KARACHI, Nov 13: A new insurance policy, with an enhanced death compensation for fishermen’s families, was launched here on Tuesday.

An agreement was signed here between the Fishermen Cooperative Society (FCS) and a local insurance firm. Under the scheme, in case of any accidental death the company would pay Rs 200,000 to the family of the deceased fisherman.

The fishermen will deposit Rs 125 premium per annum. In Nov 1999 a similar scheme was introduced and the sum insured per person was Rs100,000.

The insurance company will also pay medical expenses in case of an accident.

The agreement was signed at a ceremony held at the Karachi Fish Harbour by Managing Director Estate Federal Union EFU General Insurance M Fasihuddin and FCS chairman Syed Tayyab Naqvi.

Later, talking to newsmen, FCS chairman Tayyab Naqvi said during the last one year, out of 28 casualties, 22 cases were resolved and families of the deceased fishermen were paid Rs100,000 each.

He also stated that during the same period, 12 cases of injuries were registered, of which 10 have been completed while two are in process.

He said under the previous scheme, 45,626 fishermen were insured and they will automatically come under the new scheme for which the FCS will pay 25 per cent of the premium to the company.

He told the newsmen that there are about 74,000 regular fishermen in Sindh while the total number of fishermen is approximately 400,000. The scheme, he said, would not only cover Sindh but would also cover the fishermen of Balochistan.

EFU Deputy Managing Director Fasihuddin said the scheme was unique as it is not profit-oriented and it was prepared with the sole objective of protecting the poor segment of the society who risked their life to earn foreign exchange for the country.

Earlier, the FCS chairman gave a brief account of the measures taken by the society for the welfare of fishermen in various sectors.

Present on the occasion were the heads of various departments included Manager Administration Ghazanfar Ali Boota, Manager Coordination Bashir Ahmed.