SBI Life joins parent to tap RIB deposits

 SBI Life Insurance Company today launched a single-premium product, Setubandhan, which guarantees 5 per cent annual return over five or 10 years.

 The product combines life cover for non-resident Indian (NRI) investors with the option of taking term cover for dependents residing in India, aged between 18 and 55.

 The scheme provides full repatriation of maturity or death benefits in foreign exchange, if desired. The minimum sum assured starts from Rs 3 lakh and goes up to Rs 1 crore.

 The parent, SBI, if offering 2.3 to 3.4 per cent annual return under Pravasi Samriddhi scheme. Thus far, the has mopped up over Rs 1,000 crore in deposits.

 Chairman and managing director S K Purwar said the bank expects to mop up about 30-35 per cent of the RIB deposits.

 At the launch of Setubandhan, SBI Life managing director and CEO, R Krishnamurthy, said NRIs are risk-adverse investors