Agriculture Insurance Company of India Limited (AIC), the leading implementing agency of the Government’s Flagship Crop Insurance Scheme Pradhan Mantri Fasal Bima Yojana, is now expanding its insurance products in the agriculture allied sector. This move aims to provide comprehensive insurance coverage to farmers, including those in the fisheries se
Pradhan Mantri Fasal Bima Yojana (PMFBY)
PMFBY is a flagship crop insurance scheme of the Government of India aimed at providing financial support to farmers in the event of crop failure due to natural calamities, pests, and diseases. AIC has been instrumental in implementing this scheme and has now leveraged its expertise to offer insurance products in the agriculture allied sector.
Expansion into Agriculture Allied Sector
AIC recognizes the importance of the agriculture allied sector in the Indian economy. The fisheries sector, in particular, plays a significant role and provides livelihood to millions of fisher folks across the country. India is the 3rd largest fish-producing and 2nd largest aquaculture-producing nation in the world, highlighting the sector’s importance.
AIC’s Pilot Project: Shrimp Insurance
To address the risks faced by aquaculture farmers, especially in shrimp farming, AIC has launched a new insurance product called “Shrimp Insurance.” This product aims to provide financial protection to shrimp farmers against natural calamities, diseases, and other challenges.
Launch of Shrimp Insurance Product By AIC
The “Shrimp Insurance” product was launched on a pilot basis in Gujarat, West Bengal, Andhra Pradesh, and Tamil Nadu. The launch took place during the Shrimp Farmers Conclave 2023 at Navsari Agricultural University Campus, Navsari Gujarat, and was inaugurated by Union Minister for Fisheries, Animal Husbandry & Dairying, Parshottam Rupala.
Stakeholders Involved in the Launch
The launch event was attended by AIC’s CMD, Smt. Girija Subramanian, along with other dignitaries from the State Government, Central Institute of Brackishwater Aquaculture (CIBA), and other organizations. Farmers were also actively involved in the development and launch of the product, showcasing a participatory approach.
Future Plans for Scaling Up the Product
Following the successful pilot implementation, AIC plans to scale up the “Shrimp Insurance” product by incorporating other species of fish and expanding its distribution across the country. The company aims to incorporate the learning experiences gained during the pilot phase to ensure the product’s effectiveness and sustainability.
Conclusion
Agriculture Insurance Company of India Limited’s expansion into the agriculture allied sector, particularly in offering insurance products for the fisheries sector, marks a significant step towards providing comprehensive insurance coverage to farmers. The launch of “Shrimp Insurance” reflects AIC’s commitment to addressing the needs of aquaculture farmers and mitigating the risks they face.
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FAQs
- What is the Pradhan Mantri Fasal Bima Yojana (PMFBY)?
Answer: PMFBY is a crop insurance scheme launched by the Government of India to provide financial support to farmers in the event of crop failure due to natural calamities, pests, and diseases. - How does AIC’s “Shrimp Insurance” product benefit shrimp farmers?
Answer: AIC’s “Shrimp Insurance” product provides financial protection to shrimp farmers against risks such as natural calamities, diseases, and other challenges, helping them mitigate losses and secure their livelihoods. - Which states were included in the pilot launch of “Shrimp Insurance”?
Answer: The pilot launch of “Shrimp Insurance” included Gujarat, West Bengal, Andhra Pradesh, and Tamil Nadu. - Who inaugurated the launch event of “Shrimp Insurance”?
Answer: The launch event of “Shrimp Insurance” was inaugurated by Union Minister for Fisheries, Animal Husbandry & Dairying, Parshottam Rupala. - What are AIC’s future plans for scaling up the “Shrimp Insurance” product?
Answer: AIC plans to scale up the “Shrimp Insurance” product by incorporating other species of fish and expanding its distribution across the country, based on the learning experiences gained during the pilot phase.
