PM Modi launches LIC Bima Sakhi Yojana: Benefits, eligibility, application process, and everything you need to know

LIC Bima Sakhi Yojana: Today, Prime Minister Narendra Modi launched the Bima Sakhi Yojana (Insurance Sakhi Scheme) in Panipat, Haryana. This scheme is aimed at educated women and seeks to financially empower them, helping half of the population become self-sufficient. Women aged between 18 and 70, who have completed at least the 10th grade, are eligible to join. Those who take part in the scheme will be known as "Bima Sakhi" (Insurance Sakhi) and will support other women in their communities to access insurance, offering them an opportunity for self-employment. Let's explore more about the Bima Sakhi Yojana.

About the Bima Sakhi Scheme

This initiative by the Life Insurance Corporation of India (LIC) is aimed at empowering women aged 18 to 70 who have passed the 10th grade. As part of the scheme, educated women will receive training for three years to help raise financial awareness and explain the importance of insurance. During the training period, they will also receive a stipend.

#WATCH | Panipat, Haryana: Addressing the launch event of the LIC Bima Sakhi Yojana, PM Modi says, "... There were many such tasks which were prohibited for women. The BJP has decided to remove every obstacle from our daughters' paths..." pic.twitter.com/ff6eK3K6NR

¡ª ANI (@ANI) December 9, 2024

After completing the three years of training, these women will be qualified to work as LIC insurance agents. Additionally, women with a bachelor's degree will have the chance to become Development Officers at LIC. Here are some key details about the scheme:

VIDEO | "Today India is a taking another strong step towards women empowerment. The day is special because of other reasons too. Today is 9th, number 9 is considered very auspicious in scriptures. Number 9 is associated with the nine strengths of goddess Durga," says PM Modi¡­ pic.twitter.com/GhjWr1W9ka

¡ª Press Trust of India (@PTI_News) December 9, 2024

Applicants must have at least a 10th-grade certificate.

- Only women between the ages of 18 and 70 can apply.

- The Bima Sakhi scheme (MCA scheme) is exclusively for women and is stipend-based. Women will be trained for the first three years and will receive a monthly stipend during this time.

- The scheme aims to make women self-sufficient as insurance agents and teach them financial literacy. Women will be trained in selling insurance policies, which will help increase their income and provide financial security for their families.

- Women participating in the Bima Sakhi scheme (MCA scheme) will not be considered regular LIC employees. They will not receive a salary like permanent employees but will work as trainees or assistants, receiving a fixed stipend without the benefits of full-time employees.

- Women selected for the scheme will need to meet specific performance standards each year. These standards are in place to track the success and progress of the participants.

How Much Money Will You Get Under the Bima Sakhi Scheme?

- Women joining the Bima Sakhi scheme will need to complete training during the first three years. During this time, they will receive some payments, as explained below.

- According to the official LIC website (https://licindia.in/test2), women who have completed their 10th grade and join the Bima Sakhi scheme must sell 24 policies in the first year. This means they need to sell two policies each month. In return, they will earn a commission of Rs 48,000 in the first year, excluding any bonuses. This works out to a Rs 4,000 commission each month for selling two LIC plans. After the first year, at least 65% of the policies sold in the first year must remain active (in-force) in the second and third years.

- Bima Sakhis are expected to help women in their local areas get insurance. They will receive special training, and during this time, they will receive the following monthly stipend:

- First Year: Rs 7,000 per month

- Second Year: Rs 6,000 per month

- Third Year: Rs 5,000 per month

Under the MCA scheme, women working as insurance agents must ensure that at least 65% of the policies sold in the first year remain active by the end of the second year. For example, if a woman sold 100 policies in the first year, 65 of these must still be active by the end of the second year. This ensures that agents not only sell policies but also maintain them, which helps improve their work stability and effectiveness.

In the third year, women must ensure that at least 65% of the policies sold in the second year stay active. For example, if a Bima Sakhi sold 24 policies in the first year and kept 65% (16 policies) active in the second year, she will need to maintain 65% of those in the third year as well.

These performance targets encourage women to offer good service to their clients and keep their policies active. The structure is designed to offer financial support to women so they can enter the insurance industry and build a career.

How to Apply:

- Visit the official LIC website at https://licindia.in/test2.

- Scroll down and click on the "Click here for Bima Sakhi" link.

- Fill in your name, date of birth, mobile number, email ID, and address.

- If you are connected with any LIC India agent, development officer, employee, or medical examiner, provide their details.

- Enter the captcha code and click the submit button.

Documents Required for the Application:

- Proof of age

- Proof of address

- 10th-grade certificate

- All documents should be self-attested by the female applicant.

Important Note: If any information is incomplete or incorrect while applying, your application may be rejected.

Things to Keep in Mind:

- If someone is already an agent or employee at LIC, their close family members cannot apply for the MCA (Master Consultant Agent) role under this scheme.

- If a person has previously worked at LIC and is now retired or a former agent, they cannot reapply to become an insurance agent under this scheme.

- Existing agents cannot apply for the MCA position under this scheme. In other words, those already working as LIC agents are not eligible to reapply for the MCA role.

- Women applying for the MCA scheme must upload a recent passport-sized photograph with their application.

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