As a banker, I know about many opportunities that can provide flexible work opportunities to women. One such opportunity is the LIC Bima Sakhi Yojana which was launched recently by Prime Minister Narendra Modi. This scheme was launched by Life Insurance Corporation of India (LIC) which provides women an opportunity to earn money while balancing family life. It provides a flexible way for women to work and earn money without having a full-time job. Everything you need to know about this Scheme, we have written in detail in this article.
Table of Contents
What Is the LIC Bima Sakhi Yojana?
The LIC Bima Sakhi Yojana is an empowering career initiative under the Mahila Career Agent (MCA) framework for women career agents. It is specially designed to help women move towards financial independence. The main objective of this scheme is to recruit and train women as LIC agents so that they can earn a stable income and also increase financial awareness in their communities.
This provides an opportunity for women to take control of their careers without compromising on their family responsibilities.
Key Features of the Scheme:
- Exclusively for Women: This scheme is exclusively for women which gives them a unique opportunity to step into the world of financial services.
- Flexible Work Structure: Women can work part time or full time depending on their personal routine which can be a good plan for women, who are housewives and want extra income.
- Stipendiary Support: Participants receive a monthly allowance for the first 3 years which provides financial security while building their career.
- Dedicated Training Modules: LIC provides comprehensive training that fully prepares participants to succeed in the insurance industry.
What is the eligibility criteria for LIC Bima Sakhi?
To be eligible for the LIC Bima Sakhi Yojana, applicants must meet the following requirements:
- Age: Minimum 18 years (as of the date of application) and maximum 70 years (last birthday). You can check your correct age using our Age Calculator.
- Educational Qualification: At least a 10th pass.
- Who are not eligible:
- Relatives of existing LIC employees or agents are not eligible.
- Retired LIC employees or ex-agents cannot apply under this scheme.
- Existing LIC agents are ineligible for recruitment as MCAs.
How much stipend does a LIC Bima Sakhi get?
The scheme provides financial assistance to its participants in the form of monthly allowances during the stipend period of 3 years. Candidates have to fulfil specific performance criteria to receive these payments:
| Stipendiary Year | Stipend (Monthly) | Performance Norms |
|---|---|---|
| First Year | ₹7,000 | 24 new policies and ₹48,000 First-Year Commission (excluding bonuses). |
| Second Year | ₹6,000 | Retention of at least 65% of policies completed in the first year. |
| Third Year | ₹5,000 | Retention of at least 65% of policies completed in the second year. |
Stipend: A stipend is a fixed amount of money given to support someone, often for work, training, or education. It’s usually smaller than a salary and is intended to cover basic living expenses rather than compensation for specific hours worked.
Salary: It is a regular payment made to an employee in return for their work. It is usually at an annual or monthly rate. It is associated with a full-time and long-term job.
How to Apply for LIC Bima Sakhi Yojana?
Applying for the LIC Bima Sakhi Yojana is simple and requires minimal documentation. Here are the steps:
- Fill Out the Application Form: Visit LIC’s official website here to apply online, or obtain the form from the nearest LIC branch.
- Required Documents:
- Self-attested copy of age proof (e.g., Aadhaar Card, Passport, etc.).
- Self-attested copy of address proof.
- Self-attested copy of 10th-grade certificate or equivalent educational qualification.
- Upload a Recent Passport-Sized Photograph.
- Submit Your Application: Ensure all details are accurate, as incomplete forms may lead to rejection.
LIC Bima Sakhi Yojana benefits for women
- Financial Independence:
- Women can combine stable income with household responsibilities through options such as flexible work hours and part-time work that suit their individual needs.
- Based on your performance, the average annual income in this scheme which includes stipend and commission can be more than Rs.1.75 Lakh per annum.
- Professional Development:
- With the help of this scheme you can get excellent training and develop your knowledge of insurance and improve your personal skills.
- Although this scheme is only for 3 years, but in future if there is any promotion then you can take advantage of it like handling any good position or any responsibility.
- Community Impact:
- By becoming LIC Bima Sakhi, women can contribute towards spreading financial awareness and insurance protection in their community.
- Work-Life Balance:
- With flexible working hours it is possible to effectively balance professional and personal commitments. You can work for this scheme whenever you get time.
- Networking Opportunities:
- Join a network of women agents for growth, guidance, and skill development. Apart from this, you can also use it to gain skills for your life.
Who Should Consider LIC Bima Sakhi Yojana?
The LIC Bima Sakhi Yojana is ideal for:
- Homemakers: Women seeking part-time work to support their families financially.
- Students: Women over 18 years old looking for flexible earning opportunities alongside their studies.
- Retirees (Below 70): Women wishing to remain active and financially secure in their post-retirement years.
- Entrepreneurial Women: Individuals who want to explore the insurance sector as a stepping stone to a broader financial career.
Comparison with Similar Schemes
| Feature | LIC Bima Sakhi Yojana | PMGDISHA (Pradhan Mantri Gramin Digital Saksharta Abhiyan) | Mahila Coir Yojana | Self-Help Groups (SHGs) |
|---|---|---|---|---|
| Target Audience | Women looking for flexible work, especially homemakers, students, and retirees. | Women in rural areas looking to gain digital literacy. | Women in rural areas, particularly those interested in coir production. | Women across rural and urban areas aiming for financial independence. |
| Work Structure | Flexible hours, part-time or full-time. | Primarily online learning and training in digital literacy. | Home-based coir production or related work. | Group-based activities such as crafting, farming, or small business management. |
| Stipend/Income | Monthly stipend for 3 years with commission-based income potential (up to ₹1.75 lakh annually). | No stipend, but a focus on enhancing digital skills for employability. | No stipend, but earnings through coir production based on the amount produced. | Earnings based on the group’s activities and income-sharing model. |
| Training Provided | Comprehensive training in insurance and sales. | Digital literacy training in rural areas. | Training in coir production and processing. | Skill development workshops depending on the group’s focus. |
| Duration | 3 years (stipend period), with potential for long-term career growth. | Ongoing, based on personal progress in learning. | Ongoing, as long as the individual continues with coir-related work. | Ongoing as long as the group is operational. |
| Eligibility | Women aged 18–70 with at least a 10th-grade education. | Women aged 14–60 in rural areas with no prior digital training. | Women in rural areas with interest in coir-related work. | Any woman willing to join a self-help group and participate in collective activities. |
| Empowerment Focus | Financial independence through insurance sales. | Digital empowerment for rural women, improving access to online services. | Economic empowerment through the coir industry. | Financial independence and entrepreneurship through collective efforts. |
| Flexibility | High – work part-time or full-time based on personal schedule. | Flexible – learn at your own pace. | Flexible – work can be done from home or small units. | Flexible – based on the group’s collective schedule. |
| Community Impact | Promotes financial literacy and awareness in local communities. | Empowers women to navigate the digital world, opening up new opportunities. | Supports rural economies by promoting the coir industry. | Improves community well-being through collective income-generating activities. |
Frequently Asked Questions (FAQs)
Is this a salaried job?
No, this is a stipendiary scheme, and participants are not considered LIC employees. However, they earn through stipends and commissions.
Can I join if I have no prior experience in insurance?
Absolutely! LIC provides comprehensive training to all participants. Their official training materials and guidance from experienced agents ensure a smooth transition into this career. For training details, visit LIC Training Resources.
What happens after the three-year stipendiary period?
After the three years, participants can continue as regular LIC agents, earning through commissions on policies they sell.
Can I reapply if my application is rejected?
Yes, you can reapply, but ensure that all required documents and eligibility criteria are met to avoid rejection.
Why Choose LIC Bima Sakhi Yojana?
This scheme not only provides women with a source of income but also helps them gain confidence and enhance their professional abilities, by joining LIC Bima Sakhi Yojana. Women not only can play a vital role in ensuring financial stability for themselves and their families, but can also contribute to the larger social cause of financial literacy and inclusion.
For more information or to apply, visit the nearest LIC office or the official LIC website today. Don’t miss this chance to step into a career that empowers you to make a difference – for your family, your community, and yourself.
