Over 2 lakh women enrolled under LIC's Bima Sakhi Scheme

New Delhi, July 21 (IANS) The Union government on Monday informed that more than 2.05 lakh women have joined the Bima Sakhi – Mahila Career Agent (MCA) Scheme, launched on December 9, 2024.

The scheme, run by the Life Insurance Corporation of India (LIC), aims to empower women by providing them with career opportunities in the insurance sector.

In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary shared the latest updates on the scheme’s progress.

He said that LIC paid Rs 62.36 crore as stipend to Bima Sakhis during the financial year 2024-25.

“For the current financial year 2025-26, LIC has set aside Rs 520 crore, of which Rs 115.13 crore has already been paid to beneficiaries as of July 14,” the minister stated.

Under this scheme, LIC offers women not only commissions but also monthly stipends for the first three years to help them establish their insurance careers.

The stipend starts at Rs 7,000 per month in the first year, decreases to Rs 6,000 in the second year, and to Rs 5,000 in the third year, depending on their performance.

In addition to this financial support, graduate Bima Sakhis who complete five years in the scheme are eligible to apply for Apprentice Development Officer (ADO) posts in LIC, provided they meet the required eligibility criteria.

The scheme also includes several performance-based incentives, allowing women to grow and build long-term careers within LIC.

The Bima Sakhi scheme is part of the government’s broader efforts to promote women's participation in the workforce and expand financial inclusion through insurance.

The Bima Sakhi Yojana, also known as the Bima Sakhi Scheme, is an initiative by the Life Insurance Corporation of India (LIC) aimed at empowering women and promoting financial literacy and insurance awareness. The scheme is open to women aged between 18 and 70 who have passed at least the 10th standard.

Under this programme, selected women receive specialised training and a monthly stipend for the first three years, helping them build a career as LIC agents. The scheme is designed to equip women with the knowledge and skills needed to promote life insurance products effectively in their communities.

One of the key goals of the Bima Sakhi Scheme is to improve financial literacy among women, enabling them to spread awareness about insurance within their local areas.

Those who perform well may also become eligible to apply for development officer positions within LIC, opening up further career opportunities.

However, the scheme excludes close relatives of existing LIC agents or employees from being recruited as Bima Sakhis -- ensuring a fair and transparent selection process.

--IANS

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