The partnership between LIC and the Ministry of Rural Development to promote the Bima Sakhi Yojana aims to empower rural women financially. This collaboration was formalized during the ‘Anubhuti’ Conclave on Financial Inclusion in Goa from July 8–10, 2025, reinforcing the commitment to women’s financial inclusion and rural livelihood enhancement.
Background
LIC, a leading life insurer in India, has introduced the Bima Sakhi Yojana to tap into the potential of rural India and promote women-led development. This initiative closely aligns with the Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM) objectives, focusing on poverty reduction through self-employment and skill development.
Significance of the Partnership
- Empowers rural women by integrating them into the formal financial ecosystem.
- Enhances rural insurance penetration and supports government goals of financial inclusion.
- Increases household incomes in rural areas by expanding livelihood options.
Objectives of Bima Sakhi Yojana
- Empower rural women through insurance sector career opportunities.
- Promote financial literacy and awareness about life insurance in remote regions.
- Support rural households in boosting income and economic resilience.
- Align with DAY-NRLM goals to enhance women’s participation in financial services.
Key Features of Bima Sakhi Yojana
- Eligibility: Only women are eligible for enrollment.
- Stipend Support: Rs. 7,000 in the first year, Rs. 6,000 in the second, and Rs. 5,000 in the third, based on performance.
- Career Path: Offers privileges like commissions, incentives, and recognition similar to regular LIC agents.
- Alignment with NRLM: Facilitates integration with Self-Help Groups (SHGs) and rural women collectives.
- Implementation Support: Provided by the Ministry of Rural Development through existing rural development frameworks across states.
Key Takeaways for Competitive Exams
- Understanding the collaboration between LIC and the Ministry of Rural Development for the Bima Sakhi Yojana.
- Recognizing the significance of empowering rural women through financial inclusion initiatives.
- Grasping the objectives and key features of the Bima Sakhi Yojana for career opportunities in the insurance sector.
