Syllabus:

GS3: Inclusive growth and issues arising from it. 

Context: 

Recently, Life Insurance Corporation of India (LIC) has entered into an MoU with the Ministry of Rural Development, to promote its Bima Sakhi Yojana in rural areas.

More on the News

• The MoU has been signed with department of Rural development of the Union Ministry.
• The MoU was signed during the national conclave on financial inclusion, ‘Anubhuti’ organised by the Ministry in Goa earlier this month. 
• The collaboration is to benefit rural households in improving their household income. 
• The government said that 2 lakh women have joined this scheme and are earning Rs 7,000 per month.
• In the first year, women agents will receive Rs. 48,000/- as a commission excluding bonus for 24 insurance policies.
• Bima Sakhi Yojana is an effort by the central government to increase the participation of women in the workforce and strengthen their financial condition.
• This initiative supports Prime Minister Shri Narendra Modi’s vision of ‘Insurance for All by 2047’ and aims to contribute to building a self-reliant India (Atmanirbhar Bharat).

About Bima Sakhi Yojana 

• It is a performance-oriented stipendiary LIC agency career for women in which all other benefits and privileges available for LIC agents are also extended to them.
• They will receive specialized training and a stipend for the first three years to promote financial literacy and insurance awareness. 
• The stipend to be provided in the second year is subject to at least 65% of the policies completed in the first year should remain in force at the end of the second year.
• The monthly stipend is ₹7,000 in the first, ₹6,000 in the second and ₹5,000 in the third agency year, subject to certain terms and conditions.
• 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.
• After 5 years of training in Bima Sakhi Yojana, women can apply for the post of Apprentice Development Officer. 
• Women trained from Self Help Groups (SHGs) across the country will be appointed as ‘Bima Sakhis’ to work at the Gram Panchayat level.

Eligibility

• Minimum Qualification is 10th class passed.
• Minimum age should be 18 years on the date of application. Maximum age at entry shall be 70 years (last birthday).
• The appointment of a person shall not be deemed to be a salaried appointment as an employee of the Corporation.
• Relatives of an existing agent or employee shall not be eligible to be enrolled.
• Women should not be retired employees and ex-agents of LIC. 
• Preference will be given to women residing in rural areas. 

Key Benefits of the Scheme:

• Economic Empowerment of Women: ‘Bima Sakhis’ will become self-reliant through entrepreneurship.
• Job Creation and Female Workforce Participation: Increased participation of women in the rural workforce.
• Flexible and Inclusive Insurance Network: Community-based, trustworthy, and affordable insurance services will become accessible.

Source: The Hindu

https://www.thehindu.com/business/lic-dept-of-rural-development-ink-mou-to-promote-bima-sakhi-yojana/article69839405.ece https://www.livemint.com/hindi/money/sahara-group-refund-did-not-get-apply-again-from-here-file-will-be-processed-in-minutes-claim-it-241753361882004.html

 Review Source

https://www.govtschemes.in/bima-sakhi-yojana