Financial Daily from THE HINDU group of publications
Friday, Dec 26, 2003
Financial Daily from THE HINDU group of publications Friday, Dec 26, 2003 |
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Money & Banking
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Life Insurance SBI Life launches cover for Kisan card holders in AP Our Bureau
Hyderabad , Dec 25 SBI Life Insurance has launched its latest product `SBI Lifelong Pensions-Group Kisan Credit Card Holders' scheme, a group pension policy for holders of Kisan credit cards in Andhra Pradesh. The product will be marketed through Sri Saraswati Grameena Bank, one of the prominent regional rural banks based in Andhra Pradesh, with a network of 72 branches spread across the State. The scheme was launched by Mr C.S. Rao, Chairman, IRDA, in the presence of Mr R Krishnamurthy, Managing Director & CEO, SBI Life, at the bank's head office in Adilabad. Customers of Sri Saraswati Grameena Bank who are Kisan credit card holders will now be eligible to receive life insurance cover with the additional benefit of pensions, through SBI Life's new policy. Mr. Krishnamurthy said: "The group insurance pension scheme for Kisan credit card holders is aimed at meeting the financial needs of farmers in the rural areas. For the first time, farmers will have the option of earmarking a regular amount for their old age requirement in addition to enjoying life insurance cover till the age of 60. We see this product as a tool of social upliftment that will provide a secure future for the lakhs of poor farmers in the country who have little or no means of ensuring financial protection for themselves and their families." The pension scheme is expected to benefit more than 19 lakh farmers across the country. Saraswati Grameena Bank, sponsored by the State Bank of Allahabad, was one of the first regional rural banks to become a corporate agent of SBI Life. As corporate agent, the bank has sourced more than 2,000 policies and remitted a premium of Rs 50 lakh. The bank has been marketing `SBI Life Super Suraksha" which is a group insurance scheme through its 72 branches and has so far covered more than 35,000 lives and remitted a premium of Rs 65 lakh.
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