LIC’s Bima Sakhi Scheme launched by PM Modi at Panipat, Haryana

Prime Minister Narendra Modi launched the Bima Sakhi scheme of the public-sector insurance company, the Life Insurance Corporation (LIC), at Panipat in Haryana on December 9, 2024.

Prime Minister Narendra Modi said that besides creating income opportunities for 2 lakh women, the LIC’s Bima Sakshi scheme will help achieve the government’s target of Insurance for All by 2047.

The prime minister said his government was committed to empowering women, and the LIC’s Bima Sakhi scheme is a step in that direction.

Union Finance Minister Nirmala Sitharaman was also present at the inauguration ceremony.

About the Bima Sakhi scheme of the LIC

The Bima Sakhi scheme is for women, and they will receive training for the first three years to promote financial literacy and awareness about insurance products among people, especially in rural areas.

These women trainees, called Bima Sakhi, will also receive a stipend in addition to the commission for selling the LIC insurance policies.

After completing the training, the women can become LIC insurance agents.

In the scheme's first year, LIC will recruit 2 lakh women.

Eligibility & Benefit of the Scheme

• Women in the age group 18-70 years are eligible to become Bima Sakhi.
• They should be at least the 10th pass.
• The scheme is not eligible for relatives of existing agents and employees or retired LIC employees.
• If women sell a minimum of 24 policies, they will receive a commission of Rs 48,000 (excluding bonus) for the first year. 
• The candidates will also get a monthly stipend of Rs 7,000 per month.
• In the second year, they will get a stipend of Rs 6,000 per month, subject to certain conditions.
• In the third year, the monthly stipend will be Rs 5,000 per month, subject to certain conditions.

About Life Insurance Corporation (LIC)

The government of India established the Life Insurance Corporation (LIC) on September 1, 1956, by nationalising 245 Indian and foreign insurance companies.

The LIC was established under the Life Insurance Corporation Act 1956 provisions. 

It is the largest insurance company in India, and it is owned by the central government.

Headquarters: Mumbai, Maharashtra

Chief Executive Officer and Managing Director: Siddhartha Mohanty 

Slogan of LIC: “Yogakshemam Vahamyaham” taken from Bhagavad Gita

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