In India, where a significant portion of the population lives in rural areas, the need for financial inclusion and awareness regarding insurance schemes has been a long-standing concern.
Bima Sakhi Yojana’ initiative of Life Insurance Corporation of India (LIC) is designed to empower women aged 18 to 70 years, who are Class X pass. They will receive specialized training and a stipend for the first three years to promote financial literacy and insurance awareness. After training, they can serve as LIC agents and the graduate Bima Sakhis would have the opportunity to qualify for being considered for Development Officer roles in LIC
The Bima Sakhi Yojana is a government initiative aimed at bridging this gap by empowering rural women while simultaneously providing financial security to them and their families.
The Bima Sakhi Yojana was launched by the Ministry of Finance, Government of India, as part of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). It is an initiative that focuses on women empowerment and financial inclusion by providing rural women with the opportunity to become insurance agents or “Bima Sakhis.” These agents help spread awareness about life insurance policies, enabling rural populations to avail themselves of the benefits of life and accidental insurance.
The idea is to have local women act as intermediaries between the community and insurance providers. They play a crucial role in guiding and enrolling people into insurance schemes that can be life-saving in emergencies. The Bima Sakhi Yojana has been particularly successful in ensuring that rural women, who have traditionally had limited access to financial services, can now benefit from and contribute to the insurance ecosystem.
TARGET BENEFICIARIES
The program focuses on empowering women in rural areas, allowing them to contribute economically and socially by becoming Bima Sakhis. This provides them with a source of income and boosts their confidence.
The secondary beneficiaries are the rural families who receive financial security through insurance policies. They can access life insurance products, which provide cover in case of unforeseen circumstances such as death or accidents.
The Bima Sakhis also help insurance companies expand their reach to rural areas, where there is usually low penetration of financial products.
KEY FEATURES
One of the most significant features of the Bima Sakhi Yojana is its focus on empowering rural women by providing them with the skills and resources to act as agents. By becoming Bima Sakhis, these women gain financial independence and contribute to the economic development of their communities.
The Bima Sakhi Yojana promotes financial inclusion by extending insurance coverage to rural populations. Many of these communities were previously unaware of or unable to access life insurance products.
The selected women receive training on how to sell insurance products, educate others about the benefits, and handle the documentation and enrollment process. They are also provided with a small commission for every policy sold.
The scheme helps promote various government-backed insurance policies like PMJJBY (life insurance) and PMSBY (accident insurance). These policies are low-cost, providing a basic safety net to individuals in case of death or disability due to accidents.
ELIGIBILITY CRITERIA
To apply, women must meet the eligibility criteria set by the respective insurance companies or agencies. Typically, candidates should be between 18 and 70 years of age and should have a minimum educational qualification (usually Class 10 or higher).
OTHER INFORMATION
LIC’s Bima Sakhi (MCA Scheme) is a Stipendiary Scheme, exclusively for Women , with a stipendiary period of 3 years,
The appointment of a person under the MCA scheme will not be treated as a salaried appointment as an employee of the Corporation, Stipend payable for first month is Rs.7,000, second year – Rs.6,000 (subject to at least 65% of Policies completed in the First stipendiary year are in-force as at the end of the corresponding month of the second stipendiary year), Third year – Rs.5,000 (subject to at least 65% of Policies completed in the Second stipendiary year are in-force as at the end of the corresponding month of the third stipendiary year ),
Relatives of existing Agent or Employee shall not be eligible to be recruited as MCAs, Documents to be attached to the application form are Self-attested copy of Age proof, Self-attested copy of Address proof, Self-attested copy of certificate of Educational Qualification
CONCLUSION
The Bima Sakhi Yojana is a transformative initiative that combines women empowerment and financial inclusion. By creating a network of trained women insurance agents, it ensures that rural populations, who have often been excluded from the financial system, can now access affordable life insurance products.Â
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