Fisheries and aquaculture are among the primary sources of employment and income in India. It is estimated that the fisheries sector provides livelihood to about 16 million fishermen and fish farmers and almost twice that number along the value chain. To support this sector, the government of India has introduced the Pradhan Mantri Matsya Sampada Yojana. It brought about a Blue Revolution, supporting sustainable and responsible development of the fisheries sector in India.
Insurance of fishers is one of the sub-components of this scheme. The insurance covers fish workers, fishermen and fish farmers. Read on to learn more.
Group Accident Insurance Scheme for Fishermen
Offered by the Oriental Insurance Company Limited (OICL), the Group Accident Insurance Scheme for Fishermen covers any category of persons directly involved in fishing and fisheries who is a member of a registered cooperative society. You also qualify for the benefits if you are not registered under an authorised society but are covered by insurance. Both men and women, aged 18 to 70 years of age, can benefit from this insurance. However, they will need to have a valid fishing licence. The coverage includes:
₹5,00,000 against accidental death or permanent total disability.
₹2,50,000 for permanent partial disability.
₹1,00,000 for partial disability
₹25,000 in the event of hospitalisation due to accidents.
The beneficiaries will receive the grant-in-aid if the full payment of the premium has been made successfully before the accident. The Department of Fisheries, under the Ministry of Fisheries, Animal Husbandry and Dairying, offers the Group Accident Insurance Scheme for Fishermen without any premium being collected from the fishermen themselves. The entire premium is borne by the central and state governments on a 50:50 basis. The premium amounts to ₹14 per beneficiary fisherman per year.
Inclusions of the Group Accident Scheme for Fishermen
Certain risks, such as human casualties, loss or damage of fishing vessels, and damage to equipment and gear, have significant economic impacts. The marine fishery operations of small-scale fishermen and boat owners, in particular, suffer the most from these risks. The risk of diseases, dangerous algal blooms, and adverse climatic conditions are other issues associated with fishing. The group accident insurance covers all of the above and is one of the most effective solutions for risk management for the fisheries sector.
The Department of Fisheries also organises workshops frequently to create awareness regarding and popularise the scheme. Leaflets and literature are also published for the same.
The adoption rates of the Group Accident Insurance Scheme for fishermen are quite impressive. A survey conducted by ICAR-CMFRI found that 80%-100% of the sampled fishermen were covered in Kerala and 16%-100% were covered in Tamil Nadu. According to the Ministry of Fisheries, Animal Husbandry and Dairying, the total estimated investment in the Pradhan Mantri Matsya Sampada is worth ₹20,050 crores, which is planned to be implemented over a period of 5 years from FY 2020-21 to FY 2024-25.
