BIMA SAKHI: SCHEME / ECONOMY

BIMA SAKHI: SCHEME / ECONOMY

NEWS: Prime Minister Shri Narendra Modi launches LIC’s Bima Sakhi Yojana

WHAT’S IN THE NEWS?

The Bima Sakhi Yojana empowers rural women by training them as insurance facilitators under LIC and RPLI to promote financial inclusion and boost insurance penetration. Eligible women aged 18–70 years receive stipends and assist in creating awareness, documentation, and claims in underserved regions.

Bima Sakhi Yojana: An Overview

The Bima Sakhi Yojana is a government initiative aimed at empowering rural women and promoting financial inclusion through the provision of microinsurance services.

Key Features

  1. Empowerment of Rural Women:
    • The scheme trains women from Self-Help Groups (SHGs) as insurance agents or facilitators.
    • Women are educated to act as intermediaries to promote life insurance awareness and assist rural populations in accessing financial services.
  1. Focus on Underserved Regions:
    • Targets rural areas with limited access to financial services.
    • Aims to bridge the gap in insurance penetration by mobilizing women as grassroots-level agents.
  1. Income and Financial Literacy:
    • Provides rural women with income opportunities through their roles as insurance facilitators.
    • Encourages financial literacy and security for rural households.
  1. Implementation Partners:
    • Facilitators work under Life Insurance Corporation (LIC) and Rural Postal Life Insurance (RPLI).
    • Assist with policy creation, documentation, and claims.
  1. Support and Training:
    • Women receive training on financial products and documentation processes.
    • Monthly stipends:
      • ₹7,000 in Year 1.
      • ₹6,000 in Year 2.

Eligibility Criteria

  • Age: Women aged between 18 and 70 years.
  • Education: Minimum of Class 10 qualification.

Objectives

  • Promote financial inclusion in rural areas.
  • Create income opportunities for women.
  • Boost confidence and participation of women in financial decision-making.

Complementary Initiatives for Women’s Financial Inclusion

  1. Pradhan Mantri Jan Dhan Yojana (PMJDY):
    • Over 55% of accounts are held by women.
    • Ensures access to banking services such as savings accounts, credit, and insurance.
  1. Self-Help Groups (SHGs):
    • Under the National Rural Livelihoods Mission (NRLM), women-led SHGs are empowered to access microcredit.
  1. Mudra Yojana for Women:
    • Provides collateral-free loans to women entrepreneurs to support small businesses.
  1. Stand-Up India Scheme:
    • Offers loans to women for greenfield enterprises in manufacturing, services, or trading.
  1. Mahila E-Haat:
    • A digital platform enabling women entrepreneurs to market and sell their products online.
  1. Mahila Kisan Sashaktikaran Pariyojana:
    • Focuses on empowering women in agriculture and allied activities through skill development and resources.
  1. Financial Literacy Camps:
    • Conducted by banks, NGOs, and other organizations to educate women about savings, loans, and insurance.

Significance of Bima Sakhi Yojana

  • Strengthens women’s role in financial services.
  • Enhances the socio-economic status of rural women.
  • Reduces dependency on male counterparts by empowering women financially.

Source: https://pib.gov.in/PressReleasePage.aspx?PRID=2082406