What is Bima Sakhi Yojana launched by PM Modi in Panipat, Haryana?

As a step towards women empowerment and financial inclusion, Prime Minister Narendra Modi launched the ‘Bima Sakhi Yojana’ of Life Insurance Corporation of India (LIC) during his visit to Panipat, Haryana on Monday.

“Empowering women economically strengthens the nation. The Bima Sakhi Yojana will not only provide employment opportunities but also enhance women’s role in advancing financial inclusion. Under the Bima Sakhi Yojana, we aim to provide employment opportunities to 2 lakh women. Sisters and daughters who have passed the 10th standard will receive specialised training, financial assistance for three years, and allowances. According to industry data, an LIC agent earns an average monthly income of Rs 15,000. This means that our Bima Sakhis can expect to earn more than Rs 1.75 lakh annually. This income will provide much-needed financial support to their families,” PM Modi said while launching the scheme.

Taking to X, the PM wrote, “Our government has taken unprecedented steps for women empowerment in the last 10 years. Today I am very happy to launch the Bima Sakhi Yojana and inaugurate and lay the foundation stone of development projects in Panipat, Haryana.”

What is Bima Sakhi Yojana

LIC’s ‘Bima Sakhi Yojana’ initiative is designed to empower women aged 18-70 years, who have qualified Class X. As part of this scheme, these women will receive specialized training and a stipend for the first three years to promote financial literacy and insurance awareness. After training, they can serve as LIC agents and the graduate Bima Sakhis would have the opportunity to qualify for being considered for Development Officer roles in LIC.

The government plans to appoint 200,000 Bima Sakhis over the next three years, starting with 25,000 appointments this year, as informed by Finance Minister Nirmala Sitharaman at the event in Panipat. To apply for the scheme, candidates must provide proof of age and address, and educational qualification certificates.

Every Bima Sakhi will be given a target of insuring two individuals every month or 24 individuals in a year to be eligible for getting the commission. Each woman insurance agent volunteer will be given a stipend of Rs 7,000 per month in the first year, Rs 6,000 per month in the second year, and Rs 5,000 per month in the third year, as stated by the Finance Minister. Once the training is successfully completed, participants will become LIC agents, helping bridge the gap in insurance penetration in rural and semi-urban areas.

“If they fail to meet this target, they will not receive a commission but will continue to receive their stipend, ensuring financial support during the initial training and onboarding phase. After completing the three-year period, the women insurance volunteers will no longer receive a stipend but can earn a commission for each insurance policy they secure. However, if they fail to meet their yearly target after the three-year stipend period, their agent registration may be cancelled,” LIC Chairman Siddhartha Mohanty told the media.

The PM says

“The Bima Sakhi scheme has just been launched here to create employment opportunities for the women and daughters of the nation. Certificates under the Bima Sakhi initiative have been distributed to daughters here today. I extend my heartfelt congratulations to all the women across the country,” PM Modi said while talking about the newly launched scheme.

इंश्योरेंस सेक्टर में बीमा सखी की अहम भूमिका होने वाली है, जिससे Insurance for All के हमारे मिशन को और मजबूती मिलेगी। pic.twitter.com/unI3RTFsi6

— Narendra Modi (@narendramodi) December 9, 2024

“Even after 60–65 years of independence, most women in Bharat did not have their personal bank accounts… Just as women were once excluded from banking, they were also not part of the insurance ecosystem. Today, a campaign has been launched to make lakhs of women insurance agents, or Bima Sakhis. This initiative enables women, who were once denied access to insurance services, to become key players in connecting others to these services. In doing so, they will also lead the expansion of the insurance sector. To build a developed Bharat, we require the additional strength of our countless mothers and sisters, whose contributions will be our greatest source of inspiration. Today, women-led self-help groups, Bima Sakhi, Bank Sakhi, and Krishi Sakhi are emerging as vital pillars of a developed Bharat,” he further said.

Centre’s efforts at Women Empowerment

Prime Minister Modi also spoke about the efforts of the BJP Government in empowering Indian women.

“To empower women, it is crucial to ensure they have ample opportunities to progress and that every obstacle is removed from their path. When women are given opportunities to advance, they, in turn, unlock new opportunities for the nation. For years, there were many professions in our country where women were barred from working. Our BJP government resolved to eliminate every barrier hindering our daughters.

Today, you can see that women are being deployed on the front lines of the army. Our daughters are also becoming fighter pilots in significant numbers. Many women are now joining the police force. Moreover, our daughters are leading prominent companies. Across the country, there are 1,200 producer associations or cooperative societies of farmers and cattle rearers that are being led by women. Whether in sports or education – our daughters are excelling in every field. Additionally, lakhs of women have benefited from the extension of maternity leave to 26 weeks,” the Prime Minister shared.