LIFE INSURANCE CORPORATON OF INDIA

Recruitment of LIC’s BIMA SAKHI

(Mahila Career Agents)

General Instruction To Candidates

 

LIC’s Bima Sakhi (Mahila Career Agent) scheme is a 3 year Stipendiary Scheme exclusively for Women.

Through Bima Sakhi Scheme, Life Insurance Corporation of India is proud to be a partner in the economic development of women. The scheme aims to provide employment opportunities to women and provides them financial independence and the advantage of working as per their convenience and time.

❖ Age - Minimum completed age should be 18 years as on date of application and maximum age at entry will be 70 years of age (Last Birth Day).

❖ Educational Qualification — 10th pass or higher.

❖ Pre-Recruitment Test— The applicant has to pass an examination prescribed by IRDAI (as stipulated in the extant IRDAI Regulations as amended from time to time).

 

Selection Criteria

Eligibility -

Any woman candidate will be eligible for appointment as a Mahila Career Agent on satisfying the following conditions:

1. She should be an Individual and eligible for appointment as an agent under the LIC of India (Agents) Regulations, 2017 as amended from time to time.
2. She should fulfill the above stated Age and the Educational Qualification criteria.
3. She should be in a position to devote her time and attention as an agent of the Corporation.
4. Employee of Central government / State Government or Public Sector Undertaking shall not be eligible to be recruited as MCA (Bima Sakhi).
5. She should be a permanent resident of India.

 

Selection and Appointment process -

The process of selection and appointment as Bima Sakhi after passing the pre-recruitment test shall include:

1. Submission of required documents.
2. Interview at the Branch Office by the Branch In-charge or an Officer duly authorized by the Branch In-charge, to assess the suitability of the candidate.
3. Agency code allotment as per the extant provision for appointment of Insurance Agent for LIC of India.

 

General conditions -

1. The appointment of a person under the Bima Sakhi scheme will not be treated as a salaried appointment as an employee of the Corporation.
2. Existing agent can not apply for recruitment as Bima Sakhi.
3. Relatives of existing Agent or ex-agent (who can be reinstated) or employee or ex-employee or Medical examiner or ex-Medical examiner shall not be eligible to be recruited as Bima Sakhis. Relatives shall include the following family members - Spouse, Children including adopted and step children (whether dependent or not), Parents, Brothers, Sisters and immediate In-laws.
4. A Retired employee of the Corporation or an Ex-agent seeking reappointment shall not be granted agency under Bima Sakhi scheme.
5. The application is liable to be rejected if the information furnished is incomplete or the applications not signed by affixing full signature.

 

❖ Bima Sakhis are normal agents with additional benefits of stipends subject to terms and conditions. For continuing as Bima Sakhi, she must continue first as agent of LIC. The agents of LIC are required to adhere to Life Insurance Corporation of India (Agents} Regulations 2017 as amended from time to time.

❖ If a Bima Sakhi gets terminated due to non fulfillment of minimum business criteria and is subsequently reinstated, the Bima Sakhi shall continue as a normal agent only and not as Bima Sakhi.

❖ Bima Sakhi has to fulfill the performance norms during each Stipendiary year.

❖Stipend shall be payable only for first three consecutive Stipendiary Years subject to fulfillment of the norms. The stipend shall cease either on the expiry of first three consecutive years as Bima Sakhi or on termination of agency of Bima Sakhi.

❖ Bima Sakhis will be entitled to commission on the policies sold by her (in addition to the stipend paid).

❖ For receiving stipends however, Bima Sakhi has to complete the following month wise criteria of minimum number of lives and First Year Commission (excluding Bonus commission),as shown in the below table, to be eligible for monthly stipend subject to completion of minimum one policy in the relevant month.

❖ If a Bima Sakhi makes good the shortfall of number of lives and/or First Year commission of previous month/months during a Stipendiary Year, then she will be paid the stipend for that previous month/s also, subject to having completed at least one policy in each of such month/s.

❖ No stipend will be payable for those month/s where the Bima Sakhi has remained Inactive.

❖ Stipendiary Period: - Three Years

❖ The Stipend payable :

❖ Bima Sakhi Scheme is a stipendiary scheme for 3 years after which Bima Sakhi will continue to work as normal agent and earn commission & other benefits as per the relevant rules of LIC of India.

❖ After completion of 5 agency years as an agent of LIC of India, Bima Sakhis (who are graduates and above), may participate in the recruitment process for the post of Apprentice Development Officer of LIC ef India, if they fulfill the eligibility criteria.

❖ The Managing Director is the Competent Authority to decide upon the other modalities with respect to execution / periodicity / modification / revision of the scheme and related instructions thereto.

Relevant rules governing the appointment as Agent of LIC of India

❖ The Insurance Act, 1938 as amended from time to time.

❖ Insurance Regulatory and Development Authority of India (Appointment of Insurance Agents) Regulations, 2016 as amended from time to time.

❖ The Life Insurance Corporation of India (Agents) Regulations, 2017 as amended from time to time.

❖ Board approved policy on Agency Matters filed with IRDAI every year and Board approved policy on payment of commission or reward to Insurance agents.

❖ All the Acts, Rules, Regulations, Circulars, Notifications, Guidelines and Orders issued by the Central Government, State Government, Corporation, the Insurance Regulatory and Development Authority of India and any other regulator or government authority which may have a bearing on the profession of insurance along with such amendments as may be made from time to time.