(a) whether the State Bank of India`s SBI Life is negotiating with a number of
State Governments and municipal bodies to offer tailor made group insurance plans;
(b) if so, the details thereof;
(c) the response received from the State Governments and the municipal bodies in this
regard;
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(d) whether it is also true that SBI Life had responded to expression of interests in managing
pension portfolio invited by some State Governments; and
(e) if so, the details thereof?
THE MINISTER OF STATE IN THE MINISTRY OF FINANCE
AND COMPANY AFFAIRS (SHRI ANANDRAO VITHOBA ADSUL):
(a) and (b) The SBI Life insurance Company Limited have informed that a Group Insurance Scheme
namely `Super Suraksha` has been introduced by them. The scheme has been duly approved by the
Insurance Regulatory and Development Authority (IRDA) and is marketed by them to cover groups
of employees in various institutions including employees of state public sector undertakings
and municipal bodies. The scheme is structured in every case to modify the benefits to suit
the specific needs of each group.
(c) The SBI Life have informed that out of the offers made to various state public sector
undertakings and the municipal bodies, they have received positive response from the Government
of Andhra Pradesh. A few other State Governments and departments have asked for certain
clarifications which have been provided to them.
(d)and (e) The SBI Life have also informed that they have responded to an advertisement
released by the Government of Karnataka soliciting expression of interest for managing the
superannuation benefits of the employees of urban level bodies in the State, as part of
its routine marketing function.