LIC's Bima Sakhi Yojana
The current agenda of the Indian Government is clear and obvious – to make India so strong economically that the world will keep watching. I think that somewhere the current Government of India also wants that women power should contribute as much as possible in achieving the economic goals of India and perhaps to fulfill this objective, most of the government schemes are being made keeping in mind the needs of women power.
Now just think, if I tell you that you can earn ₹ 7000 every month by becoming a part of a great scheme of Life Insurance Corporation of India, not only this, you will also get commission for whatever work you do, will you believe it? So I want to tell you that if you are a woman, then now the responsibility of making the country strong is also on your shoulders.
Life Insurance Corporation of India (LIC), which is India's number one Life Insurance Company, has launched a special scheme especially for you, which is called Bima Sakhi Yojana. By becoming a part of this scheme, not only can you support your family by earning, but you can also play an important role in strengthening the country.
What is Bima Sakhi Yojana
The Bima Sakhi Yojana has been started by the Prime Minister of India, Shri Narendra Modi himself on December 09, 2024 from Panipat, Haryana. The basic objective of this scheme is to make women power financially strong and to take the country forward on the path of progress with their contribution.
The general meaning of the word "Sakhi" is friend - a friend who provides the right guidance in every situation, makes life happy and helps in making the future successful. Keeping this ideal in mind, Bima Sakhi has been conceived.
Bima Sakhi is a Life Insurance Advisor who does an in-depth analysis of the Financial Situation of the people of the society. On this basis, she understands their future needs and recommends suitable Life Insurance Plans. This role not only enhances the contribution of women in society but also provides them an opportunity to become Financially Independent and play an important role in their society.
So, if I have to define Bima Sakhi, I would say this for Bima Sakhi – “Bima Sakhi means: A trusted companion for your financial security.”
Who is a Mahila Career Agent?
When the woman applying under the Bima Sakhi scheme starts her insurance business, she is known as a Mahila Career Agent. Mahila Career Agent is also called MCA in short.
Eligibility and Conditions for Bima Sakhi (MCA)
First Condition: Only women can apply for this scheme.
Age Limit: A woman who has completed 18 years of age can apply under this scheme. The maximum age limit of a woman to become a Bima Sakhi should be less than 70 years.
Educational Qualification: Any woman who has passed the minimum class 10 examination will be considered eligible to apply under this scheme. This condition is according to the IRDA Insurance Agent Appointment Act 2016, if there is any amendment in this rule in future, then the new rule will be applicable.
Pre-Recruitment Examination: It will be mandatory for the applicant woman to pass the pre-recruitment examination issued by IRDA. IRDA issues guidelines in this regard from time to time, which will be mandatory to be followed.
Selection Criteria for Mahila Career Agent (Bima Sakhi):
1. Eligibility:
Any female candidate who fulfils the following conditions shall be eligible to apply for Mahila Career Agent or Bima Sakhi-
- She should be an individual and should be eligible for appointment as an Agent under Life Insurance Corporation of India (Agent) Regulations, 2017, as amended from time to time.
- She should fulfil the Age Limit and Educational Qualification conditions mentioned above.
- She should be in a position to devote her attention and time to the Corporation as a Life Insurance Agent.
- A woman who is already engaged in any kind of business, profession or any other occupation from which she is earning any kind of income shall be ineligible to apply under this scheme.
- A woman who is an Indian citizen shall be eligible to apply under this scheme.
2. Appointment of Prospective Mahila Career Agent (Bima Sakhi):
To start working as Bima Sakhi or I must say Mahila Career Agent in LIC, you have to contact the Development Officer of LIC/Chief Life Insurance Advisor/Associate of LIC/Chief Organizer of LIC. You can also start your Life Insurance Business by joining any Branch Office of LIC as a Direct Agent.
If you want to start business in LIC under Bima Sakhi Yojana, then click on the link given below to get information about Development Officer and Chief Life Insurance Advisor of your area.
List of Development Officer and CLIA3. Selection and Appointment Process of Bima Sakhi (Mahila Career Agent):
Once the applicant applies for the position of Women Career Agent, it is mandatory for him/her to clear the Pre-Recruitment Test to be conducted by IRDA. After clearing the test, the candidate is required to follow the following procedure at the concerned Branch Office:
Submission of Required Documents
- Self-Attested Photo State Copy of Age Proof
- Self-Attested Photo State Copy of Address Proof
- Self-Attested Photo State Copy of Educational Qualification Proof
- Duly filled Application Form
Interview: An interview will be conducted at the concerned Branch Office as per the guidelines of the Branch Manager to test the eligibility of the candidate. It is mandatory for every candidate to clear this interview.
Allotment of Agency Code: The concerned Branch Office, after being satisfied with the documents of the candidate and clearing the interview, allots an Agency Code to the candidate. With the allotment of Agency Code, the candidate becomes eligible to start her own Life Insurance business as a Women Career Agent.
Essential Condition for Mahila Career Agent (Bima Sakhi):
After becoming a Life Insurance Agent under the Bima Sakhi scheme of Life Insurance Corporation of India, it will be mandatory to fulfill certain conditions to receive the stipend. If a woman starting Insurance Business under this scheme does not fulfill these conditions, then she will be considered ineligible for the stipend. Let us know what those conditions are:
- The first condition for every Bima Sakhi is that it will be mandatory to sell Life Insurance Policies to at least 24 lives in each stipend year. It is mandatory to understand 24 lives in the simplest terms. If you sell two life insurance policies to the same person, then it will be considered as one life.
- The second important condition for Bima Sakhi is that in each stipend year, it will be mandatory for her to get a commission of at least ₹ 48,000 from the total Life Insurance Policies sold by her.
Stipend For Mahila Career Agent (Bima Sakhi):
Every Mahila Career Agent will be entitled to receive stipend for a maximum of three years. Let us now know when and how much stipend you can get if you become a Life Insurance Agent under this scheme:
- In the First Agency Year: If you start Life Insurance Agency Business as a Mahila Career Agent, then you will be entitled to a maximum stipend of ₹7000 per month in the first year of your agency.
- In the Second Agency Year: In the second agency year, you will be entitled to a maximum stipend of ₹6000 per month, provided that at least 65% of the total Life Insurance Policies sold by you in the First Agency Year should be in force till the corresponding month of the Second Year.
- In the Third Agency Year: In the third agency year, you will be entitled to receive a maximum stipend of ₹5000 per month, provided that at least 65% of the total Life Insurance Policies sold by you in the second agency year should be in force till the relevant month of the third year.
Note: If the premium of a Life Insurance Policy is not paid continuously for six months from the date of First Unpaid Premium, then that policy is considered to be lapsed. In simple words, such policies are considered to be not in-force.
What is Agency Year
Agency Year is an important concept in Life Insurance Business, which is used to assess the performance of a Life Insurance Agent. This period starts from the date of joining the insurance company and lasts for the next 12 months.
If an agent fails to meet the Minimum Business Target in an Agency Year, then his agency termination decision is made on the basis of the same Agency Year. This ensures that the agents perform consistently well and meet the needs of the clients.
Definition and Role of Financial Year
Financial Year is a 12-month period used to assess financial operations, reporting and make tax decisions. The financial year in India starts on 01 April and ends on 31 March. It is called FY in short.
For Life Insurance Agents, the Financial Year is used to assess their business and take a variety of important decisions related to their agency. The following tasks performed by an Insurance Agent in each Financial Year are assessed
- Total number of Policies sold
- Total Sum Assured Turnover
- Assessment of First Premium Income and Subsequent Years Income
- Assessment of Lapsed Policies
- Calculation of Club Membership
- Etc.
Meaning of Corresponding Month for Insurance Policies
Corresponding month refers to the completion of one full year of a Life Insurance Policy. For example, if a policy is sold in January 2024, then the relevant month for this policy will be January 2025. This is the time when the premium for the first year of the policy is paid. The relevant month is used to assess the continuity of the policy and the basis of premium payment.
Monthly Performance for Receiving Stipend
The performance of the selected Mahila Career Agent will be reviewed on monthly basis to decide whether she is eligible for stipend or not.
The performance of the selected Mahila Career Agent will be reviewed for stipend eligibility from the date of joining the Corporation. During this period, the number of policies sold by her (on life basis) and First Year Commission (excluding bonus commission) will be counted.
For receiving stipend, the minimum monthly performance of the Mahila Career Agent (Bima Sakhi) will be as follows.
| Month | Number of Lives | First Year Commission (₹) (excluding bonus commission) |
|---|---|---|
| 1 | 1 | 2000 |
| 2 | 1 | 2000 |
| 3 | 1 | 2000 |
| 4 | 1 | 2000 |
| 5 | 2 | 4000 |
| 6 | 2 | 4000 |
| 7 | 2 | 4000 |
| 8 | 2 | 4000 |
| 9 | 3 | 6000 |
| 10 | 3 | 6000 |
| 11 | 3 | 6000 |
| 12 | 3 | 6000 |
| Total | 24 | 48000 |
Instructions for Mahila Career Agents
If you want to apply as a Mahila Career Agent (MCA) or you have taken a Life Insurance Agency under this scheme, then to get monthly stipend, the following conditions of Life Insurance Corporation of India (LIC) should be understood carefully.
If a Mahila Career Agent (Bima Sakhi) does not fulfil the minimum number of lives and first year commission criteria in a month then she will be ineligible for stipend for that month.
If a Mahila Career Agent (MCA) is unable to achieve her minimum business target in a month, then she will get the opportunity to complete the target till the last month of the same agency year.
Suppose a Mahila Career Agent (MCA) is unable to achieve her minimum business target in a month and in the next month she completes her minimum business target as well as does some more business, then first the target of the current month will be considered completed, after this the shortfall in the minimum target of the previous months will be adjusted in reverse order.
Suppose a Mahila Career Agent (MCA) sells Life Insurance Policies to 24 different people in the first month of her tenure and by doing so she earns a commission of more than ₹48000 excluding bonus commission in the first month itself. In such a condition, it will be mandatory for her to sell at least one policy in the remaining months of her agency year.
If a Mahila Career Agent (MCA) does not do any new business in any month of her agency year, she will be considered ineligible to receive the stipend.
Rules Related to Termination of Stipend
The Mahila Career Agent (Bima Sakhi) will get her stipend for a maximum of three years as per the rules mentioned earlier and it will be valid only when she fulfills all the prescribed standards.
If for any reason the agency of the Mahila Career Agent is terminated, or she completes three years of agency, then the stipend she gets will stop after that.
If for any reason the agency of the Mahila Career Agent is terminated and after this her agency is restarted. Then such a Mahila Career Agent will be considered as a normal agent and she will not be considered eligible to receive the stipend.
General Conditions for Mahila Career Agent
Provision has been made to give stipend to the Mahila Career Agent along with her appointment. But such appointment will not be considered as a salaried appointment as an employee of the corporation.
If you are currently doing Insurance Business as an Insurance Agent, then you cannot apply as a Mahila Career Agent.
If you or any member of your family is an agent, employee or medical examiner in Life Insurance Corporation of India (LIC), then you will be ineligible to apply for Mahila Career Agent. Here relatives mean husband, wife, children, parents, siblings and immediate in-laws.
Employees of the corporation who have retired or agents who have closed their agency work cannot apply under Bima Sakhi Yojana.
Conclusion
Bima Sakhi Yojana is a great effort of the Government of India and Life Insurance Corporation of India to empower women. If you are a housewife or looking for a business, then this scheme can prove to be a better option for you. Because there is no time constraint in this work and you can also earn lakhs of rupees monthly on the basis of your hard work.
Remember, Life Insurance Agency Business is not just a business but it is a social service in the true sense and is an easy means to give economic strength to the country. If you are a woman, then as a writer I am sure that this plan is perfect for you because - "An empowered woman not only changes her future, but also gives a new direction to her family and society." 😊
Know in Detail in the Video
To know more about the information given in this article, watch the video given below carefully till the end. If you have any questions in this regard, then write your questions in the comment box of the video.
Greate Information, Thankyou so much
ReplyDelete