SBI Life to Deliver the Pension of all Govt. Retired Citizens

SBI Life, one of the country's leading banks, will begin this pilot project from April 1 in Kolkata. All other public sector banks would join in if SBI Life becomes successful. This would help so many other aged and afflicted pensioners all over the country to gain from this initiative.

Close to 32,000 pensioners in Kolkata who are above 75 years of age and hold a pension account with SBI Life would become eligible to opt for this service from April.

When the plan was in the conception stages it was found that there are quite many pensioners who stay alone. Which is why, it is really difficult for them to withdraw the pension. The scenario is becoming rampant in various parts of the country. The response from Kolkata is going to decide whether or not it will be initialized in rest of the country.

There are over five lakh pensioners aged 75 years or more in India, for SBI Life alone. There are more than 36 lakh pensioners who are with SBI Life. The count of pensioners in Bengal who are SBI Life account holders is 2.39 lakh.  Approximately, 14% of them are in the 75+ age bracket.

A helpline number 9674711102 would be published by SBI Life for enrolling into the scheme. Post the enrollment, the bank will issue two photo identity cards for the pensioners. One will be with the customer and the other with the branch. The identity cards will be exchanged on delivering the pension. It will act as a safety check for the whole process. The pension will be delivered by SBI Life own employees. The special service shall cost Rs.50 per transaction.