Mahila Udyam Bima

HIGHLIGHTS

New India Mahila Udyam Bima is exclusively designed to provide protection to women entrepreneurs running small businesses having an asset value not exceeding 5 Cr.

Industries covered include:

• Weaving and other cottage industries
• Beauty parlors, salons
• Food joints/eateries
• Event management companies
• Training institutes
• Boutiques

Scope of Covers

A. Compulsory Coverages

1. Fire & Allied perils– Covers building, plant and machinery, stocks, furniture, and fixtures.
2. Loss of Profits– Covers losses due to business interruption.
3. Burglary– Covers burglary and housebreaking due to violent and forcible entry/exit.
4. Personal Accident For SME owner– Covers bodily injury caused by external means.

B. Optional Covers

• Public liability– Covers legal liability to third parties.
• Personal Accident for Employees– Covers bodily injury.
• Employee compensation– Covers up to 20 employees.

Exclusions

• Loss due to war, civil commotion, wear & tear
• Theft unless caused by violent means
• Consequential losses

Claims

1. Immediate notice of claim to insurer.
2. Lodge a police complaint/FIR if applicable.
3. Provide death certificate/post-mortem report if applicable.
4. Maintain and provide invoices, receipts, records of payment, etc.

Cancellation

• Insured can cancel anytime with a pro-rata premium refund.
• No refund if claims have been notified.
• Insurer can cancel only for non-payment, misrepresentation, or fraud.

Special Features

• Discount up to 20% on total premium.
• Additional 2.5% discount if renewable power sources are used.