Recently, the Union Minister for Fisheries, Animal Husbandry & Dairying awarded the first ever aqua insurance (One Time Incentive Sanction-cum-Release Order) to beneficiaries under the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY).
About aqua insurance
The Government of India has introduced Aqua Insurance for the first time, offering dedicated financial protection to aquafarmers.
The Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), a sub-scheme launched under the Pradhan Mantri Matsya Sampada Yojana offers a comprehensive aquaculture insurance.
The aquaculture insurance focuses on mitigating risks and extending financial incentive particularly to small and marginalized farmers.
Through the National Fisheries Digital Platform (NFDP), the Sub-scheme offers seamless digital access to insurance, helping safeguard the incomes of fishers and fish farmers against unexpected losses while also promoting better tracking and formalization within the fisheries sector.
Eligible beneficiaries include registered aquafarmers, firms, companies, societies, cooperatives, Fish Farmer Producer Organizations (FFPOs), and other entities involved in the fisheries value chain as identified by the Department of Fisheries.
For intensive aquaculture systems such as recirculatory aquaculture systems, the premium is capped at ₹1 lakh per farmer for 1800 m³.
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