LIC's Bima Sakhi Initiative Aims for Big Impact

State-owned Life Insurance Corporation aims to enroll 1 lakh Bima Sakhi in a year, targeting women empowerment. Led by LIC MD Siddharth Mohanty, the initiative expects to generate Rs 4,000 crore in new business, with a significant stipend investment. Regulatory changes in the Insurance Act are also discussed.

The Life Insurance Corporation (LIC), a state-owned enterprise, has announced an ambitious plan to enroll 1 lakh Bima Sakhi over the next 12 months. The initiative, which is part of a broader women empowerment campaign, was introduced by Prime Minister Narendra Modi.

LIC's Managing Director and CEO, Siddharth Mohanty, revealed the corporation's intent to invest up to Rs 840 crore in stipends for the enrolled Bima Sakhi. Mohanty shared optimistic projections of generating Rs 4,000 crore in new business in the first year, attributing this to the Bima Sakhi initiative.

The programme sets a target of appointing a Bima Sakhi in every Gram Panchayat to strengthen LIC's reach in under-penetrated regions. Mohanty expressed confidence in maintaining market share even amid potential regulatory amendments that include changes in composite licensing and increased foreign direct investment in the insurance sector.

(With inputs from agencies.)