Union Finance Minister Nirmala Sitharaman, emphasized the growing participation of women in the insurance industry at the launch of LIC’s transformative ‘Bima Sakhi Yojana’, in Panipat, Haryana on Monday. “Since 2017-18, the recruitment of women agents has also been undertaken. In 2017, there were 6 lakh women agents, which increased to 7.45 lakh agents by 2023,” she said.

The ‘Bima Sakhi Yojana,’ also referred to as a women career agent initiative, aims to recruit 25,000 women as Bima Sakhis in its initial phase. The program is designed to provide financial and professional opportunities for women, particularly those from underprivileged backgrounds.

Sitharaman said, “The Bima Sakhi Programme, which the Prime Minister is set to launch today, is also referred to as a women career agent programme. Under this initiative, 25,000 women will be appointed as Bima Sakhis.” She added, “Women who have completed their 10th grade will be recruited as agents under LIC recruitment, titled “Mahila Bima Sakhi,” and they will also receive a stipend.”

To participate in the initiative, women aged between 18 and 70 years who have completed their 10th-grade education are eligible to apply. She stated, “Each Bima Sakhi will earn a monthly stipend of Rs7,000 in the first year, Rs6,000 per month in the second year, and Rs5,000 per month in the third year.”

She added, “This stipend serves as a basic support allowance. Additionally, women agents can earn commissions based on the insurance policies they secure, with their earnings increasing in proportion to the business they bring in.” In addition to the stipend, Bima Sakhis will earn commissions based on the insurance policies they secure. This creates an opportunity for women to significantly increase their income based on their performance.

After three years, participants can continue their careers as lifelong agents with LIC, offering a sustainable and rewarding career path. Announcing an ambitious three-year plan, Sitharaman stated that the program aims to recruit 2 lakh Bima Sakhis by 2026.

“The aim is to recruit 2 lakh Bima Sakhis over the next three years. Women aged 18 to 70 years can apply for this program. Even after three years, women can continue their association as lifelong career agents in the program,” she remarked.

Prime Minister Narendra Modi launched LIC’s ‘Bima Sakhi Yojana’ and laid the foundation stone for the main campus of Maharana Pratap Horticultural University in Panipat, Haryana on Monday.