Ahmedabad, December 29 2023: In a significant move aimed at empowering women in the unorganized sector, SBI Life Insurance, one of the most trusted life insurers in India, has signed an MoU with Shri Mahila Sewa Sahakari Bank Ltd., Ahmedabad. The strategic partnership is set to revolutionize financial inclusion and protection to women workers in the unorganized sector, providing them access to SBI Life’s Micro Shield Insurance plan. The initiative seeks to establish a robust safety net for women workers, ensuring financial protection for loans up to Rs. 2 Lakhs. This coverage is extended to both existing and future loans of the Bank, effectively providing a safety net for over 30,000 loan recipients.
The agreement was signed by Shri Amit Kumar Saha, Regional Director, Ahmedabad Region, SBI Life Insurance and SmtKeyuri Patel, DGM, Shri Mahila Sewa Sahakari Bank Ltd. in presence of Smt Jayshree Vyas Managing Director, Shri Mahila Sewa Sahakari Bank Ltd.; Smt Vandana Shah, CGM, Shri Mahila Sewa Sahakari Bank Ltd.; SmtSmruti Shah, GM, Shri Mahila Sewa Sahakari Bank Ltd.; Shri Ajay Trivedi,Regional Manager, CSG, SBI Life Insurance; Shri Swagat Panda, Regional Head- L&D and other respected dignitaries.
This partnership marks a significant step in addressing the financial challenges faced by women workers in the informal employment sector, demonstrating a commitment to provide financial protection, social responsibility and community upliftment. According to a recent research report by Deloitte, there is an urgent need to increase female force participation and that engaging women through development initiatives nationwide can create equal opportunities for them to enter the organized sector, potentially boosting India’s GDP by 27%.
Speaking on the alliance, Mr. M. Anand, President – Zone 1, SBI Life Insurance, said, “We are delighted to announce this momentous partnership with Shri Mahila Sewa Sahakari Bank Ltd. to deliver inclusive financial solutions through SBI Life Micro Shield Insurance plan. Through this collaboration, our focus is solely on the women workers in the unorganized sector. SBI Life Micro Shield Insurance plan is not merely a financial product; it’s a tool for empowering women to be financially prepared and resilient.” He further added, “This initiative is a step towards enabling women to confidently face life’s uncertainties and pursue their aspirations with a sense of financial security. Our partnership with Shri Mahila Sewa Sahakari Bank Ltd. is more than a business agreement; it’s a commitment to significantly impact the lives of the women workers, helping them build a stronger, more secure future. We are proud to work with an institution that shares same commitment to bring a positive change. Together, we look forward to creating a lasting impact on the lives of women in the unorganized sector.”
Commenting on the collaboration, Ms. Jayshree Vyas – Managing Director, Shri Mahila Sewa Sahakari Bank Ltd., said, “At Shri Mahila Sewa Sahakari Bank Ltd., our commitment to empowering women in the unorganized sector goes beyond providing financial services at their door step. We believe in a customer-centric approach that not only provides financial solutions but also nurtures the aspirations and well-being of customers. The collaboration with SBI Life Insurance is a testament to our dedication in delivering holistic support, ensuring the women we serve not only gain access to essential financial protection but also experience a profound sense of empowerment. Together, we look forward to creating a future where every woman’s financial journey is met with understanding, care, and unwavering support.”
The MoU aligns seamlessly with the Government of India’s initiatives to empower women, especially in the unorganized sector. These efforts aim to enhance women’s economic independence and social well-being. By providing financial security and support through SBI Life Micro Shield Insurance plan, this partnership echoes the government’s vision, contributing to the larger national goal of strengthening the socioeconomic fabric by uplifting women. This collaborative effort symbolizes a synergistic stride towards national progress, where the empowerment of women is pivotal for sustainable development.
