Shivaraj Singh: Bima Sakhi Yojana to realise Insurance for All Goal

The Union Minister for Rural Development and Agriculture & Farmers’ Welfare, Shivraj Singh Chouhan, has said that the “Bima Sakhi Yojana” of the government of India will not only empower the women of India but will realise the “Insurance for all by 2047” goal of the central government.

The Bima Sakhi will provide the last-mile insurance service provider that will increase the insurance penetration in the country.

Prime Minister Narendra Modi launched the Bima Sakhi Yojana in Panipat, Haryana, on December 9, 2024.

About the Bima Skahi Yojana 

The Bima Sakhi Yojana is an initiative of the Union Ministry of Rural Development in partnership with the Life Insurance Corporation of India (LIC).

It is a financial inclusion initiative under the National Rural Livelihoods Mission of the Ministry of Rural Development.

Members of the women Self-Help Groups (SHGs) at the Gram Panchayat level will be trained by LIC to promote financial literacy and awareness about insurance products among people, especially in rural areas.

The women will receive a monthly stipend for the next three years from the LIC.

It will help in economically empowering women and lay a strong foundation for providing economic security to rural and semi-urban India. 

Eligibility & Benefit of the Sakhi Bima Yojana 

• It is from Women in the age group 18-70 years who are at least 10th pass..
• The relatives of existing agents and employees or retired LIC employees are not eligible.
• The candidates will also get a monthly stipend of Rs 7,000 per month for the first year.
• Monthly stipend of Rs 6,000 per month, subject to certain conditions in the second year.
• In the third year, the monthly stipend will be Rs 5,000 per month, subject to certain conditions.
• If the Bima Skahi sells a minimum of 24 policies per year, then they will receive a commission of Rs 48,000 (excluding bonus) for the first year. 

About Life Insurance Corporation (LIC)

Established - On 1 September 1956 by the Government of India under the Life Insurance Corporation Act 1956.

LIC was created by nationalising 245 Indian and foreign insurance companies operating in the country at that time.

It is the largest life insurance company in India.

Headquarters: Mumbai, Maharashtra

Chief Executive Officer and Managing Director: Siddhartha Mohanty 

 LIC Punchline: Yogakshemam Vahamyaham( taken from Bhagavad Gita).