PM-MKSSY Aquaculture Insurance Incentive for Fishers

Overview

The Pradhan Mantri Matsya Kisan Samridhi Sah-yojana (PM-MKSSY) includes a specific component for Aquaculture Insurance Incentive. Under this sub-scheme, eligible fish farmers receive a one-time incentive to help them purchase aquaculture insurance, protecting them from losses caused by disease, natural calamities, and other risks.

Objective

The scheme aims to mainstream insurance in the aquaculture sector, which is largely unprotected against financial shocks. By subsidising insurance costs, it reduces the risk exposure of small fish farmers and encourages sustainable aquaculture practices.

Benefits

• One-time financial incentive to offset the cost of aquaculture insurance premium
• Protection against losses from disease outbreaks, floods, and other calamities
• Encourages formal risk management practices among fish farmers
• Helps small and marginal fish farmers access insurance products previously out of reach

Eligibility

• Must be an active fish farmer or aquaculture practitioner
• Must be registered on the PM-MKSSY portal or with the Fisheries Department
• Must purchase an approved aquaculture insurance product from a recognised insurer
• Individual fish farmers, SHGs, and farmer producer organisations are eligible

Exclusions

• Commercial fishing companies not falling under small or marginal categories
• Fish farmers who have not purchased an approved insurance product
• Those registered under non-aquaculture categories (e.g., capture fisheries) for this specific benefit
• Duplicate claims for the same policy or insurance period

Application Process

1. Register on the PM-MKSSY digital platform or through the state Fisheries Department
2. Purchase an approved aquaculture insurance policy
3. Submit the insurance policy document and premium receipt
4. The application is verified by the district fisheries officer
5. Incentive amount is transferred directly to the beneficiary’s bank account via DBT

Documents Required

• Aquaculture registration certificate
• Aadhaar card linked to bank account
• Insurance policy document and premium paid receipt
• Land lease or ownership documents for the fish pond
• Bank account passbook copy
• Recent passport-size photographs