How to Become a Mahila Career Agent in LIC | PM Bima Sakhi Yojana 2024

Mahila Career Agent in LIC – In a groundbreaking move towards women empowerment and financial inclusion, the Life Insurance Corporation of India (LIC) has introduced the Women Career Agent Program, also known as PM Bima Sakhi Yojana. Set to launch on December 9, 2024, this initiative offers women across India an incredible opportunity to build a stable career in the insurance sector. With a unique blend of a fixed salary and commission-based earnings, the program is designed to provide financial independence while contributing to LIC’s mission of expanding insurance coverage to every corner of the country.

This article delves into the details of the Women Career Agent Program, exploring its eligibility criteria, earning structure, performance requirements, and the larger vision driving this transformative initiative. Whether you’re looking for a flexible career option or a chance to make a meaningful impact, the Bima Sakhi program could be the perfect opportunity to achieve both.

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Introduction to LIC Women Career agent Scheme

LIC, one of the largest and most reputable life insurance companies in India, has long been associated with providing employment opportunities for individuals across the nation. With the launch of this PM Bima Sakhi Scheme, LIC aims to specifically target women who aspire to achieve financial independence. Unlike traditional LIC agents, Mahila Career Agent under this scheme will receive a fixed stipend for the first 3 years of their career, in addition to commissions earned through policy sales.

The scheme is designed to provide women with a stable income, ensuring they feel secure while embarking on their career journey as LIC agents. This initiative also aligns with LIC’s goal to foster greater diversity and inclusion within its workforce.

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Eligibility Criteria for Becoming a Mahila Career Agent in LIC

Becoming a Mahila Career Agent in LIC is a straightforward process, provided the candidate meets the basic eligibility requirements. These criteria are designed to ensure that the opportunity is accessible to a wide range of women, regardless of their prior work experience.

Here’s a breakdown of the eligibility requirements:

• Gender Requirement: The candidate must be female.
• Nationality: The candidate must be an Indian citizen.
• Age Limit: The minimum age requirement is 18 years, and the maximum age is 50 years.
• Educational Qualification: A minimum educational qualification of 10th grade (matriculation) is required.
• IRDAI Pre-Recruitment Test: The candidate must pass the IRDAI pre-recruitment test, commonly known as the IC 38 exam. This test ensures that the candidate understands the basics of life insurance and LIC’s policies.

The IC 38 exam is relatively easy to clear, with ample study materials and video tutorials available online. Once the test is passed, candidates are ready to begin their journey as LIC Mahila career agents.

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Stipend Structure for Mahila Career Agents

One of the key features of this special scheme is the fixed stipend that Mahila agents will receive for the first 3 years of their career. This stipend provides financial stability during the initial phase of their work, enabling women to focus on building their client base and selling policies.

The stipend structure is as follows:

• First Year: Rs. 7,000 per month (Rs. 84,000 annually)
• Second Year: Rs. 6,000 per month (Rs. 72,000 annually)
• Third Year: Rs. 5,000 per month (Rs. 60,000 annually)

This stipend serves as a safety net, ensuring that female agents have a guaranteed income while they are establishing themselves in their roles. Over the course of 3 years, the total stipend amounts to Rs. 2,16,000.

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Performance Requirements: The Key to Unlocking Income Potential

the stipend offers a basic income, Mahila agents are also expected to meet certain performance targets to qualify for the stipend and earn commissions. These performance requirements ensure that the agents are actively working and contributing to LIC’s overall growth.

Required Yearly Performance

• Number of Policies: To qualify for the stipend, female agents must sell a minimum of 24 policies per year. These policies must be sold to 24 different individuals, meaning agents cannot fulfill the requirement by selling multiple policies to the same person. This target translates to an average of two policies per month, making it a manageable goal for motivated agents.

By meeting this target, agents not only secure their monthly stipend but also become eligible for commissions on the policies sold.

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Income Breakdown: First Three Years as a LIC Mahila Career Agent

The combination of the monthly stipend and commissions from policy sales results in a lucrative income stream for Mahila Career Agent. Let’s take a closer look at the potential income during the first three years.

First Year Income

• Stipend: Rs. 84,000 annually (Rs. 7,000 per month)
• Commission: Rs. 48,000 (assuming 24 policies sold)
• Total First Year Income: Rs. 1,32,000

In the first year, agents earn Rs. 84,000 through the stipend, and if they meet the target of selling 24 policies, they will earn an additional Rs. 48,000 in commission, bringing their total income to Rs. 1,32,000 for the year.

Second Year Income

• Stipend: Rs. 72,000 annually (Rs. 6,000 per month)
• Commission: Rs. 48,000 (assuming 24 policies sold)
• Renewal Commission: Agents will also receive renewal commissions from the policies sold in the first year.
• Total Second Year Income: Rs. 1,20,000 + renewal commission

In the second year, agents will receive Rs. 72,000 in stipend, plus the Rs. 48,000 commission from selling 24 policies. Additionally, they will start earning renewal commissions from the policies sold in the first year, further boosting their income.

Third Year Income

• Stipend: Rs. 60,000 annually (Rs. 5,000 per month)
• Commission: Rs. 48,000 (assuming 24 policies sold)
• Renewal Commission: Agents will continue to earn renewal commissions from policies sold in the first and second years.
• Total Third Year Income: Rs. 1,08,000 + renewal commission

By the third year, agents will have a steady flow of income from both their stipends and the commissions they earn on new and renewed policies. As they continue to build their client base, their renewal commissions will grow, leading to a sustainable and growing income.

Additional Income Streams: Renewal Commissions

Renewal commissions are a vital part of an LIC agent’s income. These commissions are paid annually for policies sold in previous years, provided the policies are renewed by the customers. As mahila agents continue to sell new policies, their renewal commissions will accumulate, creating a reliable source of passive income.

For instance, policies sold in the first year will generate renewal commissions in the second year, and policies sold in the first and second years will generate commissions in the third year. This means that over time, agents can expect to earn commissions not only on new policies but also on existing ones, ensuring a steady income stream.

LIC Support System for Mahila Career Agent

LIC special scheme for Mahila career agents also includes a robust support system to ensure the success of its agents. Mahila agents can receive training and mentorship from LIC branch offices, development officers, and chief life insurance advisors. This support network helps new agents navigate the challenges of the insurance industry and provides guidance on how to effectively sell policies.

Additionally, LIC has satellite offices across the country, ensuring that agents have access to resources and support regardless of their location.

Contacting LIC for Enrollment

For women interested in taking advantage of this opportunity, the process is simple. They can visit their nearest LIC branch or satellite office to get more information about becoming a mahila career agent in LIC. Alternatively, they can reach out to a development officer or chief life insurance advisor for guidance on the application process.

Conclusion

LIC special scheme for Mahila Career Agents is a groundbreaking initiative that offers women a chance to achieve financial independence and professional success. By providing a fixed stipend for the first 3 years, along with commissions and renewal income, LIC ensures that women can build a sustainable career in the insurance industry. With manageable performance targets and a strong support network, this scheme is designed to help women succeed, making it an excellent opportunity for those looking to stand on their own feet and provide for their families.

If you are a woman seeking a stable, rewarding career, Becoming a Mahila Career Agent in LIC could be your path to success. Contact your nearest LIC office today and take the first step toward a brighter financial future.

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FAQs about Mahila career agent

Disclaimer: The information provided in this article is intended for general guidance regarding LIC’s women-centric scheme and is based on publicly available details. Terms and conditions may vary, and readers are advised to contact LIC directly or consult with a licensed agent for specific and updated information. This article does not constitute professional financial or insurance advice.