Prime Minister Narendra Modi inaugurated the LIC’s Bima Sakhi Yojana in Panipat, Haryana, aiming to empower women by integrating them into the insurance sector. The initiative seeks to train and enroll 100,000 women in the first year and 200,000 women within three years as career agents. Targeting women aged 18-70 with a minimum education level of 10th grade, the scheme offers financial independence and contributes to societal welfare. PM Modi emphasized the transformative impact of women-led participation in the insurance sector, aligning with the vision of a Viksit Bharat.
Key Features of Bima Sakhi Yojana
Eligibility and Scope: Open to women aged 18-70 who have passed 10th grade. LIC will provide training and financial support for three years.
Earnings and Opportunities: Women are expected to earn an average of ₹15,000 monthly as LIC agents, selling approximately 24 policies annually.
Financial Assistance: Selected candidates receive stipends—₹7,000 in the first year, ₹6,000 in the second, and ₹5,000 in the third year—besides commissions.
Socio-Economic Impact
The scheme aligns with government efforts such as Beti Bachao-Beti Padhao and Lakhpati Didi, reinforcing financial inclusion and social security. By empowering women, the program aims to strengthen household incomes and expand LIC’s reach into underserved areas.
Market and Policy Context
LIC’s Chairman Siddhartha Mohanty highlighted an investment of ₹840 crores in the scheme’s first year, anticipating a significant increase in premium income. With regulatory reforms allowing 100% FDI in insurance, LIC’s market share has grown from 58.50% to 61.07% during April-September 2024.
Future Goals
The initiative aims to integrate at least one Bima Sakhi in every panchayat, leveraging their role to provide social security coverage. After the contract term, trained women will be eligible to become permanent LIC agents, contributing to long-term empowerment and national development.
Summary of the news
| Key Point | Details |
|---|---|
| Why in News | PM Narendra Modi launched LIC’s Bima Sakhi Yojana in Panipat, Haryana, targeting enrollment of 100,000 women in the first year and 200,000 within three years to empower women as LIC agents. |
| Scheme Name | Bima Sakhi Yojana |
| Eligibility | Women aged 18-70, minimum 10th-grade education |
| First-Year Target | 100,000 women |
| Three-Year Target | 200,000 women |
| Training Period | 3 years |
| Stipend Details | ₹7,000 (1st year), ₹6,000 (2nd year), ₹5,000 (3rd year) |
| Expected Monthly Income | ₹15,000 (average for LIC agents) |
| Investment by LIC | ₹840 crores in the first year |
| Launch Location | Panipat, Haryana |
| Purpose | Expand insurance penetration, provide social security, and empower women financially. |
| Key LIC Officer | Chairman Siddhartha Mohanty |
| State Info (Haryana) | CM: Nayab Singh Saini Governor: Bandaru Dattatreya; Capital: Chandigarh |
| LIC Market Share Growth | April-Sept 2024: Increased from 58.50% to 61.07% |
| FDI Context | 100% FDI allowed in the insurance sector |
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