LIC Bima Sakhi Yojana

The Bima Sakhi Yojana, launched by Prime Minister Narendra Modi, is a transformative initiative aimed at empowering women through financial literacy and insurance awareness. This initiative is spearheaded by the Life Insurance Corporation of India (LIC) the scheme seeks to create employment opportunities for women while expanding the reach of life insurance services across India. 

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What is Bima Sakhi Yojana?

The Bima Sakhi Yojana is a government-backed scheme designed to empower women by appointing them as volunteer insurance agents (Bima Sakhis). It targets women aged 18 years to 70 years. 

These women are equipped with knowledge of insurance products and financial literacy, enabling them to educate and assist underserved communities in making informed decisions about life insurance and financial planning. The program is designed to increase insurance penetration in areas with low awareness and provide women with career opportunities.

Key Features of the Bima Sakhi Yojana

  • Financially Empowering Women: Under the Bima Sakhi Yojana, women between the ages of 18 and 70 will be selected and trained over a three-year period. During this time, they will receive a stipend and career support from LIC, helping them to gain financial independence.

  • Rural and Semi-Urban Focus: The program primarily targets rural and semi-urban regions, where insurance awareness is typically lower. By empowering local women to become insurance agents, the initiative helps bridge the gap in these areas and encourages the adoption of insurance policies.

  • Women as Financial Educators: Bima Sakhis will play a key role in educating their communities about the importance of insurance and financial planning. Their efforts aim to increase financial literacy and protect families against unforeseen circumstances.

  • Career Growth Opportunities: The Bima Sakhi Yojana allows women to pursue long-term careers in insurance. After their training, women can become official LIC agents, further expanding their financial independence and career prospects.

  • Financial Literacy Workshops: Besides training women as insurance agents, the Bima Sakhi Yojana conducts workshops on financial literacy. These sessions empower women to understand personal finance, budgeting, and long-term financial planning, helping them guide others.

How Does the Bima Sakhi Yojana Work?

The Bima Sakhi Yojana operates through a comprehensive training and mentorship program. Women who join the initiative are given in-depth training on LIC’s insurance products and financial literacy tools. They are then tasked with educating their communities, explaining life insurance benefits, and helping families secure policies that suit their needs. These women also act as financial advisors, guiding families toward better financial management.

Eligibility Criteria for Bima Sakhi Yojana 

To apply for the Bima Sakhi Yojana, customers must meet the following eligibility requirements: 

Parameters Details
Age 18 to 70 years 
Education Class 10th
Documents Required Self-attested copy of Address proof
Self-attested copy of Age proof
Self - attested copy of Educational certificates

Understanding with Examples How Bima Sakhi Yojana Works

Let us try to understand how the Bima Sakhi Yojana works with the help of some examples:

  • Scenario 1: Housewife

    Sita, a homemaker from a small village, joins the Bima Sakhi Yojana. After completing LIC’s training, she becomes a trusted insurance advisor in her community. One family, after attending a financial literacy session she conducts, understands the benefits of life insurance. The family's main earner takes out a policy to secure their future. When the unexpected happens, the policy ensures financial security for the family, covering school fees and daily expenses. Meanwhile, Sita earns a commission, empowering her with income and respect in the village.
  • Scenario 2: Young Widow

    Radha, a young widow, joins the Bima Sakhi Yojana after her husband's untimely death. Through LIC training, she gains knowledge about insurance and starts educating other widows and single mothers in her village. A grandfather of two, learns about LIC’s pension plans through Radha and secures a policy, ensuring his grandchildren’s future. Radha, now financially independent, helps others secure their futures while supporting her own family.
  • Scenario 3: Small Business Owner

    Meera, a small shop owner, becomes a Bima Sakhi to improve her financial knowledge. She educates her customers, mostly small business owners like herself, on business and health insurance. One shopkeeper, after Meera’s advice, takes a health insurance policy to cover his medical expenses, saving his business from financial stress after an illness. Meera’s income from commissions helps expand her shop, while she contributes to her community’s financial security.
  • Scenario 4: Women’s Self-Help Group

    Sunita, a member of a women’s self-help group (SHG), joins the Bima Sakhi Yojana. She shares what she’s learned about insurance with her fellow SHG members. Together, the group pools their resources to purchase term insurance policies, ensuring financial protection for each member’s family. Sunita’s role as a Bima Sakhi boosts her standing in the group and gives her a new source of income.
  • Scenario 5: Rural School Teacher

    Lakshmi, a rural school teacher, decides to become a Bima Sakhi to supplement her income and spread financial literacy. She introduces the parents of her students to LIC’s child insurance plans, helping them save for their children's higher education. When one of the families faces financial difficulties, the policy helps them keep their child in school. Lakshmi earns respect in her community for helping parents secure their children's futures.

Training and Stipend Details 

Customers in the Bima Sakhi Yojana will receive comprehensive training to be equipped with the skills needed for their role. The government has announced the following stipend structure: 

  • 1st Year: Rs 7,000 per month 

  • 2nd Year: Rs 6,000 per month (Provided that at least 65% of the policies issued during the first stipendiary year remain active by the end of the corresponding month in the second stipendiary year). 

  • 3rd Year: Rs 5000 per month (Provided that at least 65% of the policies issued during the 2nd stipendiary year remain active by the end of the corresponding month in the 3rd stipendiary year).

Once their training is complete, participants will officially become LIC agents helping bridge the gap in insurance coverage. 

Community Benefits of Bima Sakhi Yojana 

  • Increased Insurance Penetration: By training women as Bima Sakhis, LIC is able to reach previously untapped markets, increasing awareness and adoption of life insurance in rural and semi-urban regions.

  • Financial Security for Families: Through the Bima Sakhi Yojana, families in underserved areas are introduced to life insurance products, ensuring they have financial protection in the event of a tragedy. This leads to better financial security and stability for the community as a whole.

  • Strengthening Women’s Role in Society: The initiative strengthens women’s roles as key financial contributors in their households and communities, promoting gender equality and women’s empowerment.

Government’s Long-Term Vision for Women's Empowerment 

The Bima Sakhi Yojana is more than just an insurance awareness program; it’s a vision for long-term socioeconomic development. By enabling women to become financial educators and insurance agents, the program addresses the dual challenges of financial illiteracy and limited economic opportunities for women. The program aligns with PM Modi’s broader goal of promoting financial inclusion, economic independence for women, and insurance coverage for all.

Final Thoughts

The Bima Sakhi Yojana represents a significant milestone in India’s efforts to empower women through meaningful employment and financial literacy. By appointing 200,000 women as insurance agents over the next three years, the initiative is set to transform lives and build a more secure, financially aware society.


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