Aqua Insurance

1. The Union Minister of Fisheries, Animal Husbandry & Dairying awarded the first-ever Aqua Insurance to beneficiaries under Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PM-MKSSY).
2. Alongside, the VyAS-NAV mobile app was launched for digital data collection in the 5th Marine Fisheries Census.

What is PM-MKSSY?

1. PM-MKSSY is a sub-scheme under the broader Pradhan Mantri Matsya Sampada Yojana (PMMSY).
2. It offers a comprehensive insurance package focused on supporting India's aquaculture sector.
3. The scheme aims to strengthen financial security and resilience among aquaculture stakeholders.

What Does Aqua Insurance Cover?

1. Objective: To provide financial protection to small, marginal, and vulnerable aquaculture farmers.
2. Eligibility: Registered aquafarmers, cooperatives, firms, companies, societies, and Fish Farmer Producer Organizations (FFPOs) are covered.
3. Insurance Premium Limit: Coverage is capped at ₹1 lakh per farmer for up to 1800 cubic meters (m³) of aquaculture area.
4. Incentives for Inclusivity: SC, ST, and women beneficiaries receive an additional 10% premium incentive.
5. Duration: Insurance remains valid for one crop cycle.

What is VyAS-NAV?

1. VyAS-NAV is a mobile-based application launched for digital data collection.
2. It will be used in the ongoing 5th Marine Fisheries Census to streamline and modernize fisheries statistics.
3. The app supports real-time, accurate, and efficient data gathering for policy-making.

Why is Aqua Insurance Important?

1. It protects farmers from financial loss due to disease outbreaks, natural disasters, or other uncertainties.
2. Promotes risk management, encouraging more investments in the aquaculture sector.
3. Contributes to achieving the Blue Economy goals under the PMMSY vision.

 

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