When will the insurance scheme for small entrepreneurs be implemented in UP, know under what circumstances five lakhs will be available


Lucknow, Insurance scheme for small entrepreneurs of Uttar Pradesh will be implemented from August 15. Mukhyamantri Micro Udyami Accident Insurance Scheme has been introduced with the objective of bringing the micro units of the micro, small and medium enterprises sector of the state under the ambit of registration and to encourage them. Chief Minister’s Micro Entrepreneur Accident Insurance Scheme will be implemented in the state from August 15. Under this scheme, in case of accident or permanent disability of the entrepreneur, an amount of up to five lakhs will be given. After getting approval from the cabinet, guidelines related to this scheme have been issued.

Know which entrepreneur will get its benefit

All micro entrepreneurs between 18 to 60 years will come under the purview of this scheme. Insurance cover will be provided till June 30, 2024 to all the entrepreneurs who come under this scope of registration in the current financial year. At the same time, from the next financial year till June 30, insurance cover will be provided to registered entrepreneurs from July 1 to June 30, 2025. At present, this scheme will remain effective for the next five years for the entrepreneurs. However, entrepreneurs coming under the purview of GST will not get the benefit of this scheme. Those entrepreneurs are already getting the benefit of the Chief Minister’s Traders Accident Insurance, run by the GST Department.

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The scheme will be operated by the MSME department

According to the information, there are about 90 lakh units in the unorganized sector in the state, out of which only 14 lakh are registered on the Udyam Registration Portal. Due to non-availability of their figures, the economic contribution of this sector is not clear. Therefore, in order to encourage micro units for registration, it has been decided to link them with the Chief Minister’s Micro Insurance Scheme. The scheme will be operated by the MSME department in the current financial year. Units with capital investment up to 50 lakhs are kept in the category of micro units.

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Blitz India Desk
Blitz India Desk
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