Prime Minister Modi launches Bima Sakhi Yojana to empower women through wider insurance awareness
The Bima Sakhi Yojana, inaugurated by PM Modi, aims to empower women aged 18 to 70 as volunteer insurance agents. With training and stipends, the initiative seeks to appoint 200,000 women, promoting financial literacy and securing economic independence.
Panipat (Haryana): Prime Minister Narendra Modi inaugurated the Bima Sakhi Yojana, an initiative of the Life Insurance Corporation of India (LIC) aimed at empowering women through financial literacy and insurance awareness.
“Empowering women economically strengthens the nation. The Bima Sakhi Yojana will not only provide employment opportunities but also enhance women’s role in advancing financial inclusion,” PM Modi said at the launch event, emphasising the transformative potential of the initiative.
The scheme is targeted at women aged 18 to 70 who have passed class 10 and want to become volunteer insurance agents. Participants will receive training and a stipend for three years, enabling them to promote financial literacy and create awareness about insurance among underserved communities.
The government plans to appoint 200,000 Bima Sakhis over the next three years, starting with 25,000 appointments this year, finance minister Nirmala Sitharaman said at the event in Panipat, Haryana. To apply, candidates must provide proof of age and address, and educational qualification certificates.
Each woman insurance agent volunteer will receive a stipend of ₹7,000 per month in the first year, ₹6,000 per month in the second year, and ₹5,000 per month in the third year, Sitharaman stated. Once the training is successfully completed, participants will become LIC agents, helping bridge the gap in insurance penetration in rural and semi-urban areas.
Career prospects
Additionally, graduates of the Bima Sakhi programme may qualify for development officer roles within LIC, offering them a chance to advance their careers in the insurance sector.
During the event, the Prime Minister handed over appointment certificates to the first batch of Bima Sakhis, marking a significant milestone in the implementation of the scheme.
The programme is expected to foster financial independence among women while expanding LIC’s outreach in promoting insurance as a tool for economic security. The Bima Sakhi Yojana underscores the government’s commitment to women’s empowerment and aligns with its broader goals of enhancing financial literacy and employment opportunities for women in India.
Each Bima Sakhi will have a target of insuring two individuals every month or 24 individuals in a year to earn the commission.
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“If they fail to meet this target, they will not receive a commission but will continue to receive their stipend, ensuring financial support during the initial training and onboarding phase,” said Siddhartha Mohanty, chairman of LIC.
After completing the three-year period, the women insurance volunteers will no longer receive a stipend but can earn a commission for each insurance policy they secure. However, if they fail to meet their yearly target after the three-year stipend period, their agent registration may be cancelled, Mohanty said.
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Business NewsEconomyPrime Minister Modi launches Bima Sakhi Yojana to empower women through wider insurance awareness
First Published:9 Dec 2024, 06:49 PM IST
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