The LIC Bima Sakhi Yojana (बिमा सखी योजना) scheme launched by PM Narendra Modi on December 9, 2024, aims to promote financial literacy and inclusion of Indian women in Insurance. In this insurance program, women are intensively trained to become Bima Sakhis (insurance agents). During training, the trainees receive stipends to support their financial stability.
The inclusion of women in the insurance sector improves insurance awareness among people while offering sustainable economic stability to countless women.
In this guide, we’ll cover everything from key statistics to eligibility criteria and the overall impact of the LIC Bima Sakhi Yojana Scheme.
What Is The Primary Objective of the Bima Sakhi Yojana Scheme?
The scheme’s primary objective is to promote financial independence for women by providing employment opportunities as LIC agents.
The scheme is focused on –
- Financial Literacy: Bima Sakhi Yojana equips trainees with comprehensive insurance expertise, enabling them to educate their communities and promote informed financial decisions.
- Financial Inclusion: By bringing underserved regions into insurance, this scheme ensures financial protection for a broad segment of the population.
- Employment Opportunities: This scheme empowers women by recruiting them as LIC agents, providing stable income, and enhancing economic stability and self-reliance.
Key Stats on LIC Bima Sakhi Yojana
1. Goal of Bima Sakhi
This initiative aims to provide employment opportunities and promote financial education to 200,000 women by providing 3 years of intensive training to become Bima Sakhis.
2. Eligibility for Bima Sakhi Application
Women aged between 18 and 70 years with a minimum qualification of 10th grade can apply for the Bima Sakhi Yojana scheme. Women living in rural areas are given preference to boost insurance awareness in these regions.
3. Training Duration
The training period lasts for three years. During this period, the participants learn about LIC’s insurance products and financial management.
4. Stipend Structure for Bima Sakhis
The stipend provided for each year of the training program is as follows.
- 1st Year: ₹7,000 per month
- 2nd Year: ₹6,000 per month (On maintaining at least 65% of policies from Year 1)
- 3rd Year: ₹5,000 per month (On maintaining at least 65% of policies from Year 2)
Note: In the third year, they earn commissions based on the insurance policies they sell.
5. Future Opportunities for Women LIC Agents
Upon completing the training, Bima Sakhis can work as LIC agents and are qualified for Development Officer roles within LIC.
As of 8th January 2025, 52511 women have registered for this program, 27,695 Bima Sakhis have received their appointment letters, and 14,583 are actively selling policies.
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Miscellaneous Stats on the Bima Sakhi Yojana Scheme
1. Performance Criteria for Bima Sakhis
To continue receiving the stipend, the Bima Sakhis must meet the specific performance benchmarks.
- Policy Target: Each Insurance agent is required to complete a minimum of 24 life insurance policies annually.
- Commission Earnings: Agents are expected to achieve a first-year commission of ₹48,000 (excluding bonus commissions)
2. Stipend Continuation Conditions
The stipend for the second and third years will be granted only if at least 65% of the policies completed in the previous year remain active by the month-end of the following year.
How to Apply for the Bima Sakhi Yojana Scheme?
Interested candidates can apply for the scheme through the online registration portal. Fill out the form, submit the required documents, and wait until you get any follow-ups from the LIC.
Refer to this guide for a detailed breakdown of the Bima Sakhi Yojana Scheme.
Final Thoughts
Bima Sakhi Yojana is not just an insurance program, but a revolution in financial inclusion. If you are a woman who’s striving hard to achieve financial freedom, this scheme will be the right choice.
Start your Bima Sakhi journey with Ajay Gupta for expert mentorship and support.
