“Annual Insurance Premium for Boat Owners” under “Financial Assistance for Availing Subsidy Components for the Development of Marine Fisheries”

Details

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The scheme “Annual Insurance Premium for Boat Owners” is a Sub-Component under the Umbrella Scheme “Financial Assistance for Availing Subsidy Components for the Development of Marine Fisheries” by the Department of Fisheries and Fishermen Welfare, Government of Puducherry. The scheme is introduced with the objective to increase marine fish production by extending subsidies for the procurement of annual premiums for insurance coverage paid by the registered mechanized boat operators.

Benefits

50% subsidy subject to a maximum of ₹ 20,000 per boat on annual insurance premium.

The rate of subsidy/maximum limit may be revised by the Government from time to time.

Eligibility

  • The applicant should either belong to the fishermen community or be one of those professionally engaged in fishing/fish trade occupation on a full-time basis/prospective entrepreneurs.
  • The applicant must have resided in the Union territory of Puducherry for a continuous period of not less than five years at the time of applying for extending subsidies/ grants.
  • The applicant must have been enrolled as a member of the Fishermen Co-operative Society and be above the age of 23 years and below 60 years.
  • The applicant must not have been a recipient of Old Age Pension, issued by the department.
  • The applicant should not be employed in Government/ Government Undertakings/Fishermen Co-operative Society.
  • The applicant must not have any dues to be paid to the Department/Fishermen Co-operative Societies at the time of making the application.
  • The applicant should possess a registered mechanized boat.
  • The applicant should have insured the boat on an annual basis with the authorized insurance company.