SBI Life enters micro insurance, launches 2 new products

Mumbai, Dec 11 (UNI) SBI Life Insurance has entered into micro insurance by launching two new products -- Grameen Super Suraksha and Grameen Shakti -- for the economically underpriveleged of rural India.

SBI Life Insurance, which has the highest financial strength rating of 'AAA' from CRISIL for its superior financial security, has announced its entry into micro insurance with the launch of two new products 'Grameen Super Suraksha' and 'Grameen Shakti' as part of its vision to protect the lives of a cross section of the socio economic segment of India's rural and urban population, said SBI in a statement here today.

SBI Life Insuance's both products have been designed to meet the requirements of the weaker sections of the rural population. SBI Life's micro insurance products is aimed at providing life cover and reducing the vulnerability of the low-income socio economic strata of rural India with affordable life insurance products, it added.

SBI Life managing director and CEO U S Roy said ''Insurance had been largely concentrated to urban India but recently insurance has moved to rural India.'' Sudden death in the family, under poverty conditions, jeopardises the future of the entire family. The micro insurance policies offered by SBI Life will help minimise the level of such insecurity, he added.

UNI