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
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