PANIPAT: State-owned Life Insurance Corporation (LIC) has set aside Rs 840 core in the first year for the Bima Sakhi scheme, launched by Prime Minister Narendra Modi on Monday. The scheme will train 2 lakh women to become LIC insurance agent over the next three years.
LIC targets to enroll 1 lakh women as Bima Sakhi in the first year of the scheme, LIC chairman Siddhartha Mohanty told media here after the launch of the scheme.
Under the scheme, women agents would be given a fixed stipend each month for the next three years. In the first year, the monthly stipend would be Rs 7,000 a month. In the second and third year, monthly stipend would be Rs 6,000 and Rs 5,000 a month, respectively.
Apart from a fixed stipend, each Bima Sakhi would earn a commission on each policy sold by them. Mohanty said each Bima Sakhi would be required to sell at least 2 policies a month or 24 policies a year.
However, he didn’t clarify if they fail to fulfill the condition, the stipend will be held back. Mohanty said LIC expects 5-10 times premium income of total amount they would invest in training and stipend of Bima Sakhis. On completion of 3 years, Bima Sakshis will be able graduate to development agent after appearing for an exam.