Insurance is an extremely important component of the MSME’s business. Currently MSMEs do not get quality insurance advice because they are small and find it hard to speak to knowledgeable subject matter experts. We address this issue by providing members of FICCI-CMSME access to three unique insurance services.

  • They can request for a free, no-obligations diagnostic of their current and required insurances. The diagnostic will outline all the insurances that member companies need and also indicate the realistic prices to procure those insurances.
  • Members can purchase group medical insurance for their companies at special, low rates with top-end product features built in. This offer is specifically for member companies.
  • Finally, members can speak with insurance experts across product lines and ask for binding insurance quotes from any of the insurers in the market. These quotes will help benchmark any insurance purchases that the SME may be making on their own. We will facilitate the process and help procure the insurances, if required.  

There are three broad areas and risks where insurance is extremely meaningful for MSMEs. These are employee benefits, asset and liability protection.

Employee Benefits

Group Mediclaim insurance provides medical insurance to your employees and you. This can also be extended to cover families and in some cases dependent parents. Group mediclaim insurance has benefits unmatched by individual health insurance. This includes cover for pre-existing diseases with immediate effect, no waiting periods or sub-limits for diseases.

For FICCI-CMSME members we have special group medical insurance rates.

Main Features of the Group Health Insurance

  • Rupees 2.5 lakhs of sum assured per person
  • No medical test required
  • Cashless settlement of claims at a large network of hospitals
  • Families of employees can also be covered as per these premium rates
  • No exclusion for pre-existing diseases
  • No disease-wise sub limits
  • No co-pay
  • No disease wise waiting period
  • Immediate maternity benefit upto Rs 25,000
  • MSME must be purchasing group health insurance for the first time. If group medical insurance has been purchased before then these rates may change based on the historical claim record.
Age Group (years) Number of employees between 26 and 50 Number of employees over 50
Premium (Rupees per person per year, excluding service tax)
0-25 3500 3000
26 - 35 4000 3500
36 - 45 4750 3750
46 - 55 5250 4500
56 - 60 6250 5250
Over 60 Available on Request Available on Request

If you need to customize your health insurance to a different amount, smaller group size or different features do reach out to us for a personalized price estimate.

Group Personal Accident is a cost-effective way to insure staff that are injured or die in an accident. The insurance costs about Rupees 1000 per year for Rupees 10 lakhs of insurance.

Other employee benefit insurances include Group Term Life to cover death of an employee, Group EDLI to manage the EDLI linked to your provident fund cost-effectively and Group Gratuity or Group SuperAnnuation products.

Asset Protection

Damage to your offices or units due to Fire, Earthquakes, Flooding, Riots can be insured. Rupees 5 crore of insurance will cost less than Rupees 15,000 per year. You can also protect your office from burglary, your computers from breakdown. 

Marine insurance is useful in covering loss during transportation. There are several specialized insurances that an MSME could consider – Fidelity insurance to cover the risk of fraud by an employee or Money insurance for burglary of cash.  

Liability Insurance

Workmen’s compensation insurance will pay for the unlimited liability if a worker at your site dies or is injured. Professional Indemnity will pay for legal costs if a customer sues you for negligence. Director’s and Officer’s liability will pay for litigation against key executives in your company. Contractor’s All Risk covers your liability to third parties at your construction site. Public liability will protect business owners against property or injury on their premises suffered by third parties. Exporters are often required to purchase Product liability by their customers overseas.

There are several insurances that can help an MSME conduct business with peace of mind. FICCI CMSME helps you get access to those insurances.

For any information required / query you may contact FICCI- CMSME secretariat.