Mukhyamantri Vyapari Samuhik Niji Durghatna Beema Yojana

The Government of Haryana has proposed the Mukhyamantri Vyapari Samuhik Niji Durghatna Beema Yojana (MVSNDBY) with the intent to provide insurance coverage to the trading community. Under this scheme, the maximum insurance coverage of Rs.5 lakhs will be provided to the small and marginal traders. This article explains about the Mukhyamantri Vyapari Samuhik Niji Durghatna Beema Yojana (MVSNDBY) in detail. Also, read about Mukhyamantri Vyapari Kshatipurti Beema Yojana

Features of the Scheme

The key features of the Mukhyamantri Vyapari Samuhik Niji Durghatna Beema Yojana are as follows:

Under this MVSNDBY scheme, the selected beneficiaries will be provided with a maximum coverage amount of Rs.5 lakhs, as per the turnover slabs.
In case of death of the beneficiary, then his/her family members can claim the full amount that has been stated in the insurance paper.
In case of permanent disability of the beneficiary in the accident, then the 100% insurance coverage will be provided to the beneficiary.
The scheme also offers insurance cover for the trade goods and furniture damaged in 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.
Also, the State Government has announced that after the scheme implementation, around Rs.3.13 lakhs small and marginal traders will be able to obtain the insurance coverage.
All small and marginal traders will receive the insurance claim amount in their accounts through Direct Benefit Transfer (DBT) process.

To know about Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PMLVM)

Eligibility Criteria

The following criteria must be satisfied to avail the benefits under the Mukhyamantri Vyapari Samuhik Niji Durghatna Beema Yojana:

The applicant must be the permanent resident of Haryana state.
The applicant belonging to the category of small and marginal traders is eligible to apply for the scheme.
The applicant with annual turnover below Rs.20 lakhs, can apply for MVSNDBY scheme.
The applicant must possess a registration certificate issued from the Haryana Trader's Association.
The applicant should possess all relevant documents, which represents that the business organization is registered as per the State rules.

Note: Also, the traders must have GST or HGST registration certificate as it ensures that they are the legitimate business owners, operating in this area.

Documents Required

The following are the documents to be furnished along with the application form of MVSNDBY.

Intimation letter (to be drafted by the insurance company and approved by the HTWB)
Copy of FIR (if applicable)
Post mortem Report (if applicable)
Claim Form (to be drafted by the insurance company and approved by the HTWB)
Copy of Death certificate (if applicable)
Copy of medical reports in case of loss of limbs or permanent disability.
Name of the Spouse, Legal heir, representatives-Identity document(ID) and bank details.

Sum Insured

This insurance scheme will provide an insurance cover of Rs.5 Lakh to the beneficiaries in case of personal accidental death or loss of body parts as tabulated below:

S.No	Event	Percentage
1.	In case of accidental death	100% of the sum insured
2.	In the case of Permanent disability	100% of the sum insured
3.	In case of damage of two limbs or eyes or one limb and eye	100% of the sum insured

Note:

The insurance coverage of Rs.5 lakh would be provided to the proprietors of proprietorship firms, designated partners of LLPs, partners of partnership firms and all the Directors of Private Limited companies.
The proposer will provide the list of beneficiaries, i.e. proprietors, partners, Karta, directors, and designated partners in LLPs, as the case may be, to the selected Insurance Company.
The Spouse of the beneficiary will be the nominee of the beneficiary under Mukhyamantri Vyapari Samuhik Niji Durghatna Beema Yojana (MVSNDBY).
However, in case of no spouse, the settlement claim would be given to the legal heirs.
In the case where the legal heirs are minor then the Haryana Traders Welfare Board (HTWB) would ensure that a Fixed Deposit is made in the name of the minor till he or she turns major.
The insurance coverage provided under the MVSNDBY scheme will be in addition to any insurance coverage, which is taken by the beneficiary. Thus, it provides insurance coverage in addition to the amount receivable under any other insurance scheme.
If any beneficiary is found to be non-existent or fake or indulging in fraudulent activities, such beneficiary will not be entertained to receive settlement claim under the scheme if any settlement claim received from the insurance company has to be refunded back to the same company.

Intimation of insurance coverage by the selected insurance company

The selected insurance company would intimate the beneficiaries of coverage under the Mukhyamantri Vyapari Samuhik Niji Durghatna Beema Yojana (MVSNDBY) through E-mail or SMS to the registered mobile phone numbers of beneficiaries provided by the HTWB.

Period of Insurance

The period of insurance under the schemes would be one year starting from the date of the agreement signed between HTWB and the selected insurance company. The period can be extendable for another six months with the prior approval from the State Government on the same terms and conditions.

Payment of premium

The premium can be made as per the schedule mentioned in the agreement between the applicant and the selected insurance company. Entire premium will be paid by the Haryana Traders Welfare Board, and no premium has to be collected from the beneficiary.

Claim Application Procedure

The application under the Mukhyamantri Vyapari Samuhik Niji Durghatna Beema Yojana (MVSNDBY) has to be made to the respective insurance company within 30 days from the date of occurrence.
Every claim under this scheme has to file within 90 days from the date of occurrence. The delay in filing claim due to unavoidable reasons would be accepted by the Haryana Traders Welfare Board. But still, the decision of the HTWB will be the final and binding.
After submitting the claim application in the insurance company, the application will be forwarded to the HTWB within 15 days by the insurance company.
Then the claim would be processed by the insurance company. However, the HTWB will also assist the insurance company in settlement of claims.

Note: The insurance company will process the claim within 30 days from the date of lodging of the claim.