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Bharat Laghu Udyam Suraksha Shopkeepers Package Policy
Dec 23, 2023

Protect Your Business and Yourself with Personal Accident Cover in Bharat Laghu Udyam Suraksha Shopkeepers Package Policy

The Bharat Laghu Udyam Suraksha Shopkeepers Package Policy is an insurance product meant for shopkeeping enterprises that come under the category of MSMEs or Micro, Small and Medium Enterprises. This policy is for those who meet the criteria for ‘small’ enterprises. The policy protects against various events that can negatively impact shopkeeping entrepreneurs. Along with coverage for buildings and contents, neon sign cover, plate glass cover, breakdown of business equipment cover, and so on, this general insurance policy also offers personal accident cover. * Claims are subject to terms and conditions set forth under commercial insurance policy. Let’s take a detailed look at the personal accident cover in the policy and gain a better understanding of it.

Personal Accident Cover in Bharat Laghu Udyam Suraksha Shopkeepers Package Policy

To begin with, a personal accident cover in any insurance policy allows the insured member to receive financial compensation from the insurer to deal with the negative financial consequences of an accident. Here is how the personal accident cover pans out in this MSME insurance policy:
  1. Coverage Part A: Death *

If the insured person passes away due to an accidental bodily injury within 12 months of the injury happening, the insurer shall pay the sum assured amount after which this part of the coverage for that insured person ends. Claims are subject to terms and conditions set forth under commercial insurance policy.
  1. Coverage Part B: Permanent Total Disability *

If the insured person suffers a permanent total disability due to an accidental injury within 12 months of that injury, the insurer shall pay 125% of the sum assured amount. After this payment, this part of the coverage for that insured person ends. In case the insured person was suffering from a permanent disability before the accidental injury, the payment shall be reduced by the extent of that pre-existing disability, as advised by a relevant government medical authority. Claims are subject to terms and conditions set forth under commercial insurance policy.
  1. Coverage Part C: Permanent Partial Disability *

If the insured person suffers a permanent partial disability as laid down in the PPD table within 12 months of an accidental injury, the insurer shall pay a specified percentage of the sum assured amount. This shall be based on the type of impairment mentioned in the PPD table, which is as follows:
Nature of Disability 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%

PPD table

Claims are subject to terms and conditions set forth under commercial insurance policy. 4. In case the insured suffers PPD within the aforementioned period other than as specified in the above table, the payment shall be made in a manner specified in the policy wordings, as per the specific condition of the insured person. *
  1. Coverage Part D: Temporary Total Disability *

Under this general insurance policy, if the insured person is absolutely unable to do their job as specified in the policy schedule due to an accidental injury, the insurer shall pay 1% of the sum assured amount or ₹5,000 (whichever is less) per week. This can be arranged for up to 100 weeks from the date of the injury. The insurer shall only begin with the payments when it has been proven by the insured that they are unable to perform their specified job. Claims are subject to terms and conditions set forth under commercial insurance policy.
  1. Coverage Part E: Additional Insurance *

This includes - 1. Transportation If a claim under Coverage Part A: Death has been approved by the insurer, they shall also cover the cost of transporting the insured person's remains from the place of demise to a hospital, cremation or burial site, or to their home. The maximum the insurer shall pay is limited to the lower of ₹5,000 or 2% of the sum assured amount, as shown under the policy schedule headings of basic, wider, and comprehensive. 2. Children’s Education Benefit If the insurer has approved a claim for either the death or permanent total disability of the policyholder, they shall also make a one-time payment of ₹5,000 each for the education costs of up to two dependent children of the insured. These children must have been under the age of 19 at the time the insured person suffered the accidental injury. Additionally, hospital confinement allowance (Coverage Part F) and medical expenses reimbursement (Coverage Part G) are also available on an optional basis under the Bharat Laghu Udyam Suraksha Shopkeepers Package Policy. * Claims are subject to terms and conditions set forth under commercial insurance policy. All coverages mentioned above are subject to special exclusions and special conditions laid out in the relevant sections, along with the general set of exclusions and conditions.   * Standard T&C apply. 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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