LIC Bima Sakhi Yojana and Addressing Common Doubts of people

Life Insurance Corporation of India (LIC), the nation’s leading insurance provider, has taken a historic step towards empowering women by introducing the Bima Sakhi Yojana. Inaugurated by Honorable Prime Minister Narendra Modi on December 9, 2024, in Karnal, Haryana, this initiative is designed exclusively for women, offering them an unparalleled opportunity to achieve financial independence while contributing to society.

This article explains in detail about the unique features of the Bima Sakhi scheme, eligibility criteria, earning potential and its wider impact. Apart from this, it answers frequently asked questions and clears doubts about the scheme to provide a comprehensive understanding about this pioneering initiative.

Also see: EPFO Updates 2025: Opportunities for Insurance Agents

Key Features of Bima Sakhi Yojana

The Bima Sakhi Yojana stands out due to its exclusive focus on women and its structured approach to financial empowerment. Here are the notable features:

1. Exclusive for Women: This scheme is available only to women, making it a significant step towards enhancing their role in the financial services sector.
2. Age and Qualification Criteria: Women aged between 18 to 70 years are eligible to apply, provided they have completed a minimum of 10th standard education.
3. Citizenship Requirement: Applicants must be Indian citizens to participate in this initiative.
4. Limited Initial Enrollment: The scheme is being rolled out in phases, with the first phase targeting 25,000 women. Eventually, the goal is to onboard 2,00,000 women as LIC agents under this program.
5. Training Support: LIC will provide all the necessary training to help new agents understand their responsibilities and excel in their roles.
6. Career Growth Opportunities: Women agents who perform well can qualify to become Development Officers after three years by clearing a simple examination.

Also see: How to become a Mahila Carrer Agent In LIC

Earning Potential and Salary Structure

The financial benefits under the Bima Sakhi Yojana include a combination of salary and commission. Here’s how it works:

• Minimum Target: Agents are required to secure two life insurance policies per month, totaling at least 24 policies annually.
• First-Year Salary and Commission: Achieving the minimum monthly target guarantees a salary of ₹7,000 per month in the first year, along with commissions earned from the policies.
• Subsequent Years: In the second year, the monthly salary reduces to ₹6,000, and in the third year, it further drops to ₹5,000. Commissions, however, remain unaffected and continue to grow based on the agent’s performance.
• Flexibility in Targets: Agents can fulfill their annual target in advance. For instance, if all 24 policies are completed in the first month itself, they will continue to receive their monthly salary throughout the year.

This structure ensures a steady income while also providing the flexibility to maximize earnings through additional commissions.

Also see: LIC Golden Jubilee Scholarship Scheme 2024

Benefits Beyond 3 Years

A significant question among aspiring agents is about the benefits after the initial 3 years. LIC addresses this concern with a long-term vision:

• Agents can aim for career advancement by clearing a government exam to become Development Officers.

• This opportunity ensures job stability and potential for professional growth within the LIC framework.

Addressing Common Doubts

The scheme has generated immense interest, leading to numerous queries. Below are the answers to some frequently asked questions:

1. Can government employees apply?

The answer is no- government employees cannot join this scheme. However, any individual- whether you are in a private job, unemployed, housewife, self-employed or running a business- can take agency under the Bima Sakhi Yojana. But if you are a government employee, you are not eligible to participate in this scheme.

2. What about clawback commission?

Another doubt that many people had in their mind was about the clawback commission. So first of all you should know what is clawback commission.

See, clawback commission means that if we get commission for the policy sold by us, now if our client, that is, the person who has taken the policy, surrenders the policy, then the company will take back the commission that it gives us on that policy. So this is called clawback commission.

Many people had asked what is the process of clawback commission in this. So see, there is no clawback commission in LIC, so you don’t have to worry about it at all. The process of clawback commission or whatever its system is, LIC has not started it yet. So don’t worry about it at all. Do your work comfortably and stress free.

Also see: Changes in LIC Commission Structure Post-October 1, 2024: A Guide for Agents

3. What if I miss the monthly target?

Many people were worried about missing the monthly target. For example, if no policy is completed in a month, will the salary still be paid? The answer is no—if you do not meet the monthly target, you will not get the salary for that month. However, LIC offers a flexible solution:

If you achieve more targets in a month (for example, completing 4 policies), it compensates for the target for the next month.

If you complete all 24 policies in a month, you will receive the entire year’s salary in advance.

If all 24 policies are completed in the last month of the year, LIC will still pay the accumulated salary.

4. What about women who are already LIC agents?

Women who have already become LIC agents before December 9, 2024, are not eligible for this scheme. To avail its benefits, you must enroll as an agent exclusively under the Bima Sakhi scheme after this date.

5. How do I apply and pass the required exam?

Now, there were many women who were confused about how to fill the form, where to fill it and when the exam will be held. But now there is absolutely no need to worry about this. If you want to become an LIC agent under the Bima Sakhi scheme, you can visit any LIC office near you, contact any development officer or contact any chief life insurance advisor. You have to meet them and talk to them about the Bima Sakhi scheme.

They will tell you about the scheme and you have to submit some documents for registration. After the documents are submitted, you will be registered for the IC 38 exam by the DO or Chief Life Insurance Advisor.

1. Exam details: This exam is a short, one-hour test. Many women also asked when the exam is. The exam is conducted throughout the year and after registering, you will get the date within a week or 10 days.
2. Preparation: To prepare for this exam, you can use resources like YouTube, where you will find many IC 38 tutorial videos. The exam is easy to pass with minimal preparation – you only need 16 marks out of 50 to pass this exam.
3. After the exam: After passing the exam, LIC will issue your license, and you can start your agency work. You can add as many LIC policies as you want and enjoy both salary and commission.

6. What happens after the initial three years?

Many women are curious about salary prospects after the first three years. While the structured salary (₹7,000 in the first year, ₹6,000 in the second and ₹5,000 in the third) ends after three years, agents can continue to earn commissions. Additionally, hardworking agents can appear for the Development Officer exam, which opens doors to securing government roles.

7. Are there limited seats in the scheme?

Yes, there are limited seats in the Bima Sakhi scheme. In the first phase, only 25,000 women will be recruited. Women interested in joining should apply as soon as possible to secure a place.

Also see: LIC Bima Jyoti Plan 760

Why Bima Sakhi Yojana Matters

This initiative isn’t just about offering women a source of income; it’s about fostering independence and confidence. Here’s why Bima Sakhi Yojana is transformative:

1. Women Empowerment: By providing a dedicated platform for women, LIC ensures they have a significant role in financial inclusion.
2. Encouraging Entrepreneurship: Women can independently manage their clientele, build their business networks, and create an identity in the financial sector.
3. Work-Life Balance: The scheme’s flexible working conditions make it ideal for housewives and women balancing multiple responsibilities.

Limited Enrollment and Urgency to Apply

Since the first phase of Bima Sakhi Yojana is limited to 25,000 women, aspiring agents are advised to apply at the earliest. Seats are filling up quickly, and the chance to be part of this empowering initiative may not come again soon.

Roadmap to Success under Bima Sakhi Yojana

For women enrolling in this scheme, success lies in consistent effort and leveraging the training provided by LIC. Here are some tips:

1. Understand the Products: A thorough understanding of LIC policies will help agents effectively cater to client needs.
2. Set Realistic Goals: Meeting or exceeding the minimum monthly target ensures consistent income.
3. Leverage Training Resources: Utilize LIC’s training programs and online resources to gain confidence in selling policies.
4. Network Effectively: Building a strong network will expand an agent’s client base and lead to higher commissions.

Conclusion

The Bima Sakhi Yojana by LIC is not just a scheme but a movement toward creating a self-reliant and empowered society. By targeting women, the initiative acknowledges their potential and provides them with a sustainable career opportunity. Whether it’s a housewife seeking financial independence or a self-employed woman aiming to grow her business, Bima Sakhi Yojana opens doors to a brighter future.

For those eligible, now is the time to act. Apply today, join this groundbreaking initiative, and take the first step towards financial independence and personal growth. Together, let’s make Bima Sakhi Yojana a monumental success!

FAQs About LIC Bima Sakhi Yojana

Disclaimer: This article is for informational purposes only and is based on the details provided about LIC’s Bima Sakhi Yojana as of December 2024. Readers are advised to verify the specifics with LIC offices or authorized representatives. The information is subject to changes by LIC, and this article does not guarantee eligibility, benefits, or outcomes under the scheme.