LIC Bima Sakhi Yojana: Women Can Earn Up To Rs 7,000 Per Month & Commission; Check Eligibility & How To Apply

For so many women in India's small towns and villages, having a steady source of income is still a dream. It also means leaving behind thor homes and moving to cities for jobs.

In order to fix this scenario and provide employment to women, Prime Minister Narendar Modi launch in December 2024 launched the LIC Beema Sakhi Yojna.

What is LIC Beema Sakhi Yojna?

Officially called the Mahila Career Agent or the MCA Scheme, it offers women of age 18 to 70 a proper, three-year path into the insurance profession complete with a guaranteed monthly stipend, hands-on training, and the chance to become certified LIC agents earning commission on top.

The scheme has a target of appointing 2 lac women as Bima Sakhis to spread financial and insurance literacy in underserved areas. It is also about creating independent livelihoods for women who've been left out of the formal workforce.

Eligibility For LIC Beema Sakhi Yojna

In order to be eligible for the Scheme one must fall under the following criteria:

• Woman must have minimum completed age 18 years as on date of application; maximum entry age 70
• 10th standard pass or higher
• Must clear the pre-recruitment test prescribed by IRDAI
• Must be a permanent resident of India
• Able to devote adequate time to the agency work

Who is Not Eligible?

It should be noted that there are certain categories of people who are not eligible for the scheme which include: employees of Central/State government or PSUs; existing LIC agents; relatives of existing/ex-agents, LIC employees/ex-employees, or medical examiners (spouse, children, parents, siblings, immediate in-laws); retired LIC employees or ex-agents seeking reappointment.

How to Apply For LIC Beema Sakhi Yojna

Apply via licindia.in/lic-s-bima-sakhi and the documents needed for the same include Aadhaar card, PAN card, 10th pass certificate, passport-size photo, address proof, bank details.

The Selection Process include the following:

• Clear the IRDAI pre-recruitment exam
• Submit required documents
• Interview at the Branch Office
• Agency code allotment as per LIC's standard agent appointment process

How Much Compensation Does One Get: Stipend Structure For LIC Bima Sakhi Scheme

Under the LIC Bima Sakhi Scheme, selected women receive a monthly stipend for the first three years, in addition to the commission earned from selling insurance policies.

The stipend is Rs. 7,000 per month in the first year, Rs. 6,000 in the second year, and Rs. 5,000 in the third year.

However, the stipend is performance-based. To receive it, Bima Sakhis must meet monthly business targets, including a minimum number of policies and first-year commission.

They must also make sure that at least 65% of the policies sold in the previous year remain active to qualify for the stipend in the second and third years.

Also No stipend is paid during inactive months, but eligible shortfalls can be claimed later within the same year if the required targets are met.

After the three-year stipend period ends, Bima Sakhis can continue to work as regular LIC agents and earn income through commissions only.

The Graduate Bima Sakhis who complete five years as LIC agents can also apply for the post of Apprentice Development Officer (ADO) if they fulfill the other eligibility criteria.