Mumbai: SBI Life Insurance Company has covered 4,400 employees of the Bombay Burmah Trading Corporation tea estate in Coimbatore through Sudarshan, its endowment policy that has been modified to meet the workers' needs.
For the first time, SBI Life has accepted a single premium amount as low as Rs 4,000 on behalf of each worker to issue the endowment policy, which will mature on every worker attaining the age of 60.
The sum assured under the policy will vary for every worker depending on his residual service with the plantation estate and the single premium amount paid. The policy will carry a bonus benefit that will be declared by SBI Life every year on Sudarshan.
The sum assured along with the accrued bonus will become payable when the workers turn 60.