What Is LIC’s Bima Sakhi Yojana Launched By PM Modi?

LIC’s Bima Sakhi Yojana seeks to empower women and also make insurance accessible to everyone in the country

Over the years, the Modi government has taken several steps to empower the women. Some examples include the Beti Bachao Beti Padhao (BBBP) mission, Ujjawala Scheme, Sukanya Samridhi Yojana, Swadhar Greh Scheme, Mahila Shakti Kendra (MSK) and Pradhan Mantri Matru Vandana Yojana (PMMVY). Taking it forward, Prime Minister Modi has now launched the LIC’s Bima Sakhi Yojana. For better understanding, let us take a look at what is LIC’s Bima Sakhi Yojana, its eligibility criteria and the income women can earn through this initiative.

What Is LIC’s Bima Sakhi Yojana?

Under the LIC’s Bima Sakhi Yojana, women have the opportunity to work as Mahila Career Agents (MCA). Women who enroll for this program will be eligible to earn stipend for a period of 3 years. Those who complete the target of 24 life insurance policies will be eligible for commission and bonus commission. This will be in addition to the stipend paid to them. During the three years, the enrolled women will be provided the necessary training on insurance and insurance products.

In addition to the stipend and commission earned during the training period, women who choose LIC’s Bima Sakhi Yojana can also look forward to a bright future ahead of them. These women can choose to work as LIC agents, which will provide them a permanent source of income. As per available data, an insurance agent earns around Rs 15,000 per month on an average.

As such, the LIC’s Bima Sakhi Yojana can be a significant financial boost. Women who graduate as Bima Sakhis can also look forward to working with the LIC in Development Officer roles. As is evident, LIC’s Bima Sakhi Yojana not only provides stipend benefits, but also unlocks full time career opportunities in the field of insurance.

With LIC’s Bima Sakhi Yojana, the government is also aiming for greater awareness of insurance schemes across the country. A large part of the population lives in villages, where awareness about insurance and its benefits is quite lacking. Women who enroll for LIC’s Bima Sakhi Yojana will play a key role in spreading awareness about insurance schemes.

What Is Eligibility for LIC’s Bima Sakhi Yojana?

The eligibility for LIC’s Bima Sakhi Yojana is quite simple. The age should be in the range of 18 to 70 years. And education should be a minimum 10th standard.

How to apply for LIC’s Bima Sakhi Yojana?

The government has provided an online platform to apply for LIC’s Bima Sakhi Yojana. The applicant has to visit the following LIC webpage – https://licindia.in/lic-s-bima-sakhi, and click on the button provided at the bottom of the page. A new window will open, where the applicant has to file all the details. From there, just follow the instructions to complete the form. Applicants can also approach their nearest LIC office if they want to apply offline for Bima Sakhi Yojana.

How much can women earn through LIC’s Bima Sakhi Yojana?

The first-year commission (excluding Bonus Commission) is Rs 48,000. The stipend for the first year is Rs 7,000 per month. In the second year, the stipend is Rs 6,000 per month. However, this will be applicable when at least 65% of policies done in the first year are still active in the second year (corresponding period). In the third year, the stipend is Rs 5,000 per month. This is applicable when 65% of policies done in second year are active in the third year (corresponding period).

What documents are needed for LIC’s Bima Sakhi Yojana?

Documentation is pretty simple for LIC’s Bima Sakhi Yojana. The applicant will have to provide a latest passport size photograph, a completely filled application form, age proof, address proof and educational qualification proof.