SBI Life Insurance Company, an arm of State Bank of India, has announced that it has rolled out `Grameen Shakti` scheme for SHGs in Tamil Nadu (TN) and Puducherry.

SHGs are known as the Self Help Groups.

According to the sources, the conglomerate plans to bring about 0.3 million SHGs under its insurance network in Tamil Nadu.

The company claims that the proposed scheme has got marvellous response in Orissa and a few other states in the country.

According to the company officials, the five-year scheme entails a life cover for Rs 50,000 and the annual premium was Rs 601, including refund of 50 percent as survival benefit.

The reports said that the bank had received about 77,000 proposal forms for the scheme at the launch.

Shares of State Bank of India declined Rs 17.4, or 1.58%, to end at Rs 1,087. The total volume of shares traded was 1,056,596 at the BSE.(Friday)