What is LIC Bima Sakhi (Women Career Agent) Program?

Life Insurance Corporation of India (LIC), the cornerstone of India’s insurance industry, has taken a significant step towards empowering women through its Women Career Agent or “Bima Sakhi” initiative. The scheme, which will be officially launched by the Hon’ble Prime Minister Shri Narendra Modi during an event in Panipat, Haryana on December 9, 2024, aims to provide women with an opportunity to have a dual income of commission income as well as a fixed salary. Below is a detailed description of this groundbreaking program, including its purpose, eligibility, income structure, and broad objectives.

Also see: LIC enter Health Insurance Sector with deal with ManipalCigna

How to Become a Women Career Agent?

The process of becoming a Women Career Agent is straightforward. Here’s what interested candidates need to do:

Step 1: Contact LIC

• Visit your nearest LIC branch or reach out to a Development Officer (DO) or Chief Life Insurance Advisor (CLIA).
• They will provide comprehensive guidance on the procedure.

Step 2: Qualify for the IC 38 Exam

• To become an insurance agent, passing the IC 38 Exam is mandatory.
• The exam is short (1-hour duration) and focuses on basic knowledge related to insurance policies and regulations.
• Study materials are widely available, and candidates can easily prepare using online resources.

Step 3: Obtain an Agency License: After passing the IC 38 Exam, candidates receive an agency license, enabling them to officially represent LIC.

Also see: LIC Jeevan Tarun Plan 734

Eligibility Criteria for Women Career Agents

To become a Women Career Agent under the Bima Sakhi program, candidates must meet specific requirements:

1. Gender: Only women candidates can apply.
2. Age Limit: Candidates must be aged between 18 to 50 years.
3. Education Qualification: A minimum of 10th standard education is required.
4. Nationality: The applicant must be an Indian citizen.

Performance Requirements

The program ensures that Women Career Agents remain productive by setting performance benchmarks.

• Monthly Target: Agents must secure at least two life insurance policies per month. These policies should collectively yield a minimum monthly commission of ₹4,000.
• Annual Target: By the end of the year, agents should have completed policies for 24 different lives (individuals), ensuring that their annual commission reaches ₹48,000.

This performance-based approach allows agents to increase their earnings beyond the minimum target through additional work.

Also see: LIC Bima Shree Plan 748

Income Structure

The Bima Sakhi initiative offers a unique income structure, blending fixed salaries with performance-based commissions:

Fixed Salaries

• First Year: ₹7,000 per month (₹84,000 annually).
• Second Year: ₹6,000 per month (₹72,000 annually).
• Third Year: ₹5,000 per month (₹60,000 annually).
• Total Fixed Income Over 3 Years: ₹2,16,000.

Commission Earnings

• Minimum Annual Commission: ₹48,000, based on achieving the annual target of 24 policies.
• Renewal Commissions: Agents receive additional earnings from policies sold in previous years.

Combined Income

• First Year: ₹48,000 commission + ₹84,000 salary = ₹1,32,000 total earnings
• Second Year ₹48,000 commission + ₹72,000 salary = ₹1,20,000 + renewal commission
• Third Year: ₹48,000 commission + ₹60,000 salary = ₹1,08,000 + renewal commission

By consistently meeting and exceeding targets, Women Career Agents can significantly increase their total earnings.

Benefits of the Program

The Bima Sakhi program offers numerous benefits, both to individual agents and to the broader community:

1. Financial Independence: The program provides women with a steady income stream through a combination of salary and commissions. This opportunity is particularly beneficial for homemakers or women seeking flexible yet stable career options.
2. Career Growth: The more policies agents secure, the higher their commission, fostering a growth-oriented work environment. Over time, renewal commissions from existing policies further boost income.
3. Flexible Work Environment: As LIC agents, Women Career Agents enjoy the flexibility to manage their schedules, making this career path ideal for balancing professional and personal responsibilities.
4. Community Impact: Women Career Agents can use their local knowledge to spread awareness about life insurance, fostering financial literacy in their communities.

The Motive Behind Women Career Agency

1. Women Empowerment: The program’s primary objective is to empower women by making them financially independent. By securing a career in the insurance industry, women can contribute significantly to their households and society.

2. Expanding Insurance Reach: LIC envisions insurance coverage reaching every corner of India. Women agents, with their community-oriented approach, are seen as key drivers in achieving this goal.

3. Promoting Financial Security: The program emphasizes ensuring that every individual in India has life insurance, contributing to a financially secure society.

Why Women Career Agency is a Game-Changer

The Women Career Agent initiative is not merely a career opportunity—it’s a movement aimed at reshaping the socio-economic landscape for women. Here’s why this program stands out:

• Inclusivity: By targeting women exclusively, LIC recognizes and addresses the need for greater gender representation in the workforce.
• Structured Growth: The program offers a well-defined earning structure that motivates agents to perform better year after year.
• Nationwide Impact: Women agents can bridge the insurance gap in rural and underserved areas, contributing to national development.

Challenges and Solutions

Despite its many advantages, the Bima Sakhi initiative may encounter challenges:

• Awareness and Outreach: Educating potential candidates about the program’s benefits is critical.
• Support for New Agents: Providing mentorship and training ensures agents can navigate their initial hurdles.
• Sustained Motivation: Incentives and recognition programs can keep agents engaged and motivated.

LIC’s robust infrastructure and support system are well-equipped to address these challenges.

Conclusion

The Bima Sakhi initiative is not merely a career opportunity but a transformative program that empowers women, expands the reach of life insurance, and ensures financial security for countless families. With its blend of fixed income and performance-based rewards, it is a win-win for agents and the nation alike. Women across India now have a golden opportunity to step into a fulfilling career, contribute to society, and achieve financial independence. As LIC opens its doors to this new chapter, the stage is set for a brighter future for women in the insurance sector.

As LIC sets the stage for the official launch on December 9, 2024, women across the nation are gearing up to become the new face of financial security in India. If you’re a woman aspiring for financial independence, now is the time to seize this incredible opportunity and become a Bima Sakhi.

FAQs

Disclaimer: This article provides general information about LIC’s Bima Sakhi initiative based on publicly available details. It does not constitute professional or financial advice. For official guidelines, eligibility criteria, and program specifics, please refer to LIC official communications or consult authorized LIC representatives. The program details are subject to change at LIC’s discretion.