(L to R) Lavanya R Mundayur, CMD, Agriculture Insurance Company, M Nagaraju, Secretary, Department of Financial Services(DFS), Prashant Kumar Goyal, Joint Secretary, DFS
“With Aquaculture insurance, we are not just mitigating risks but fostering resilience in one of India’s fastest-growing agri-sector. The product is designed to provide end-to-end protection for fish farmers, covering not just fish rearing but also its critical infrastructure. This product reflects AIC’s dedication to innovation and farmers’ welfare.” said Lavanya R Mundayur, CMD, Agriculture Insurance Company
New Delhi: M Nagaraju, Secretary, Department of Financial Services (DFS), has launched a new insurance product for the aquaculture industry, on Friday, designed by state owned Agriculture Insurance Company(AIC), a leading implementing agency of government’s flagship crop insurance scheme Pradhan Mantri Fasal Bima Yojana(PMFBY).
The product is designed to provide end-to-end protection for fish farmers, covering not just fish rearing but also its critical infrastructure. This product covers a wide variety of species of freshwater fishes like Carp (Silver / Grass/ Rohu/ Catla/ Mrigal/ Murrel), Pangasius and Trout. This innovative offering addresses key risks faced by aquaculture farmers.
“With Aquaculture insurance, we are not just mitigating risks but fostering resilience in one of India’s fastest-growing agri-sector. This product reflects AIC’s dedication to innovation and farmers’ welfare.” said Lavanya R Mundayur.
The product launch underscores AIC’s mission to support India’s aquaculture industry, benefiting small and marginal farmers while promoting food security and export growth.
The launching ceremony took place in AIC head office in in the presence of Nagaraju, Parshant Kumar Goyal, Joint Secretary, DFS, Mundayur, Dasarathi Singh, executive director, AIC, C. S. Ayyappan, executive director, AIC and other senior officials who highlighted the company’s commitment to empowering fish farmers with financial security against unforeseen risks.
Recently, AIC has also introduced shrimp insurance to support and protect the livelihood of shrimp farmers.
Under the Pradhan Mantri Matsya Kisan Samridhi Sah-Yojana (PMMKSSY), facilitated by the National Fisheries Development Board (NFDB), farmers who avail aquaculture insurance are eligible for a one-time incentive covering 40% of the premium cost, up to ₹25,000 per hectare, with a maximum of ₹1,00,000 per farmer for farms up to 4 hectares in size.
This incentive has encouraged more farmers to avail shrimp insurance, utilizing the Government of India’s initiative to provide financial protection.
Presently the Ministry of Fisheries is keen on cold water fisheries development considering it as a priority area, given its immense potential in the Himalayan and North-Eastern states. It is noteworthy that this aquaculture insurance product from AIC also covers Trout, which is one of the major cold water fish species.
Both AIC’s shrimp insurance and the aquaculture insurance scheme would help shrimp and freshwater fish cultivating farmers in our country to protect their enterprise from the natural calamities and diseases which mainly affects aquaculture farming.
Meanwhile, AIC has been conferred with the prestigious ET Government PSU Leadership and Excellence Award 2025 under the category of Operational Excellence.
AIC received this award for its pioneering digital initiative “SARUS”, a transformative mobile application designed to overcome longstanding challenges in insurance enrolment in rural India.
By leveraging cutting-edge technology, SARUS enhances transparency, reduces fraud, and improves access to insurance in underserved regions, thereby contributing significantly to financial inclusion and rural resilience.