FAIVM launches shopkeeper insurance scheme

By Ashish Mitra --
Monday, 15 Feb, 2021

The Federation of All India VyaparMandal (FAIVM), the apex organisation of traders and retailers of the nation, has launched the shopkeeper insurance scheme.

In a grand ceremony at Varanasi, the Shop Keepers Insurance scheme was formally launched by Mr. iRavindra Jaiswal, Hon'ble Minister of State (Independent Charge), Stamp and Court Fees, Registration, Government of Uttar Pradesh yesterday. First few insured shop keepers were handed over their insurance policies at the hand of the chief guest.

This is perhaps the first and unique campaign wherein massive insurance policies are being taken in throughout India. We have a target to issue insurance cover for shops and business places comprising stock, furniture and fittings to wholesellers and retailers of the country. Though we have about 65 million such shop keepers, however in the first year we have a target to get at least 10 million shop keepers, said Mr. V K Bansal, National General Secretary of FAIVM.

Mr. Bansal further told the media that their organisation has roped in Mahindra Insurance brokers Limited (MIBL) to design exclusive polices for shop keepers to fit in their business size and segment. Accordingly, MIBL has appointed TATA AIG General Insurance Company Limited as Insurance providers.

Main challenge for not getting insurance by shopkeepers according to Mr. Bansal was that most of the shopkeepers want to insure their shops, but they face many challenges as if they get a reliable insurance agent whom they can trust or not. Even if an insurance agent is found, he is not interested in a very small premium. Even if the shop is insured, getting a claim in the country of untoward incident is a very complex task and the claim is rejected due to small technical reasons. The shopkeeper is a very small customer for an insurance company that does not pay full attention. This is where the FAIVM will deal with the insurer.

The biggest advantage of this alliance FAIVM- MIBL and Tata AIG will be that a small shopkeeper will also be an important customer for the insurance company as it will be backed by India's largest trading company.

According to Mr. VK Bansal, the goal of his organisation would be to provide shopkeeper insurance to 1 crore shopkeepers. The premium shopkeeper insurance plan has a much lower premium rate than other companies and risks are more heavily covered.

FAIVM launches shopkeeper insurance scheme. The Federation of All India VyaparMandal (FAIVM), the apex organisation of traders and retailers of the nation, has launched the shopkeeper insurance scheme.

In a grand ceremony at  Varanasi, the Shop Keepers Insurance scheme was formally launched by Mr. iRavindra Jaiswal, Hon'ble Minister of State (Independent Charge), Stamp and Court Fees, Registration, Government of Uttar Pradesh yesterday. First few insured shop keepers were handed over their insurance policies at the hand of the chief guest.

This is perhaps the first and unique campaign wherein massive insurance policies are being taken in throughout India. We have a target to issue insurance cover for shops and business places comprising stock, furniture and fittings to wholesellers and retailers of the country. Though we have about 65 million such shop keepers, however in the first year we have a target to get at least 10 million shop keepers, said Mr. V K Bansal, National General Secretary of FAIVM.

Mr. Bansal further told the media that their organisation has roped in Mahindra Insurance brokers Limited (MIBL) to design exclusive polices for shop keepers to fit in their business size and segment. Accordingly, MIBL has appointed TATA AIG General Insurance Company Limited as Insurance providers.

Main challenge for not getting insurance by shopkeepers according to Mr. Bansal was that most of the shopkeepers want to insure their shops, but they face many challenges as if they get a reliable insurance agent whom they can trust or not. Even if an insurance agent is found, he is not interested in a very small premium. Even if the shop is insured, getting a claim in the country of untoward incident is a very complex task and the claim is rejected due to small technical reasons. The shopkeeper is a very small customer for an insurance company that does not pay full attention. This is where the FAIVM will deal with the insurer.

The biggest advantage of this alliance FAIVM- MIBL and Tata AIG will be that a small shopkeeper will also be an important customer for the insurance company as it will be backed by India's largest trading company.

According to Mr. VK Bansal, the goal of his organisation would be to provide shopkeeper insurance to 1 crore shopkeepers. The premium shopkeeper insurance plan has a much lower premium rate than other companies and risks are more heavily covered.