Mukhyamantri Vyapari Kshatipurti Beema Yojana

The Haryana Government has initiated a scheme entitled “Mukhyamantri Vyapari Kshatipurti Beema Yojana” with the intent to help small, marginal as well as medium category traders in the state. Under the scheme, the Government provide insurance coverage to all registered small/ medium traders, shopkeepers and self-employed persons. The scheme aims to support the Trade and Industry for the financial expansion and economic development of India. Let us look in detail about the key features and benefits of Mukhyamantri Vyapari Kshatipurti Beema Yojana in this article. To know about the Pradhan Mantri Jeevan Jyoti Bima Yojana

Key Features of the Scheme

The Haryana Government has initiated this project with the intention of helping small, marginal as well as medium category traders.
The scheme will work as an insurance welfare program. The applying traders will be allowed to get insurance coverage for their life as well as for the tradable goods.
As the guidelines, the selected beneficiaries will be able to attain anything between Rs. 5 lakhs and Rs. 25 lakhs, as per the turnover slabs.
If the beneficiary applicant dies due to the natural causes, then his/her family will get the full amount that has been stated in the insurance paper.
The beneficiaries will attain 100% insurance coverage amount in case they meet with the accidents. In case of a permanent injury to the eyes or any major or minor organs, then the beneficiaries will get the insured sum amount.
The scheme also offers financial insurance cover for the trade goods and furniture, kept in the store. All damaged, caused by natural calamities such as flood, earthquake, cyclone, hurricanes, will be covered under this insurance scheme. If the goods are destroyed due to fire or any other artificial causes, then the traders will get the full coverage amount.
The State Government has announced that after the scheme implementation, around Rs. 3.75 lakhs business owners and traders will be able to obtain the insurance coverage.
The financial investment and business value of each and every trader will fall in separate categories. Thus, the scheme has various turnover slabs. The insurance cover amount that any applicant will receive is based on the turnover slab rules.
The State Government wants to ensure that there must be full transparency in the implementation process of the scheme. Thus, every eligible applicant will receive the insurance claim amount in their bank accounts. It will be done successfully through the DBT or Direct Benefit Transfer process.

Details of Insurance Coverage

The Government will provide an insurance coverage amount ranging as per the turnover amount of business. The amount of insurance provided will be ranging from Rs. 5 lakhs to Rs. 25 lakhs. The insurance cover is given to all registered traders based on the limit of business turnover are as follows:

Insurance cover of Rs. 5 lakhs having an annual turnover up to Rs. 20 lakhs.
10 lakhs insurance coverage for turnover between Rs. 20 lakhs to Rs. 50 lakhs.
15 lakhs insurance coverage amount for turnover between Rs. 50 lakhs to Rs. 1 crore.
Insurance cover of Rs. 20 lakh for turnover between Rs. 1 crore to Rs. 1.5 crores.
25 lakhs for the traders having a turnover of more than Rs. 1.5 crores.

This is an accident insurance coverage project for the traders, retailers, small shopkeepers, shop owners and self-employed persons. Under this scheme, the Government provides Rs. 5 lakhs insurance coverage in case of an accident. All the traders registered under Haryana Goods and Services Tax (HGST) Act 2017 would be covered under these schemes. Around Rs. 3.75 lakhs the traders would be its beneficiaries. The benefit of an insurance scheme would be admissible in case of any accidental death, permanent disability and damage to two body organs, or eyes or one organ or one eye. The Government will pay for the loss of the trader’s stock that is caused due to fire, flood, theft and earthquake and damage to furniture and other goods. The total premium amount of Rs. 38 crores have been allocated by the Haryana Government for the insurance cover scheme. Also read about, Pradhan Mantri Suraksha Bima Yojana

Eligibility Criteria

Following are the criteria to avail the benefits of the scheme as given below:

If the trader/ businessman wants to ensure their chances of attaining the benefits under the scheme, then they must have to operate the business in the particular region permanently.
The scheme provides an opportunity not only to the small and marginal traders but also to the medium level business owners to avail the benefits under this scheme.
The scheme is applicable for the registered traders who fall under the tax slabs that is based on the rules of the income department.
The applicant must ensure that they have a registration certification issued from the Haryana Trader’s Association. It is also mandatory for all traders to have the HGST registration to avail the benefits under the scheme.
The applicant should possess all relevant documents, which represents that the business organization has all legitimate registrations, as per the Trade and Commerce Acts.

Documents Required

The below mentioned supporting documents have to be submitted to get benefited under the Mukhyamantri Vyapari Kshatipurti Beema Yojana

Identity Proof: PAN, Aadhaar Card, Driving License, Voter Identity Card, etc.
Address Proof: Aadhar Card, Official Passport, Utility bill, Property tax bill, etc.
Tax papers
Business registration certificate
Trade Association papers
State GST registration number
Bank account details
Yearly turnover documents

Claim Application Procedure

Mukhyamantri Vyapari Kshatipurti Beema Yojana can be applied by providing the requested information and fill up the applications who are ready to get the benefits of this scheme. The online application procedure for this scheme will be intimated in the official portal by the government. The state government is more likely to opt for an online application process for the ease of the applicants. The insurance policy will be done by an insurance company. In case of any damage, the beneficiaries can go to the office of the insurance company. They must carry the scheme related documents and other important certificates for scrutiny. The insurance agent will and over the claim form to the beneficiary. The applicant needs to fill it with the necessary details. Once the claim form and the required documents have been submitted, the state government will deposit the money in the beneficiary’s bank account within 15 days.

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