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Blue Economy Boost: Insurance Cover for Shrimp to Freshwater Fish, Government Backs Farmers.
- •India's fisheries sector has seen rapid growth, with total fish production increasing from 9.6 million tonnes in 2013-14 to 19.8 million tonnes in 2024-25.
- •The insurance initiative under the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY) provides a crucial safety net for fish farmers against diseases, floods, and climate risks.
- •Public sector insurers like Oriental Insurance, Agriculture Insurance, New India Assurance, and United India Insurance are providing coverage for shrimp, prawns, freshwater fish, and cold-water species.
- •Farmers receive up to 40% incentive on insurance premiums, with assistance capped at ₹25,000 per hectare for pond-based aquaculture and a maximum of ₹1 lakh for up to four hectares.
- •Modern aquaculture systems like cage culture, RAS, and biofloc also receive a 40% premium subsidy, with an additional 10% incentive for SC, ST, and women beneficiaries.
Key Questions Answered
Eligible beneficiaries under the PM-MKSSY scheme receive an incentive of up to 40 percent of the insurance premium for one crop cycle, with a maximum assistance of ₹25,000 per hectare and up to ₹1 lakh for an area of up to four hectares. Additionally, Scheduled Caste, Scheduled Tribe, and women beneficiaries receive an extra 10 percent incentive.
Currently, four public sector insurance companies are participating in the scheme: Oriental Insurance Company Limited, Agriculture Insurance Company Limited, New India Assurance Company Limited, and United India Insurance Company Limited. These companies provide coverage for shrimp, prawns, freshwater fish, and cold-water species.
The government has established a strict timeline for claim settlements. For cases related to shrimp farming, claims must be settled within 30 days, while for other aquaculture activities, the period is set at 45 days.
