This program aspires to recruit a substantial number of women as insurance agents
The Life Insurance Corporation of India (LIC) has unveiled the ‘Bima Sakhi Yojana,’ a transformative initiative aimed at empowering women across the nation by integrating them into the insurance sector. Launched on December 9, 2024, in Panipat, Haryana, by Prime Minister Narendra Modi, this program aspires to recruit a substantial number of women as insurance agents, termed ‘Bima Sakhis,’ thereby fostering financial independence and enhancing women’s participation in the workforce.
Objectives of Bima Sakhi Yojana
The primary goal of the Bima Sakhi Yojana is to provide women, especially those from rural and underserved areas, with viable employment opportunities in the insurance industry. By engaging women as insurance agents, the scheme aims to:
- Promote Financial Independence: Enable women to earn a stable income through commissions and stipends, thereby achieving economic self-reliance.
- Enhance Insurance Penetration: Utilize the reach of women agents to extend insurance services to remote and rural regions, increasing overall insurance coverage.
- Encourage Female Entrepreneurship: Foster entrepreneurial skills among women, allowing them to manage their schedules and client bases effectively.
Eligibility Criteria
The Bima Sakhi Yojana is designed to be inclusive, with the following eligibility requirements:
- Age: Women aged between 18 and 70 years are eligible to apply.
- Educational Qualification: A minimum education level of Class 10 pass is required.
- Residency: Applicants must be Indian citizens.
Financial Incentives and Earnings
To attract and support women agents, the scheme offers a structured financial package:
Fixed Stipend: A monthly stipend is provided during the initial three years:
- First Year: ₹7,000 per month
- Second Year: ₹6,000 per month
- Third Year: ₹5,000 per month
- Totaling ₹2,16,000 over three years
Commission-Based Earnings: In addition to the stipend, agents earn commissions on the insurance policies they sell, offering unlimited earning potential.
Training and Support
LIC is committed to equipping Bima Sakhis with the necessary skills and knowledge:
- Comprehensive Training: Structured training sessions cover product knowledge, sales techniques, customer service, and digital tools.
- Flexible Working Hours: The program allows agents to set their schedules, making it ideal for homemakers, students, and others seeking flexible employment.
Implementation and Targets
The Bima Sakhi Yojana has set ambitious targets to maximize its impact:
- Initial Recruitment: The program aims to recruit 25,000 women agents in its initial phase.
- Long-Term Goal: By 2026, the objective is to onboard 200,000 women agents nationwide.
Impact on Women Empowerment
The introduction of the Bima Sakhi Yojana is poised to make significant contributions to women’s empowerment:
- Economic Upliftment: Providing a steady income source enhances the financial status of women and their families.
- Skill Development: Training programs develop professional skills, increasing employability and confidence.
- Community Development: Women agents serve as financial advisors within their communities, promoting financial literacy and inclusion.
Application Process
Interested candidates can apply through the following steps:
- Offline Application: Visit the nearest LIC office to obtain and submit the application form along with necessary documents.
- Online Application: Access the application form on LIC’s official website, fill in the required details, upload documents, and submit the form online.
Required Documents
Applicants need to provide:
- Aadhaar Card
- Educational Certificates
- Bank Account Details
- Passport-Sized Photographs
Government Support and Vision
The Bima Sakhi Yojana aligns with the government’s broader agenda of women empowerment and financial inclusion. Prime Minister Modi emphasized the importance of providing ample opportunities for women to advance and removing obstacles in their path, highlighting the government’s commitment to unprecedented steps for women’s empowerment over the past decade.
Conclusion
The LIC Bima Sakhi Yojana represents a significant stride towards empowering women by integrating them into the insurance sector. By offering financial incentives, comprehensive training, and flexible working conditions, the program not only aims to enhance women’s economic status but also seeks to broaden insurance penetration across India. As the initiative progresses, it holds the potential to transform the socio-economic landscape by fostering financial independence and entrepreneurship among women nationwide.
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