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Nov 28, 2008

SBI Launched ‘Grameen Shakti’ Insurance Scheme

Pier Paola Dipaola, Deputy Chief Executive Officer, SBI Life Insurance Company Ltd, Mumbai (second left), handing over the master policy to J. Chandrasekaran, Chief General Manager, SBI, Chennai circle (third left), at the launch of the ‘Grameen Shakti’ insurance scheme in Coimbatore on Wednesday.
Vice-Chancellor of Tamil Nadu Agricultural University C. Ramasamy (second right) is in the picture. “State Bank of India expects to bring nearly three lakh members of self-help groups in Tamil Nadu under the “Grameen Shakti” insurance scheme,” Pier Paola Dipaola, Deputy Chief Executive Officer, SBI Life Insurance Company Limited, Mumbai, said here on Wednesday. He was launching the micro insurance scheme of SBI Life Insurance Company Limited, a subsidiary of SBI, for SHGs in Tamil Nadu and Puducherry. Mr. Dipaola launched the scheme by handing over the master policy to J. Chandrasekaran, Chief General Manager, SBI, Chennai circle, at a function at Tamil Nadu Agricultural University (TNAU).

Mr. Dipaola expressed the hope that after the overwhelming response of SHGs to the scheme in Orissa and some other parts of the country, it would also be well received in Tamil Nadu. “There are over two lakh SHGs coming under the insurance cover in Orissa.” Mr. Chandrasekaran said there were 14 lakh SHG members in Tamil Nadu and Puducherry. “A sum of Rs. 655 crore has been granted as loans to the SHGs. Almost 97 per cent of them repay promptly. This enables us to extend more loans.” Explaining the salient features of the scheme, he said the scheme, which was for five years, involved a life cover for Rs. 50,000.
The annual premium was Rs. 601 and it included refund of 50 per cent as survival benefit. On the launch day, the bank had received nearly 77,000 proposal forms from SHGs. C. Ramasamy, Vice-Chancellor, TNAU, said insurance had percolated to the grassroots levels. “Earlier, it was available only to the affluent. Now, it is no longer so. Such insurance schemes will benefit SHGs.” Letters of acceptance were distributed to SHGs by the bank representatives. Paul Sunder Ingty, Deputy General Manager, (Rural Business), SBI, Corporate Centre, Mumbai; Geoffroy de Lassus, AMS Co-ordinator – India, BNP Paribas; and Anoop K. Prabhakar, General Manager, SBI, Chennai circle, were present.

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