The Hindu Business Line : Insurance facilitators of SBI Madurai module do well

The Certified Insurance Facilitators (CIFs) of the Madurai Module of State Bank of India (SBI) have created an all-India record in mobilising insurance policies under SBI Life Insurance in bankassurance channel.

Like the agents in the life insurance sector, a CIF is a bank employee of a commercial bank qualified to sell insurance products.

Under an initiative named `Project M3'- Madurai Marketing Module-47 CIFs have achieved a premium income of Rs 2 crore by selling 2,675 policies against a target of Rs 1 crore and 2006 policies in Madurai district in a period of 26 days between December 15, 2005 - January 15, 2006.

Good record

`This is an all-India record in the bankassurance channel' according to the Deputy General Manager (DGM), SBI Madurai Zone, Mr N. Sadasivam.

Spurred by the success, again in a follow-on, named `Project M6,' an extended version of M3, executed between May 22 and July 15, a core group of 32 CIFs, set on achieving a target premium income of Rs 3 crore and 5,000 policies in a matter of 48 days, have over-achieved the target and are confident of mobilising more than a premium income of Rs 8 crore and 7,000 policies by the end of the target period, he further said.

Optional benefits

Sharing the successful experience with Business Line, along with Mr Gopidas, a CIF who has already collected Rs 1.85 crore under the project, the DGM said the success has been due to the insurance coverage with multi-various optional benefits of the loan products of the bank too and in this, `SBI has an edge over LIC,' he mentioned.

An added attraction of five per cent rebate offered to women in the premium income has helped to bring more women and women self-help groups under various NGOs to SBI Life Insurance.

Further, the various options under the Unit-linked insurance policies (ULIP) coupled with a switch-over facility — four times in a year without any cost — to guard against fluctuations in the market, flexibility in the withdrawal of money, tax exemptions under various sections of income-tax for a variety of schemes have helped to make the mobilisation successful.

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