Prime Minister Narendra Modi unveiled the Bima Sakhi Yojana on December 9, 2024, in Panipat, Haryana. This initiative by the Life Insurance Corporation of India (LIC) aims to empower women aged 18 to 70 by providing them with employment opportunities as insurance agents, thereby promoting financial independence and literacy.
Key Objectives of Bima Sakhi Yojana
- Women Empowerment: Facilitating financial independence for women, especially in rural areas.
- Employment Generation: Creating job opportunities within the insurance sector.
- Financial Literacy: Enhancing awareness about insurance and financial planning among women.
Eligibility Criteria
To participate in the Bima Sakhi Yojana, candidates must meet the following requirements:
- Age: Between 18 and 70 years.
- Education: Minimum qualification of Class 10 pass.
- Exclusions: Relatives of existing LIC agents and employees, as well as retired employees, are not eligible.
Stipend and Commission Structure
The scheme offers a structured stipend over the first three years, along with commissions based on policy sales:
| Year | Monthly Stipend (INR) | Annual Stipend (INR) | Conditions for Stipend Continuation |
|---|---|---|---|
| 1 | 7,000 | 84,000 | None |
| 2 | 6,000 | 72,000 | 65% of first-year policies must remain active |
| 3 | 5,000 | 60,000 | 65% of second-year policies must remain active |
In addition to the stipend, agents earn commissions on policy sales, with a potential first-year commission of INR 48,000, excluding bonuses.
Training and Career Advancement
Participants receive specialized training to promote financial literacy and insurance awareness. After completing the training, women can serve as LIC agents. Successful Bima Sakhis may also qualify for development officer roles within LIC, offering further career advancement opportunities.
Application Process
Interested candidates must submit the following documents:
- Age proof
- Educational qualification certificates
- Address proof
Applications can be submitted through the official LIC website or at designated LIC offices.
Impact and Future Prospects
The Bima Sakhi Yojana is poised to significantly impact women’s empowerment by providing sustainable employment opportunities and promoting financial literacy. By integrating women into the insurance sector, the scheme aims to enhance economic development and social inclusion across India.
What is the Bima Sakhi Yojana?
It’s an initiative by LIC to empower women aged 18 to 70 by providing training and employment opportunities as insurance agents.
Who is eligible to apply for this scheme?
Women between 18 and 70 years old with a minimum education of Class 10 pass are eligible. Relatives of existing LIC agents and employees, as well as retired employees, are excluded.
What stipend and commissions are offered under the scheme?
Participants receive a monthly stipend: INR 7,000 in the first year, INR 6,000 in the second year, and INR 5,000 in the third year, subject to policy retention conditions. Additionally, agents earn commissions on policy sales, with a potential first-year commission of INR 48,000, excluding bonuses.
