To provide social and financial security to the businessman who is small and have less turnover, the Chief Minister of Haryana has launched Vyapari Kshatipurti Bima Yojana 2019. Under this scheme, insurance covers will be provided to the businessmen so that they can cover up their loss. Under CM Vyapari Kshatipurti Bima Yojana All the businessmen of the state will be covered. If you want to know more about the scheme then read the complete article carefully.
Table of Contents
CM Vyapari Kshatipurti Bima Yojana 2019
This insurance scheme shall provide insurance cover ranging from Rs.5 Lakh to Rs.25 lakhs. The amount of the insurance will be provided depending upon the category of beneficiaries on the basis of their turnover, for the loss of stock of goods or furniture and fixtures or both due to fire or burglary or both.
Aim Objective Of Vyapari Kshatipurti Bima Yojana
The Haryana government has come up with the CM Vyapari Kshatipurti Bima Yojana because they want to establish a sense of social and financial security among the traders and small and medium businessmen. The Haryana government intends to provide insurance coverage of Rs.5 lakh to Rs.25 lakh for loss of stock of goods or furniture and fixtures or both of the eligible taxpayers in case of fire and burglary under the Mukhyamantri Vyapari Kshatipurti Beema Yojana, which can prove to be the biggest asset for them.
Eligibility For Goods Vyapari Kshatipurti Bima Yojana
Only the goods mentioned below will be eligible under the CM Vyapari Kshatipurti Bima Yojana 2019:-
- Goods dealt with by way of purchase, sale, receipt or supply whether as raw material, consumables, packing material, finished goods, semi-finished goods in the ordinary course of business for which eligible taxpayer is registered under the GST Act.
- Machinery, equipment/components, die and tools, furniture/fixtures, other electrical/electronic items installed at the business premises in connection with the business carried out by the beneficiary.
Period of Insurance in Vyapari Kshatipurti Bima Yojana
- The period of insurance under the Vyapari Kshatipurti Bima Yojana 2019 will be one year.
- It will start from the date of the agreement.
- The period shall be extendable for another six months with the prior approval of the State
- The government on the same terms & conditions if the applicant wish.
Insurance Amounts Vyapari Kshatipurti Bima Yojana
Different insurance covers are provided for different turnovers. The list of insurance provided under different amount of turnover is given below:-
- First Turnover from Rs.0 to 20 lakh :- Up to Rs. 5 lakh
- Second Turnover above Rs. 20 to 50 lakhs :- Up to Rs. 10 lakh
- Third Turnover above Rs. 50 lakh to 1 crore :- Up to Rs. 15 lakh
- Fourth Turnover above Rs. 1 crore :- Up to Rs. 20 lakh
- Fifth Turnover above Rs. 1.5 crore :- Up to Rs. 25 lakh
Conditions In Which The Insurance Will Be Provided
- Excluding loss, destruction of or damage
- To boilers (other than domestic boilers), economizers or other vessels, machinery or apparatus (in which steam is generated) or their contents resulting from their own explosion/implosion.
- Caused by centrifugal forces.
- Loss, Destruction or damage caused by Aircraft, other aerial or space devices and articles dropped there from.
Riot, Strike and Malicious Damage
Loss of or visible physical damage or destruction by external violent means directly caused to the property insured in a riot, strike and malicious damage but excluding loss caused by:-
- Permanent or temporary dispossession resulting from confiscation, commandeering, requisition or destruction by order of the Government or any lawfully constituted Authority.
- Permanent or temporary dispossession of any building or plant or unit or machinery resulting from the unlawful occupation by any person of such building or plant or unit or machinery or prevention of access to the same.
Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood, Inundation and Earthquakes
- Loss, destruction or damage directly caused by Storm, Cyclone, Typhoon, Tempest, Hurricane, Tornado, Flood or Inundation excluding those resulting from a volcanic eruption.
- Impact Damage: Loss of or visible physical damage or destruction caused to the insured property due to impact by any Rail/ Road vehicle. It will also include the following:-
- The Insured or any occupier of the premises.
- Their employees while acting in the course of their employment.
Subsidence and Landslide including Rockslide
Loss, destruction or damage directly caused by the subsidence of part of the site on which the property stands or Landslide/Rockslide excluding:-
- The normal cracking, settlement or bedding down of new structures
- The settlement or movement of made up ground
- Coastal or river erosion
- Defective design or workmanship or use of defective materials
- Demolition, construction, structural alterations or repair of any property or ground works or excavations.
Bursting and/or overflowing of Water Tanks, Apparatus and Pipes
- Missile testing operations
- Leakage from Automatic Sprinkler Installations excluding loss, destruction or damage caused by
- Repairs, Removal or Extension of the Sprinkler Installation
- Defects in construction known to the Insured.
- Excluding loss, destruction or damage caused by Forest Fire.
- The term burglary shall include:-
- Any loss or damage to the property or any part thereof whilst contained in the premises of the insured due to burglary or housebreaking (theft following upon an actual forcible and violent entry /or exit from the premises) and hold up.
- Damage caused to the premises to be made good by insured resulting from burglary and/or housebreaking or any attempt there at any time during the time period of insurance.
How To Apply In Vyapari Kshatipurti Bima Yojana 2020
At this time State Government has not announced any Application Process and start date to apply. We will notify you as soon as Haryana Govt. will announce any further information.