Bima Sakhi Yojana

On 9th Dec 2024, Prime Minister inaugurated the Bima Sakhi Yojana, an initiative by the Life Insurance Corporation of India (LIC).

Key Points

Objective: The Bima Sakhi Yojana aims to empower women through financial literacy, employment opportunities, and enhanced insurance penetration in underserved communities.
Target Group: Women aged 18-70 with a minimum qualification of Class 10 can apply to become volunteer insurance agents.
Training and Stipend: Participants will undergo training and receive a monthly stipend—Rs 7,000 in the first year, Rs 6,000 in the second, and Rs 5,000 in the third.
Appointments and Goals: The government plans to appoint 200,000 Bima Sakhis over three years, starting with 25,000 in the first year. Each volunteer has an annual target of insuring 24 individuals.
Career Growth: Graduates of the programme may qualify for LIC development officer roles, offering opportunities for career advancement.
Post-Stipend Period: After the three-year stipend period, participants earn commissions for securing policies but risk deregistration if annual targets are unmet.
Impact: The initiative supports women’s financial independence and aligns with the government’s broader goals of financial inclusion and employment generation for women.