The launch is a part of its vision to protect the lives of a cross section of the socio economic segment of India’s rural and urban population.

The micro insurance products will be marketed through SBI’s branch network in Orissa. SBI Life Insurance took the initiative to launch the products in Orissa as it has one of  largest base of the economically weaker population particularly in its rural areas.

The company also plans to launch these products in other parts of India through SBI, which has the largest distribution network covering the entire spectrum of rural India, said the company.

This will help the company deepen life insurance penetration particularly amongst customers in rural areas. U S Roy, MD & CEO, SBI Life, said: “Our foray into micro insurance with State Bank signifies our commitment to reach out and provide protection to the most vulnerable and weaker section of the society. We are confident that State Bank’s extensive network will enable us to offer protection to the segment that will benefit significantly from it.”

Dual benefit

SBI Life’s ‘Grameen Shakti’ is highly affordable and designed to meet the requirements of weaker sections of the ural population. It is a micro insurance pure term product with return of premium.

It is a dual benefit life insurance product to safe guard the group member, which provides protection with maturity benefit at affordable rates. The premium can be paid yearly throughout the entire term of the policy.

For a 5 year term, the premium payable is Rs 301 per annum for a sum assured of Rs 25,000. On death of the group member, the nominee receives the sum assured, while on maturity the group member receives 50 per cent of the premium paid for a five year term.