State Bank of India introduced group micro insurance product in association with SBI Life Insurance named 'Grameen Shakti' for the weaker sections of the society.
It is meant only for members of Self Help Groups (SHG) and will provide life insurance cover at a very affordable cost of Re 1 per day. The scheme, will remain open for 45 days between August 1 and September 14, 2009.
A dual-benefit life insurance plan provides cover for 5 years and the premium payable is Rs 361 per annum per member (inclusive of service tax) for a sum assured of Rs 30,000. On death of the Group member, the nominee receives the sum assured, and on the other hand, on maturity of the plan the group member, if alive, receives 50 per cent of the premium paid for a 5 year term.
The scheme is available to a person between 18 to 50 years of age and is linked to SBI. No medical check up is required for joining the Scheme.
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