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The Bharat Sookshma Udyam Suraksha Commercial Package Policy is an insurance plan aimed at providing financial protection to MSMEs. The term ‘MSME’ refers to the Micro, Small and Medium Enterprises. Organisations within this sector can opt for the Bharat Sookshma Udyam Suraksha plan for protection against various unfortunate events.
Amongst the various coverages of the plan, the Group Personal Accident Cover is designed to ensure financial protection in case the insured person(s) suffers serious injuries or passes away due to an accident. Let's delve into the benefits offered under this cover, as well as its other aspects.*
Claims are subject to terms and conditions set forth under commercial insurance policy.
Coverage Overview
The liability of the insurer under this cover extends to various events and situations. However, the liability for all events will not exceed the total sum insured for the insured person(s) for whom a claim is being made.
Here are the situations covered under the group personal accident cover, if the insured has opted for them:
Death*
In the unfortunate event of an insured person's demise due to accidental bodily injury during the policy period, the insurer will pay 100% of the sum insured. The payment shall be made to the insured person or their nominee as applicable.
Permanent Total Disability*
As per this General insurance plan, if an insured person meets with an accidental bodily injury causing permanent total disability within 12 months, the insurer will pay 125% of the sum insured.
If the insurer fulfils its liability in either of the above two events, then the insurance cover will be considered as ended for the insured person(s) in question.
Permanent Partial Disability*
For accidental bodily injuries resulting in permanent partial disability within 12 months, the insurer shall be liable as per the following table:
| Nature of the disability | % of the sum insured amount payable |
| An arm at the shoulder joint | 70% |
| An arm above the elbow joint | 65% |
| An arm beneath the elbow joint | 60% |
| A hand at the wrist | 55% |
| A thumb | 20% |
| An index finger | 10% |
| Any other finger | 5% |
| A leg above mid-thigh | 70% |
| A leg up to mid-thigh | 60% |
| A leg up to beneath the knee | 50% |
| A leg up to mid-calf | 45% |
| A foot at the ankle | 40% |
| A large toe | 5% |
| Any other toe | 2% |
| An eye | 50% |
| Hearing of one ear | 30% |
| Hearing of both ears | 75% |
| Sense of smell | 10% |
| Sense of taste | 5% |
If the disability is not listed, the insurer may rely on the decision of the concerned Government Medical Authority.
Temporary Total Disability*
Suppose an insured person suffers accidental bodily injury during the policy period such that they are completely unable to engage in their occupation. In that case, the insurer will make weekly payments equivalent to 1% of the sum insured or Rs 5000, whichever is lower. Payments cease either when the person can resume their occupation or after a maximum of 100 weeks, whichever is earlier.
Additional Insurance*
Under the group personal accident cover of the Bharat Sookshma Udyam Suraksha Commercial Package policy, the following additional insurance options are available:
a) Transportation: If a claim has been accepted regarding the demise of the insured, the insurer will also cover the actual cost of transportation of the remains, limited to Rs 5000 or 2% of the sum insured amount.
b) Children’s Education Benefit: In case of a valid claim under death or permanent total disability, the insurer provides a one-time payment of Rs 5000 each towards the education of up to two dependent children under the age of 19.
c) Hospital Confinement Allowance: If the insured person is hospitalised due to accidental bodily injury, the insurer will pay Rs 1000 for each complete calendar day, up to Rs 30,000 during the policy period.
d) Medical Expenses Reimbursement: The insurer will reimburse 40% of the value of the accepted claim or Rs 5,00,000, whichever is lower, for necessary medical treatment due to accidental bodily injury. This is applicable if a claim has been accepted in the events mentioned under points 1 to 4.
Claims are subject to terms and conditions set forth under commercial insurance policy.
Note that all the points in this cover are subject to Special Conditions and Special Exclusions laid down in the policy wordings. Additionally, the cover is also subject to the general exclusions and conditions specified in the policy.
Along with the group personal accident cover, the Bharat Sookshma Udyam Suraksha Commercial Package policy offers several other covers such as standard fire and perils cover, burglary and robbery cover, money insurance cover, machinery breakdown cover, plate glass cover, and so on.
With the help of a well-designed MSME insurance plan, organisations can have a reliable financial backup when an unfortunate event comes knocking unexpectedly.*
Claims are subject to terms and conditions set forth under commercial insurance policy.
*Standard T&C apply.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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