Kerala Insurance Cover for the MSME Sector was launched by the Kerala Government. The Kerala government has created this scheme to provide a loan opportunity to businesses that are small and medium. The scheme was created by the Kerala government to save the businessman from various risks and to provide them with the confidence to continue their businesses in the Kerala state. There are a lot of opportunities that are available by the Kerala government to boost the business sector of the Kerala state. The department has created a lot of resources for the new businesses in the Kerala state that can be used to accumulate capital. These types of resources will definitely help in the increase in the profit of the businesses in the Kerala state.
Overview of Kerala Insurance Cover for the MSME Sector
Kerala Insurance Cover will not only provide financial assistance but it will provide motivation for people to continue their businesses in the Kerala state. All the causes will be covered under the scheme. The organizations are eligible to buy the insurance policies by paying the full annual premium. The beneficiaries will have to submit the application to their concerned DIC through the online portal created by the Kerala government along with the supporting documents. The scheme will be implemented through the concerned District Industries Standards. They will be responsible for processing the application form.
Also Read: Saranya Self Employment Scheme
Objective of Insurance Cover for the MSME Sector
Kerala has over three lakh MSMEs, out of which around 1,40,000 have registered under the government’s Year of Enterprises initiative. However, only 15,000 of them have insurance coverage against various risks. Suman Billa, the Principal Secretary of Industries and NORKA, has noted that this insurance scheme will not only strengthen the industrial and investment ecosystem of the state but also boost the confidence of entrepreneurs. The insurance scheme covers a range of risks, including natural disasters, fire accidents, theft, accidents, and market fluctuations. These risks can lead to significant financial losses for MSMEs.
Key Highlights of Kerala Insurance Cover for MSME Sector
| Name | Kerala Insurance Cover for MSME Sector |
| Launched by | Kerala Government |
| Objective | Providing free insurance |
| Beneficiaries | Residents of Kerala |
| Official Website | – |
Also Read: Kerala Startup Mission
Eligibility Criteria
- The applicant must be a permanent resident of the Kerala state.
- The applicant must have a small business in the Kerala state.
Benefits of Insurance Cover for the MSME Sector
- Insurance coverage will be provided to new businesses against various risks that involve natural causes as well as man-made disasters.
- Motivation will be provided to entrepreneurs so that they can continue their businesses despite having losses.
- Enterprises are eligible for a reimbursement of 50 percent of their annual premium, with a ceiling of Rs 2500.
- The Eligible amount will be directly transferred to the bank account of the beneficiaries to pay for the losses incurred by the businessman.
Also Read: Kerala Patent Support Scheme
Required Documents
- Aadhar card
- Voter ID card
- Income Certificate
- Caste Certificate
- Category Certificate
- Bank Details
Kerala Insurance Cover for MSME Sector Registration Process
- You will first have to visit the official website of the scheme by clicking on the link given here
- The home page will open on your screen.
- You have to click on the option called Kerala Insurance Cover for MSME Sector
- A new page will open on your screen.
- You have to register yourself by entering the specific information related to your businesses.
- Upload all of the documents and apply for the scheme accordingly.
FAQs
The applicant must be a permanent resident of the Kerala state and must have a small business to apply for the Kerala Insurance Cover for the MSME Sector.
All the losses will be covered by the Kerala government for the small businessmen in the Insurance Cover
Kerala Insurance Cover for MSME Sector is available by the Kerala government to provide insurance cover to the new businesses which are provided by the Kerala businessman.
The applications must be directly submitted to the concerned authorities and then the amount will be transferred through the bank account of the beneficiary.