Prime Minister Narendra Modi on 9th November, 2024, launched the Bima Sakhi Yojana for women’s empowerment, focusing on the financial inclusion and financial literacy of women. It was launched under the initiative of the Life Insurance Corporation of India (LIC) in Panipat, Haryana. In addition to unveiling the scheme, he presided over the foundation stone-laying ceremony of Maharana Pratap Horticulture University. During the program, he also emphasized the significance of the date (9 December), considering it auspicious, as in our scriptures, it is associated with nine forms of Nav Durga, worshipped during Navratri.
Source- Hindustan
Objective of the Scheme
The objective of the scheme is to make India a more financially stable society and increase the financial knowledge of the people while aiming at empowering women. This will not only help India in economic stability, but it also acts as a tool fostering the financial independence of women, which aligns with broader goals of creating employment opportunities and an egalitarian environment.
Eligibility
The scheme is eligible for those women who are between the ages of 18 and 40 years, have passed class 10, and have the passion to promote financial inclusivity in society. Participants will receive a stipend and the training. The duration of this program is for 3 years, focusing on the propagation of inclusivity to the underserved community. The candidates must have proof of home and address and educational qualification in order to apply.
Source – India TV news
About the Scheme
This scheme aims to employ 200,000 women, starting with 25,000 this year. Each woman will receive a stipend of 7000 per month for the first year, 6000 per month for the second year, and 5000 per month for the third year. In addition, they will be getting a commission if they meet their target of insuring people. If they fail to meet the target, no commission would be given; however, the stipend would be maintained, ensuring their financial support during the initial years as trainees.
After the training, the stipend will not be given to them; they will earn commission based on the insurance target they achieve. If after three years of training they fail to meet the targets, their agent registration may be cancelled. After the training is completed, the participant will become the financial agent in LIC. This scheme also offers future prospects for women to establish their careers in insurance companies, enabling them the opportunity of officer roles within LIC.
