Empowering Women Through Financial Literacy: Bima Sakhi Yojana Launched by PM Modi

Empowering Women Through Financial Literacy: Bima Sakhi Yojana Launched by PM Modi

Sub : Scheme

Sec: Eco

Key Objectives of the Scheme

• Empowering Women:
  • Targeted at women aged 18 to 70, with a minimum qualification of class 10 pass.
  • Aims to economically empower women by training them as volunteer insurance agents.
• Increasing Financial Inclusion:
  • Focus on promoting financial literacy in underserved rural and semi-urban areas.
  • Enhances insurance awareness and penetration in India.

Key Features of the Bima Sakhi Yojana

• Stipend Support:
  • ₹7,000 per month in the first year.
  • ₹6,000 per month in the second year.
  • ₹5,000 per month in the third year.
• Appointment Plan:
  • Aim to appoint 200,000 women as Bima Sakhis over the next three years.
  • 25,000 appointments planned in the first year.
• Insurance Target:
  • Each Bima Sakhi must insure two individuals per month or 24 individuals per year to earn a commission.
  • If the target is not met, the stipend will still be provided during the initial three years.
• Career Growth Opportunities:
  • Graduates from the program may qualify for development officer roles within LIC.

Career Transition and Long-Term Benefits

• Transition into LIC Agents:
  • After the three-year period, women will no longer receive a stipend but will earn through commissions.
  • If the annual target is not met after the stipend period, their agent registration may be canceled.
• Building Economic Independence:
  • The scheme fosters self-sufficiency among women by transitioning them into sustainable earning roles.

The Bima Sakhi Yojana is a landmark initiative, combining financial empowerment with employment opportunities. It sets a precedent for leveraging grassroots networks to drive national objectives of inclusion and economic security.