PM Modi Launches LIC’s Bima Sakhi Yojana for Women Empowerment

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