Today, December 9, Prime Minister Narendra Modi launched the Bima Sakhi Yojana in Panipat, Haryana. This programme was initiated by the Life Insurance Corporation (LIC) of India.

According to the insurance giant, the scheme will help empower women aged 18 to 70 who have passed Class X.

Women in the programme will receive specialised training and a stipend for the first three years of the programme, which promotes financial literacy and insurance knowledge, Moneycontrol reports.

Following completion of the programme, women can serve as LIC agents, and graduate "Bima Sakhis" will have the possibility to be considered for LIC development officer positions.

PM Modi will also hand out appointment certificates to aspiring Bima Sakhis.

To apply for the scheme, candidates must submit documents like proof of their age, educational qualifications, and address.

The scheme will be open to women who are at least 18 years old and no older than 70. Potential candidates must also have a minimum qualification of Class X. Relatives of existing agents and employees, as well as retired employees are not eligible for the plan.

Women will receive a commission of Rs 48,000 (excluding bonuses) in the first year.

The candidates will also be paid a monthly stipend of Rs 7,000, which will be reduced to Rs 6,000 in the second year if at least 65 per cent of the policies completed in the first stipendiary year are still in effect at the end of the corresponding month of the second stipendiary year.

It will drop to Rs 5,000, subject to the same criteria as the second year.