LIC Bima Sakhi Yojana

What is Bima Sakhi Yojana?

The Bima Sakhi Yojana is a government-backed scheme designed to empower women by appointing them as volunteer insurance agents (Bima Sakhis). It targets women aged 18 years to 70 years.

These women are equipped with knowledge of insurance products and financial literacy, enabling them to educate and assist underserved communities in making informed decisions about life insurance and financial planning. The program is designed to increase insurance penetration in areas with low awareness and provide women with career opportunities.

Key Features of the Bima Sakhi Yojana

Financially Empowering Women: Under the Bima Sakhi Yojana, women between the ages of 18 and 70 will be selected and trained over a three-year period. During this time, they will receive a stipend and career support from LIC, helping them to gain financial independence.

Rural and Semi-Urban Focus: The program primarily targets rural and semi-urban regions, where insurance awareness is typically lower. By empowering local women to become insurance agents, the initiative helps bridge the gap in these areas and encourages the adoption of insurance policies.

Women as Financial Educators: Bima Sakhis will play a key role in educating their communities about the importance of insurance and financial planning. Their efforts aim to increase financial literacy and protect families against unforeseen circumstances.

Career Growth Opportunities: The Bima Sakhi Yojana allows women to pursue long-term careers in insurance. After their training, women can become official LIC agents, further expanding their financial independence and career prospects.

Financial Literacy Workshops: Besides training women as insurance agents, the Bima Sakhi Yojana conducts workshops on financial literacy. These sessions empower women to understand personal finance, budgeting, and long-term financial planning, helping them guide others.

How Does the Bima Sakhi Yojana Work?

The Bima Sakhi Yojana operates through a comprehensive training and mentorship program. Women who join the initiative are given in-depth training on LIC’s insurance products and financial literacy tools. They are then tasked with educating their communities, explaining life insurance benefits, and helping families secure policies that suit their needs. These women also act as financial advisors, guiding families toward better financial management.

Training and Stipend Details

Customers in the Bima Sakhi Yojana will receive comprehensive training to be equipped with the skills needed for their role. The government has announced the following stipend structure:

1st Year: Rs 7,000 per month

2nd Year: Rs 6,000 per month (Provided that at least 65% of the policies issued during the first stipendiary year remain active by the end of the corresponding month in the second stipendiary year).

3rd Year: Rs 5000 per month (Provided that at least 65% of the policies issued during the 2nd stipendiary year remain active by the end of the corresponding month in the 3rd stipendiary year).

Once their training is complete, participants will officially become LIC agents helping bridge the gap in insurance coverage.

Community Benefits of Bima Sakhi Yojana

Increased Insurance Penetration: By training women as Bima Sakhis, LIC is able to reach previously untapped markets, increasing awareness and adoption of life insurance in rural and semi-urban regions.

Financial Security for Families: Through the Bima Sakhi Yojana, families in underserved areas are introduced to life insurance products, ensuring they have financial protection in the event of a tragedy. This leads to better financial security and stability for the community as a whole.

Strengthening Women’s Role in Society: The initiative strengthens women’s roles as key financial contributors in their households and communities, promoting gender equality and women’s empowerment.

Government’s Long-Term Vision for Women’s Empowerment

The Bima Sakhi Yojana is more than just an insurance awareness program; it’s a vision for long-term socioeconomic development. By enabling women to become financial educators and insurance agents, the program addresses the dual challenges of financial illiteracy and limited economic opportunities for women. The program aligns with PM Modi’s broader goal of promoting financial inclusion, economic independence for women, and insurance coverage for all.

Final Thoughts

The Bima Sakhi Yojana represents a significant milestone in India’s efforts to empower women through meaningful employment and financial literacy. By appointing 200,000 women as insurance agents over the next three years, the initiative is set to transform lives and build a more secure, financially aware society.