Aqua Insurance under PM-MKSSY

Current Context: The Union Minister of Fisheries, Animal Husbandry & Dairying awarded the first-ever Aqua Insurance to beneficiaries under the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY), aiming to provide financial support to aquaculture farmers.

Key Features:

• Objective: To offer financial assistance to small and marginalized aquaculture farmers, ensuring risk mitigation in aquaculture activities.
• Beneficiaries: Registered aquafarmers, firms, companies, societies, cooperatives, and Fish Farmer Producer Organizations (FFPOs).
• Incentive Details: A one-time incentive is provided at 40% of the insurance premium cost, subject to a ceiling of ₹25,000 per hectare of water spread area, with a maximum of ₹1 lakh per farmer for up to 4 hectares. 
• Inclusivity: An additional 10% incentive is available for Scheduled Castes, Scheduled Tribes, and women beneficiaries.
• Coverage: The insurance covers one crop cycle and is applicable to various aquaculture systems, including intensive forms like Recirculatory Aquaculture System (RAS) and bio-floc.