SBI Life gets IRDA clearance for launching group pension scheme

New Delhi: SBI Life has received clearance from the Insurance Regulatory and Development Authority (IRDA) for launching a group pension scheme. SBI Life managing director and CEO R Krishnamurthy says the company will launch the scheme shortly.

Along with this, the company is also planning to offer a rural health insurance plan. Designed along with the Administrative Staff College, Hyderabad, the product will initially be launched as a pilot project in Andhra Pradesh.

The company recently launched its pension plan and kicked off its bancassurance operations in the northern region for selling insurance and pension products through select SBI branches.

SBI Life intends to leverage its 8-crore customer base and its 10,000-strong branch network of its parent bank to launch its bancassurance operations in the entire country by end-March 2003.