- LIC inked a MoU with the Department of Rural Development for an extension of the Bima Sakhi Yojana
- The scheme targets offering insurance access to women in rural India
- The agreement was signed at the National Conclave on Financial Inclusion, "Anubhuti," being organized on July 8-10 in Goa
The Life Insurance Corporation of India (LIC) signed a Memorandum of Understanding (MoU) with the Department of Rural Development, Ministry of Rural Development, in order to spread its women-targeted Bima Sakhi Yojana nationwide through rural India. The MoU was signed in the course of National Conclave on Financial Inclusion, "Anubhuti," organized in Goa from July 8 to 10.
The Bima Sakhi Yojana is aimed at empowering rural women through the provision of career opportunities in the distribution of insurance by way of a performance-linked LIC agency scheme. The program is specifically for women and provides all the normal incentives of an LIC agent, in addition to further pecuniary support during the early years.
Members can be paid a stipend of ₹7,000 per month during the first year, ₹6,000 per month during the second year, and ₹5,000 per month during the third year if certain requirements are fulfilled.
The objectives of the scheme have close relations with the programme objectives of the Deendayal Antyodaya Yojana - National Rural Livelihood Mission (DAY-NRLM), thus higher chances of fruitful collaboration. The MoU will help rural families to improve their income level and improve their livelihood.
The Bima Sakhi Scheme is a gender-oriented scheme initiated by the Life Insurance Corporation of India (LIC) in order to empower women from rural areas by providing them with an insurance distribution career.
As per this scheme, women are trained and appointed as LIC agents, having not just the usual agent commissions but also a three-yearly monthly allowance of ₹7,000 in the initial year, ₹6,000 in the second year, and ₹5,000 in the third year based on performance. The scheme seeks to increase women's financial independence while increasing insurance literacy in rural areas.
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