Pankaj Chaudhary, minister of state ,Ministry of Finance
LIC has already paid Rs115.13 crore to 2,05,896 Bima Sakhis in the country till July 14
New Delhi: Life Insurance Corporation (LIC) has provided a budget of Rs 520 crore for the government’s Bima Sakhi- “Mahila Career Agent (MCA) Scheme” during Fy 25, said Pankaj Chaudhary, minister of state in the ministry of finance in a written reply to a question in Lok Sabha today.
LIC has already paid Rs115.13 crore to 2,05,896 Bima Sakhis in the country till July 14. It has also paid Rs 62.36 crore to Bima Sakhis as stipend in FY2024-25.
The scheme provides opportunities to Bima Sakhis, to further their career by way of several performance-based incentives.
Graduate Bima Sakhis, after completion of five years, may participate in the recruitment process for the post of apprentice development officers of LIC, on fulfilling the eligibility criteria.
LIC also pays stipend to Bima Sakhis for first three years from their appointment to support them build a life insurance agency career. The stipend scheme is in addition to their commission pay-outs and is subject to certain performance parameters.
Under this scheme Bima Sakhi agents are provided with facility to receive monthly stipends of Rs 7000 in first, Rs 6000 in second and Rs 5000 in the third agency year, subject to some terms and conditions.
The corporation has entered into a Memorandum of Understanding (MoU) with Department of Rural Development, Ministry of Rural Development, to promote its Bima Sakhi Yojana in rural areas.
The MoU was signed during the National Conclave on Financial Inclusion – “Anubhuti” – organized by Ministry from 8th to 10 July 2025 at Goa.
Deendayal Antyodaya Yojana – National Rural Livelihood Mission (DAY – NRLM) goals has been found to be in perfect alignment with the deliverables under Bima Sakhi Yojana. This MoU has been entered in to, to leverage the collaboration for benefit of the rural households in their pursuit of improving their household income.
Meanwhile, LIC has tied up with AU Small Finance Bank, one of the country’s leading small finance bank under corporate agency arrangement.