Mukhyamantri Vyapari Kshatipurti Beema Yojana Haryana 2019-20 (MVKBY)

Mukhyamantri Vyapari Kshatipurti Beema Yojana in Haryana (MVKBY) [How to Apply, Accidental Insurance, Eligibility Criteria, Claim Form Online Download, Portal]

Trade and industry are the two essential pillars, which support the Indian economy. Failure to nurture these sectors will place hindrances in the path of financial expansion and economic development of India. Thus, the current Prime Minister of the country has launched several schemes, which safeguard the interests of the traders. The present Chief Minister of Haryana wants to follow the same path. He has recently launched two new schemes, which will offer insurance coverage to the traders. One of these projects, which mainly targets small, marginal and medium trades in the state is Mukhyamantri Vyapari Kshatipurti Beema Yojana. In this article, you will read about the key features of the scheme, along with the eligibility, documents necessary, application process and claim details.


Launch details of the scheme

Name of the scheme Mukhyamantri Vyapari Kshatipurti Beema Yojana
Launched in Haryana
Launched by Manohar Lal Khattar
Date of announcement September 2019
Official date of scheme launch Soon
Target beneficiaries Small, marginal, medium and large traders in the state
Supervised by Haryana State Government
Helpline numberNA

Key features of the scheme

  1. Enhancing the trading sector – The Haryana government has launched this project with the intention of helping small, marginal as well as medium category traders.
  2. Insurance coverage – 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.
  3. Insurance coverage amount – As the MVKBY guidelines, selected beneficiaries will be able attain anything between Rs. 5 lakhs and Rs. 25 lakhs, as per the turnover slabs.
  4. Death coverage – If the beneficiary dies due to natural causes, then his/her family will attain the full amount that has been mentioned n the insurance document.
  5. Accident coverage – The beneficiaries will attain 100% insurance coverage in case they meet with accidents. In case of a permanent damage to the eyes or any two major or minor organs, the beneficiaries will get the insured sum.
  6. Insurance against goods’ damage – The scheme also offers financial insurance coverage for the trade goods and furniture, kept in the store. All damaged, caused by natural calamities like flood, earthquake, cyclone, hurricanes, will be covered under the insurance scheme. If the goods are damaged due to fire or other artificial causes, then the traders will attain the coverage amount.
  7. Total beneficiary number – The state government has announced that after the implementation of this scheme, around 3.75 lakh business owners and traders will be able to acquire the insurance coverage.
  8. Insurance coverage according to business turnover – The financial investment and business value of every trader will fall in different categories. Thus, the scheme has different turnover slabs. The insurance cover that any applicant will get will depend on the turnover slab rules.
  9. DBT via bank account – The state Chief Minister has rightly mentioned that he wants ensure full transparency in the scheme implementation process. Thus, every beneficiary will receive the insurance claim money in the bank accounts. It will be done successfully via the DBT or Direct Benefit Transfer process.

Insurance coverage amount as per business turnover

Sl No. Business Turnover Amount Available Insurance Coverage
  1 Up to Rs. 20 lakhs Rs. 5 lakhs
  2 From Rs. 20 lakhs to Rs. 50 lakhs Rs. 10 lakhs
  3 From Rs. 50 lakhs to Rs. 1 crore Rs. 15 lakhs
  4 From Rs. 1 crore to Rs. 1.5 crore Rs. 20 lakhs
  5 Above Rs. 1.5 crore Rs. 25 lakhs

Eligibility for application

  1. Must live and operate in the state – If the trader or the businessman wants to ensure his/her chances of attaining the benefits, then he/she must live and operate the business in the region permanently.
  2. Mainly for medium level traders – Though the scheme is open for the small and marginal traders, it also gives an opportunity to the medium level business owners to get the benefits of the scheme.
  3. Taxpaying traders – The scheme is applicable for those traders who fall under the tax slabs as per the rules of the income department.
  4. Registered traders only – The applicant must ensure that he/she has a registration certification from the Haryana Trader’s Association. It is also mandatory for the traders to have HGST registration.
  5. Business registration – The applicant must possess all documents, which highlight that the business organization has all legitimate registrations, as per Trade and Commerce acts.

Document necessary for application

  1. Residential papers – If the trader does not have any legal document that supports his/her claims of being a permanent resident of Haryana, then the enrollment application of such a person will be scrapped.
  2. Aadhar card – Interested applicants need to share a copy of their Aadhar cards. It will come in handy during the background checks.
  3. State GST registration number – The state GST office issues certificates legitimizing the business venture. The applicants need to submit this GST registration document that highlights the GST code.
  4. Trade Association papers – All traders get a certificate from the trade association of the state. A photocopy of this certificate must be attached for verification as well.
  5. Business registration certificate – It is pertinent that the applicant also attaches the official registration documents, which highlight the name of the organization and the name of the owner.
  6. Tax papers – If the medium trader pays tax, then he/she need to submit copies of their tax filing documents.
  7. Yearly turnover documents –All applicants need to attach the turnover financial documents during registration for the scrutiny purpose. The turnover papers must reflect the figures of the current and previous financial years.
  8. Bank account details – As there will not be any manual monetary transfer, all applicants need to submit the details of their bank accounts. Without this, the state officials will not be able to process the enrollment request.

How to get application form and apply for the scheme?

The Chief Minister of the state has not yet announced any date for the official launch of this project. Nothing has been mentioned about the application form and the enrollment process as well. The state can opt for both online and offline enrollment modes. For that, it must launch a portal so that traders can register online. If you want all the latest details of this scheme, then you must keep your eyes on our portal. We offer authentic and latest updates on these schemes.

How to claim the insurance coverage?

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. He/she needs to fill it with the necessary details. Once the clam form and the required documents have been submitted, the state government will deposit the money in the beneficiary’s bank account within 15 days.

The new scheme will not only lessen the worries of the traders, but can also offer social and financial security. It is a new initiative that can make a big difference in developing the small and medium trade sectors.

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