Life Insurance Corporation of India (LIC) has signed a Memorandum of Understanding (MoU) with the Ministry of Rural Development to promote the Bima Sakhi Yojana, a women-centric initiative designed to empower rural women by integrating them into LIC’s insurance distribution network. This performance-based, stipendiary scheme exclusively supports women between the ages of 18 and 70 who have passed at least class 10, providing them specialized training and monthly stipends for three years to build financial literacy and increase insurance awareness in underserved rural areas.
Under the scheme, these trained women, known as Bima Sakhis, receive a stipend of Rs. 7,000 per month in the first year, Rs. 6,000 in the second year, and Rs. 5,000 in the third year, along with commissions based on their performance. Once the training period concludes, Bima Sakhis are appointed as LIC insurance agents, helping expand the reach of life insurance products and ensuring greater financial security for rural families. They also have the opportunity to qualify for higher roles such as LIC Development Officers.
The Bima Sakhi Yojana, launched by Prime Minister Narendra Modi in December 2024, aligns with the government’s larger goal of promoting financial inclusion and social security by leveraging the influence of empowered women in rural communities. The scheme anticipates enrolling 100,000 women as Bima Sakhis, providing them with sustainable livelihood opportunities through flexible working hours and ongoing training. By educating local communities about insurance benefits and assisting with policy enrollment, Bima Sakhis help bridge the significant gap in insurance penetration across rural and semi-urban regions.
This initiative also complements the broader “Insurance for All” mission, as highlighted by the Prime Minister, who emphasised the critical role of such schemes in poverty eradication and social upliftment. The MoU with the Ministry of Rural Development is expected to accelerate the expansion of the Bima Sakhi scheme by leveraging the extensive network of Self-Help Groups and National Rural Livelihood Mission (NRLM). The collaboration seeks to foster greater awareness and accessibility of insurance products such as PM Jeevan Jyoti Bima Yojana (PMJJBY) and PM Suraksha Bima Yojana (PMSBY) among vulnerable and financially excluded populations.
Also Read: Sanjay Kaul appointed GIFT City CEO to lead India’s Premier financial hub
Through this partnership, LIC is rapidly scaling up its efforts to empower rural women financially while simultaneously expanding its insurance outreach, thus promoting socio-economic development and helping millions of rural households secure their financial futures.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
