Launched by Prime Minister Narendra Modi in December 2024, the Bima Sakhi Yojana is a groundbreaking initiative by LIC aimed at empowering women aged 18–70 from rural and semi-urban areas. This program trains women to become financial literacy ambassadors and LIC insurance agents, expanding insurance reach and boosting economic independence
Objectives & Reach
- Train and appoint up to 200,000 women over three years (with 100,000 targeted in the first year)
- Empower women financially while increasing insurance penetration in undeserved regions
Eligibility Criteria
- Women aged 18 to 70 years, with at least Class X education
- Preferably members of Self‑Help Groups (SHGs) under NRLM (optional)
- Participants cannot be LIC agents or closely related to existing LIC employees or agents
Scheme Details
- Training Period: 3 years
- Monthly Stipend:
- Year 1: ₹7,000
- Year 2: ₹6,000
- Year 3: ₹5,000
- Trainees are expected to sell 24 policies annually (2 per month)
- Commission is paid only if annual policy retention is >65%; failure to meet targets may lead to stopping commission or certification cancellation after the training period
- Successful participants can become LIC agents and may qualify for Development Officer roles, especially graduates
Benefits & Socio-Economic Impact
For Women:
- Economic independence through a fixed stipend + incentives
- Flexible working hours with local community engagement
- Skill-building in sales, finance, and insurance management
- Opportunity to advance into formal careers within LIC
For Communities:
- Improved financial awareness and insurance penetration
- Support for purchasing and claiming insurance in local language
- Bridging the gap in rural insurance service access
For LIC & Govt:
- Estimated ₹4,000 crore premium business expected in year one from enrollments
- Input to goals like Har Ghar Insurance and financial inclusion for all
How to Apply
- Application opens on LIC’s official portal (e.g., LIS website) since December 2024
- Required documents:
- Proof of age and Class X mark sheet
- Residential address
- SHG membership (if applicable)
- Self-attested application form
Performance Expectations
- First Year: Sell 24 policies (>65% active retention into Year 2)
- Second & Third Year: Maintain retention of ≥65% each year
- After successful completion, Bima Sakhis earn full commissions; underperformance may lead to discontinuation after training
Real Feedback & Growth
“About 50,000 registrations within weeks!”
Local participation surged quickly after launch, reflecting enthusiasm and the scale of impact anticipated.
Final Thoughts
The Bima Sakhi Yojana is a strong step toward women’s empowerment and inclusive growth in rural India. It not only improves insurance reach but also equips women with long-term skills, financial independence, and leadership roles in their communities.
To join or find out more, visit LIC’s official website and search “Bima Sakhi Yojana”.
