PM Modi launches LIC's 'Bima Sakhi' scheme in Panipat, women agents to get stipend for 3 years

Panipat, New Delhi: Prime Minister Narendra Modi on Monday launched the 'Bima Sakhi' scheme under which the state-run Life Insurance Corporation (LIC) will provide assured stipend of upto Rs 7,000 per month and training to women agents for three years.

In the first year, women enrolled as an LIC agent under the Bima Sakhi scheme will get a stipend of Rs 7,000 per month. While in the second year it will be reduced to Rs 6,000 per month, and in the third year to Rs 5,000 per month.

Women in the age group of 18-70 years with a minimum qualification of Class 10th pass are eligible to become a Bima Sakhi. Following the completion of three years, women can serve as an LIC agent.

Addressing an event in Panipat, the prime minister said the new initiative would play a pivotal role in achieving the "Insurance for All" target.

LIC Chairman Siddhartha Mohanty said that nearly 1 lakh women are likely to be enrolled as Bima Sakhi by December 2025. LIC is estimated to spend Rs 840 crore on stipend payments to women under this scheme in one year.

"This is a Board approved scheme," Mohanty told reporters after the launch of the scheme in Panipat.

When asked about the impact of the cost of stipends on the LIC's balance sheet, Mohanty said, "we expect at least 5 times business" than spending on stipends under the scheme.

Mohanty said LIC's target is to have at least one insurance agent in every Panchayat of the country. Bima Sakhi will play an important role in this, he added.

Finance Minister Nirmala Sitharaman said women empowerment has been one of the priorities of the Modi government. In the Union Budget 2024-25 presented in July, Sitharaman said the centre has made a provision of Rs 3.3 lakh crore for women empowerment schemes in the current financial year.