaker sections of the society. It is meant only for the members of Self Help Groups (SHG) and will provide life insurance cover at a very affordable cost of Re 1 per day, SBI said in a statement. The close ended scheme, will remain open for 45 days between 1st August and 14th September, 2009. A dual-benefit life insurance plan provides cover for 5 years and the premium payable is Rs 361 per annum per member (inclusive of service tax) for a sum assured of Rs 30,000. On death of the Group member, the nominee receives the sum assured, it said, adding, on the other hand, on maturity of the plan the group member, if alive, receives 50 per cent of the premium paid for a 5 year term. The product is available to a person who is between 18 to 50 years of age and is linked to SBI. No medical check up is required for joining the Scheme, it said. Email this news to a friend Your email address : Your friends address : Receive news in your email.