The insurance coverage premium for fisherfolk under a new converged scheme for FY25 for FY25 has been fixed at Rs 80 per person, which is 12 per cent less than the old premium. From June 1, the Centre has converged two insurance schemes for fisherfolk to bring down the premium burden and ease the implementation issues.
The insurance coverage under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and the Group Accident Insurance Scheme (GAIS) has been altered to provide a comprehensive insurance coverage of Rs 5 lakh for the fisherfolk (Rs 3 lakh under GAIS for accidental death or permanent total disability, and Rs 2 lakh under PMSBY), officials said. Sources said hitherto a coverage of Rs 2 lakh under PMSBY and Rs 5 lakh under GAIS was offered.
The new scheme is fully subsidised and the fisherfolk are not required to pay any premium. The entire premium would be paid to the insurer by the Centre and the state government, officials said. Around 3.2 million fisherfolk are covered under the insurance schemes. The National Federation of Fishers Cooperatives Ltd (FISHCOPFED) wrote a letter to the Ministry of Fisheries, Animal Husbandry and Dairying a few months ago, alleging that it suffered a body blow after its accidental insurance scheme for fisherfolk was taken away.
The letter claimed that FISHCOPFED earned a benefit of Rs 2 per every fisherfolk who joined the scheme, which was the main source of revenue for the cooperative. Ever since another company has been engaged to run the scheme, this source of revenue for FISHCOPFED has dried up.