9 September 2002
Mumbai: SBI Life, State Bank of Indias (SBI) life insurance subsidiary, will go aggressively rural to sell its new life insurance products. The insurance provider has already tied up with various urban cooperative banks in different states to sell its group insurance products to rural India.
Says SBI and SBI Life chairman Janki Ballabh: We have sold around 80 per cent of our insurance products in rural India. The strong network of SBI will help SBI Life to focus more in the rural market. SBI Life has launched an endowment life insurance policy, Sudarshan, and a home loan insurance policy that provides life insurance to home loans.
Ballabh says Sudarshan is an endowment policy designed to provide policyholders with dual benefits of protection as well as savings for the future. The product has a host of flexible features and can be tailored to meet specific needs of the policyholder.
SBI Life managing director and CEO R Krishnamurthy says the endowment policy is available under two different plans. Plan A is where a fixed sum assured is receivable by the policyholder at the end of the term and plan B is where the policyholder can opt for an annual increase of 5 per cent of the sum assured, which would keep pace with the probable inflation trend.
The term offered for this policy is five to 30 years and the sum assured limits are Rs 25,000 to Rs 1 crore in multiples of Rs 1,000. The policy also provides a 30-day money-back guarantee facility to the customers.
SBI Life has also launched a group insurance scheme for home-loan borrowers, providing life insurance cover, accidental death and total permanent disability benefit to those who have availed of home loans.
The scheme will cover customers of SBI to start with and will be extended to cover home loans given by other housing financing agencies. The home-loan policy provides life insurance cover, accidental death and total permanent disability benefit to those who have availed of home loans.