LIC Signs MoU to expand women-only insurance scheme in rural India

Hyderabad: The Life Insurance Corporation of India (LIC) has signed a Memorandum of Understanding (MoU) with the Department of Rural Development, under the Ministry of Rural Development, to expand the reach of its women-centric Bima Sakhi Yojana across rural India.

The agreement was formalized during the National Conclave on Financial Inclusion, “Anubhuti,” held from July 8 to 10 in Goa.

The Bima Sakhi Yojana aims to empower rural women by offering them a career in insurance distribution through a performance-based, stipendiary LIC agency program. Designed exclusively for women, the scheme ensures that Bima Sakhi agents receive all standard LIC agent benefits, along with additional financial support during the initial years.

Participants in the scheme are eligible to receive monthly stipends of Rs7,000 in the first year, Rs6,000 in the second, and Rs5,000 in the third year of their agency tenure, subject to specified conditions.