State Bank of India has rolled out a micro insurance scheme ''Grameen Shakti'', for its Self Help Group (SHG) members. The product was launched on Nov 26 at the Tamil Nadu Agricultural University. The bank is hopeful to cover at least five lakh SHG members by December 31.Total proposal forms were received soon, after unveiling it from the SHG, members were around 77,430.It is a life cover for an assured sum of Rs 50,000.
The premium payable on this five-year policy is Rs 601 a year. The Chennai circle of the bank, comprising Tamil Nadu and Pondicherry, has credit linked 84,500 SHGs with a total membership of about 14 lakh.
The premium payable on this five-year policy is Rs 601 a year. The Chennai circle of the bank, comprising Tamil Nadu and Pondicherry, has credit linked 84,500 SHGs with a total membership of about 14 lakh.
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