| Hyderabad-based SKS Microfinance Private Limited on Tuesday introduced Swayam Shakti Suraksha, a group insurance product of Bajaj Allianz Life Insurance, for its members.
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| Initially, the product would be rolled out from 100 branches in Andhra Pradesh, Karnataka and Orissa and later from all the SKS' branches across 15 states in the next six months, said Vikram Akula, chief executive officer of SKS.
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| Launching the product CS Rao, chairman, Insurance Regulatory and Development Authority (Irda), said five new insurance companies were expected to join the fleet of insurance providers in May.
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| Their applications were currently being processed. He, however, refused to divulge their names.
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| There was a need for evolving new products to give cover to the poor. Insurance companies should forge ties with NGOs that are strong in specified areas to reach a larger number of people, he added.
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| Speaking on the occasion, Bajaj Allianz Life Insurance chief executive officer Kamesh Goyal said the product was targeted at people with low income.
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| The premium will be Rs 45 a month and the sum assured Rs 2,500. |
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