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    Home / News / Business News / LIC to enroll 1L women as 'Bima Sakhis' in 2025
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    LIC to enroll 1L women as 'Bima Sakhis' in 2025
    LIC will allocate up to ₹840 crore

    LIC to enroll 1L women as 'Bima Sakhis' in 2025

    By Dwaipayan Roy
    Dec 09, 2024
    07:37 pm

    What's the story

    The Life Insurance Corporation of India (LIC) has unveiled an ambitious plan to enroll one lakh women under its Bima Sakhi scheme within the next 12 months.

    The initiative is part of LIC's larger plan to empower women, according to Siddharth Mohanty, the Managing Director and CEO of LIC.

    The insurer will allocate up to ₹840 crore for stipends for this enrollment drive.

    Business prospects

    Bima Sakhi scheme expected to generate significant new business

    Mohanty was optimistic about the finances of the Bima Sakhi scheme, saying it is expected to bring in new business five times their investment.

    "We are hoping that they can bring ₹4,000 crore new business in the first year," he said.

    The stipend structure for the initiative has been detailed as ₹7,000 per month for the first year, ₹6,000 for second year, and ₹5,000 per month in the third year.

    Expansion plans

    Bima Sakhi to expand LIC's reach in under-penetrated areas

    The Bima Sakhi scheme is not only a financial venture but also a strategic move to expand LIC's presence in under-served regions. Mohanty revealed future plans of appointing one Bima Sakhi in every Gram Panchayat. Despite upcoming regulatory changes, he remains confident about maintaining market share.

    Regulatory outlook

    LIC's stance on proposed changes in the Insurance Act

    Speaking about proposed amendments to the Insurance Act, Mohanty said composite licensing would benefit the industry and LIC has no objections.

    The Finance Ministry is considering a number of changes to the 1938 Insurance Act, including increasing foreign direct investment (FDI) in insurance from 74% to 100%, and reducing paid-up capital.

    The Department of Financial Services (DFS) has invited public feedback on these proposals till December 10.

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