Agriculture Insurance Company of India: Difference between revisions

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{{Short description|Indian public sector insurer}}
{{Use dmy dates|date=December 2014}}
{{Use dmy dates|date=December 2014}}
{{Use Indian English|date=December 2014}}
{{Use Indian English|date=December 2014}}
{{Infobox company
{{Infobox company
| name = '''Agriculture Insurance Company of India Limited'''
| name = "Agriculture Insurance Company of India Ltd. (AIC)"
| logo = Agriculture Insurance Company of India.svg
| logo = Agriculture Insurance Company of India.svg
| type = *[[Development finance institution]]
| type = [[Public Sector Undertakings in India|Central Public Sector Undertaking]]
* [[Government of India|Government owned]]
| foundation = 2002
| location = Plate B&C, 5th Floor, Block 1, East Kidwai Nagar, New Delhi-110023
| industry = Agricultural Insurance
| industry = Agricultural Insurance
| key_people = Sh, Malay Kumar Poddar <ref>https://www.aicofindia.com/AICEng/Pages/Chairman_cum_MD.aspx</ref> Chairman & Managing Director
| founded = {{Start date and age|df=yes|2002|12|20}}<ref name = "About AIC">{{cite web |url=https://www.aicofindia.com/AICEng/Pages/default.aspx |title=About Us - AIC |website=aicofindia.com |publisher=AIC of India |access-date=23 December 2023}}</ref>
| num_employees = 283
| hq_location = Plate B & C, 5th Floor, Block 1, East Kidwai Nagar, New Delhi - 110023
| owner        = [[Government of India]] (100%)
| hq_location_country = India
| parent        = [[Ministry of Finance (India)|Ministry of Finance]] , [[Government of India]]
| key_people = Ms. Girija Subramanian<ref>{{Cite web|url=https://www.aicofindia.com/AICEng/Pages/Chairman_cum_MD.aspx|title=Aic of India Ltd}}</ref> (Chairman & Managing Director)
| products = Crop Insurance
| products =
<!-- |net_sales= $400 Million United States dollar -->| profit = $74 Million United States dollar
| services = Crop insurance
| homepage = {{Official website|https://www.aicofindia.com}}
| revenue =
| revenue_year =
| operating_income =
| income_year =
| net_income = {{increase}} {{INRConvert|766|c}}
| net_income_year = 2022-23
| aum =
| assets =
| assets_year =
| equity =  
| equity_year =  
| owner = [[Ministry of Finance (India)|Ministry of Finance]], [[Government of India]]
| num_employees = 377 <ref> {{cite web |url=https://www.aicofindia.com/annual-reports|title=Annual Reports - Agriculture Insurance Company of India|date= March 2025 |website=aicofindia.com|publisher=AIC of India|access-date=27 March 2026}}</ref>
| num_employees_year =  
| website = {{URL|https://www.aicofindia.com}}
| footnotes = <ref>{{cite web |url=https://www.aicofindia.com/AICEng/General_Documents/Final%20AIC%20Annual%20Report-English%20(1)%20(1).pdf |title=Annual Report, 2022-23 - Agriculture Insurance Company of India |date=6 September 2023 |website=aicofindia.com |publisher=AIC of India |access-date=23 December 2023}}</ref>
}}
}}


'''Agriculture Insurance Company of India Limited''' ('''AIC''') a [[Government of India|government owned]] insurance company and [[development finance institution]] under the [[ownership]] of [[Ministry of Finance (India)|Ministry of Finance]] , [[Government of India]] that offers yield-based and weather-based [[agricultural insurance in India|crop insurance]] programs in almost 500 districts of India.<ref>{{Cite news|url=https://www.tribuneindia.com/news/himachal/aic-gets-contract-to-cover-crops/672684.html|title=AIC gets contract to cover crops|last=Tribune News Service|date=23 October 2018|work=The Tribune}}</ref> It covers almost 20 million farmers, making it the biggest crop insurer in the world in number of farmers served. Agriculture Insurance Company of India Limited is a development finance institution headquartered out of [[New Delhi]], [[India]]<ref name=AIC>{{cite web|title=Swagatam|url=https://www.aicofindia.com/AICEng/Pages/Default#aspx|publisher=Agriculture Insurance Company of India Limited|access-date=2 July 2013}}{{Dead link|date=September 2019 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>
'''Agriculture Insurance Company of India Limited''' ('''AIC''') is an Indian [[Public Sector Undertakings in India|public sector undertaking]] headquartered in [[New Delhi]]. It is a government-owned agricultural insurer under [[ownership]] of the [[Ministry of Finance (India)|Ministry of Finance]], [[Government of India]].<ref>{{Cite web |title=Agriculture Insurance Company launches new insurance product ‘Fal Suraksha Bima' |url=https://www.indianchemicalnews.com/general/agriculture-insurance-company-launches-new-insurance-product-fal-suraksha-bima-24595 |access-date=2025-08-05 |website=Indianchemicalnews}}</ref>  


AIC aims to provide insurance coverage and financial support to the [[farmers]] in the failure of any of the notified crop as a result of natural calamities, pests and diseases to restore their creditworthiness for the ensuing season; to encourage the farmers to adopt progressive farming practices, high value in-puts and higher technology; to help stabilize farm incomes, particularly in disaster years. The plan provides comprehensive risk insurance for yield losses due to natural fire and lightning, storms, hailstorms, cyclone, typhoon, tempest, hurricane, tornado flood, inundation, landslide, drought, dry spells, pests/diseases, etc.<ref>{{Cite web|url=https://www.wiki.meramaal.com/2018/06/21/pradhan-mantri-fasal-bima-yojana/|title=Pradhan Mantri Fasal Bima Yojana - PMFBY, Fasal Bhima Yojana Scheme|website=www.wiki.meramaal.com|language=en-US|access-date=2018-10-24}}</ref>
==History==
AIC was incorporated on 20 December 2002 with an authorized capital of Rs. 1500 crore. The initial paid-up capital was Rs. 200 crores, which was subscribed by the promoting companies, [[General Insurance Corporation of India]] GIC (35%), [[National Bank for Agriculture and Rural Development|NABARD]] (30%) and the four public-sector general insurance companies (8.75%) each, viz., [[National Insurance Company|National Insurance]] Co. Ltd., [[The Oriental Insurance Company|Oriental Insurance]] Co. Ltd., [[New India Assurance]] Co. Ltd., and [[United India Insurance Company|United India Insurance]] Co. Ltd.<ref>{{cite news| url=https://www.aicofindia.com/AICEng/Pages/AICAboutUs.aspx |title=About Us }}</ref><ref>{{cite web|title=Agriculture Insurance Company of India Ltd|url=http://business.mapsofindia.com/india-company/a/agriculture-insurance-company-of-india-ltd.html|publisher=Business Maps of India.Com|access-date=2 July 2013}}</ref>


==Incorporation==
AIC is under the administrative control of [[Ministry of Finance (India)|Ministry of Finance]], Government of India, and under the operational supervision of [[Ministry of Agriculture & Farmers Welfare|Ministry of Agriculture]], Government of India. [[Insurance Regulatory and Development Authority]] (IRDA), Hyderabad, India, is the regulatory body governing AIC.<ref>{{Cite web |last=Bhatla |first=Prabhjeet |date=2020-10-20 |title=Agriculture Insurance Co. Joins Hands with IPPB For Distribution Of Crop Insurance Schemes |url=https://www.entrepreneur.com/en-in/leadership/agriculture-insurance-co-joins-hands-with-ippb-for/358095 |access-date=2023-08-21 |website=Entrepreneur |language=en}}</ref>
AIC was incorporated on 20 December 2002 with an authorized capital of Rs. 1500 crore. The initial paid-up capital was Rs. 200 crores, which was subscribed by the promoting companies, [[General Insurance Corporation of India]] GIC (35%), [[National Bank for Agriculture and Rural Development|NABARD]] (30%) and the four public-sector general insurance companies (8.75%) each, viz., National Insurance Co. Ltd., [[The Oriental Insurance Company|Oriental Insurance]] Co. Ltd., [[New India Assurance]] Co. Ltd., and [[United India Insurance Company|United India Insurance]] Co. Ltd.<ref>{{cite news| url=https://www.aicofindia.com/AICEng/Pages/AICAboutUs.aspx |title=About Us }}</ref><ref>{{cite web|title=Agriculture Insurance Company of India Ltd|url=http://business.mapsofindia.com/india-company/a/agriculture-insurance-company-of-india-ltd.html|publisher=Business Maps of India.Com|access-date=2 July 2013}}</ref>


AIC is under the administrative control of [[Ministry of Finance (India)|Ministry of Finance]], Government of India, and under the operational supervision of [[Ministry of Agriculture & Farmers Welfare|Ministry of Agriculture]], Government of India. [[Insurance Regulatory and Development Authority]] (IRDA), Hyderabad, India, is the regulatory body governing AIC.
The [[Government of India]] designated AIC as the sole implementing agency for the National Agricultural Insurance Scheme (NAIS), a crop insurance programme.


==Commencement of business==
From Kharif 2016, the Government has launched a new Crop Insurance Scheme – Pradhan Mantri Fasal Bima Yojna (PMFBY).<ref>{{Cite web |date=2024-01-13 |title=Centre’s crop insurance scheme finds more takers |url=https://indianexpress.com/article/india/centre-crop-insurance-scheme-finds-more-takers-9108232/ |access-date=2025-08-05 |website=The Indian Express |language=en}}</ref> AIC is the leading Implementing Agency of this Scheme.
AIC commenced its business operations from 1 April 2003 by taking over the implementation of the "National Agricultural Insurance Scheme" (NAIS) from GIC. AIC has been designated by the Govt., of India as the "Implementing Agency" of NAIS, its country-wide crop insurance program.


==Offices and products==
Since its inception, AIC has participated in crop insurance schemes in India and has insured farmers under these programmes. According to available data, it accounts for over 50% of the crop insurance market in the country.
{{Overly detailed|section=section|details=|date=October 2018}}
AIC has 18 regional offices in state capitals across India. AIC sells agriculture and allied insurance products and schemes. A significant amount of business is derived out of the yield-based "National Agriculture Insurance Scheme (NAIS)", "National Crop Insurance Programme (NCIP)" and the "Weather Based Crop Insurance Scheme (WBCIS)". Some other products of AIC, developed in-house, are:<ref>{{Cite web |url=https://www.aicofindia.com/AICEng/Pages/Product_Profile/Present.aspx |title= Present |access-date=17 March 2014 |archive-url=https://web.archive.org/web/20140316212443/https://www.aicofindia.com/AICEng/Pages/Product_Profile/Present.aspx |archive-date=16 March 2014 |url-status=dead |df=dmy-all }}</ref>
 
=== Rainfall Insurance Scheme for Coffee (RISC) ===
Coffee Rainfall insurance is a unique rainfall insurance product designed in consultation with Coffee Board, Central Coffee Research Institute and coffee growers of the states of Karnataka, Kerala and Tamil Nadu. The rainfall insurance provides effective risk management aid to those coffee growers likely to be impacted by adverse rainfall incidence. Agriculture Insurance Company of India Ltd. compensates the insured against the likelihood of diminished coffee output/yield resulting from shortfall / excess in the actual rainfall (as the case may be) for different coverage options. The insurance operates during 1 March to 31 August.<ref>{{cite news | url=https://www.aicofindia.com/AICEng/Pages/Product_Profile/Present.aspx | title=Present Products | access-date=17 March 2014 | archive-url=https://web.archive.org/web/20140316212443/https://www.aicofindia.com/AICEng/Pages/Product_Profile/Present.aspx | archive-date=16 March 2014 | url-status=dead | df=dmy-all }}</ref>
 
=== Bio-fuel Tree/Plant Insurance Policy ===
Named-peril insurance covering six different species of plants/trees, available for commercial production of Bio-diesel, with optional cover against drought risk.
 
=== Cardamom Plant & Yield Insurance ===
The scheme is designed in consultation with Spices board to provide conventional cover against death/loss of plant bushes. Cover available for small and large cardamom varieties.
 
=== Potato Crop Insurance ===
Parametric named-peril insurance linked to plant population, available for potato growers under contract farming.
 
=== PulpWood Tree Insurance Policy ===
The policy covers against pecuniary loss suffered on account of total loss or damage to the trees occasioned by specific perils/risks like fire, flood, cyclone, storm, frost, pests and diseases.
 
=== RainFall Insurance Scheme For Coffee (RISC) ===
Failure of Blossom shovers, Backing showers and Excess rainfall during monsoon and post monsoon seasons affect the crop yield. Scheme offers cover and is implement in all coffee growing zones of Andhra pradesh, Assam, Karnataka, Kerala, Mizoram, Odisha and Tamil Nadu with subsidy support from Government.
 
=== Rubber Plantation Insurance ===
Covers death/loss of rubber trees against natural calamities and other non preventable perils, applicable to both mature and immature plants, based on establishment cost and loss of future returns.
 
=== Varsha Bima / RainFall Insurance ===
Covers anticipated shortfall in crop yield on account of deficit and excess rainfall, consecutive dry and wet days, etc. It is voluntary for all classes of cultivators who stand to lose financially upon adverse incidence of rainfall and they can take insurance under the scheme. It is available for many of the seasonal field crops.
 
=== Coconut Palm Insurance Scheme ===
Named peril insurance designed in consultation with Coconut Development Board (CDB), covering coconut palms in the age groups of 4–15 years and 16–60 years, against death due to Fire, Lightning, Cyclone, Storm, Flood, Pests, and Widespread diseases, Earthquake, Severe Draught, etc. The pilot is available in specified districts of Andhra Pradesh, Goa, Karnataka, Kerala, Maharashtra, Odisha and Tamil Nadu. CDB would provide 50% subsidy on premium, and the concerned State to the extent of 25%, leaving the grower to pay the balance 25%.
 
=== Weather Insurance (RABI) ===
It is a mechanism for providing effective risk management aid to those individuals and institutions likely to be impacted by adverse weather incidences. The most important benefits of Weather index insurance are,
 
* Trigger events like adverse weather events can be independently verified and measured.
* It allows for speedy settlement of indemnities, as early as fortnight after indemnity period.
* All growers, may it be Small/Marginal, Owners or Tenants/Sharecroppers can buy this weather insurance.


==See also==
==See also==
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== External links ==
== External links ==
* {{Official website|https://www.aicofindia.com/}}
* {{Official website|https://www.aicofindia.com/}}
* https://financialservices.gov.in/beta/en/public-sector-insurers


{{Insurance in India}}
{{Insurance in India}}
* http://financialservices.gov.in/insurance-divisions/Public-Sector-Insurance-Companies


[[Category:Financial services companies established in 2002]]
[[Category:Financial services companies established in 2002]]
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[[Category:Companies based in New Delhi]]
[[Category:Companies based in New Delhi]]
[[Category:Agricultural insurance in India]]
[[Category:Agricultural insurance in India]]
[[Category:Public sector in India]]
[[Category:Government-owned insurance companies of India]]
[[Category:India government-related lists]]

Latest revision as of 13:36, 27 March 2026


"Agriculture Insurance Company of India Ltd. (AIC)"
IndustryAgricultural Insurance
Founded20 December 2002; 23 years ago (2002-12-20)[1]
HeadquartersPlate B & C, 5th Floor, Block 1, East Kidwai Nagar, New Delhi - 110023,
India
Key people
Ms. Girija Subramanian[2] (Chairman & Managing Director)
ServicesCrop insurance
Increase ₹766 crore (US$110 million) (2022-23)
OwnerMinistry of Finance, Government of India
Number of employees
377 [3]
Websitewww.aicofindia.com
Footnotes / references
[4]

Agriculture Insurance Company of India Limited (AIC) is an Indian public sector undertaking headquartered in New Delhi. It is a government-owned agricultural insurer under ownership of the Ministry of Finance, Government of India.[5]

History[edit | edit source]

AIC was incorporated on 20 December 2002 with an authorized capital of Rs. 1500 crore. The initial paid-up capital was Rs. 200 crores, which was subscribed by the promoting companies, General Insurance Corporation of India GIC (35%), NABARD (30%) and the four public-sector general insurance companies (8.75%) each, viz., National Insurance Co. Ltd., Oriental Insurance Co. Ltd., New India Assurance Co. Ltd., and United India Insurance Co. Ltd.[6][7]

AIC is under the administrative control of Ministry of Finance, Government of India, and under the operational supervision of Ministry of Agriculture, Government of India. Insurance Regulatory and Development Authority (IRDA), Hyderabad, India, is the regulatory body governing AIC.[8]

The Government of India designated AIC as the sole implementing agency for the National Agricultural Insurance Scheme (NAIS), a crop insurance programme.

From Kharif 2016, the Government has launched a new Crop Insurance Scheme – Pradhan Mantri Fasal Bima Yojna (PMFBY).[9] AIC is the leading Implementing Agency of this Scheme.

Since its inception, AIC has participated in crop insurance schemes in India and has insured farmers under these programmes. According to available data, it accounts for over 50% of the crop insurance market in the country.

See also[edit | edit source]

References[edit | edit source]

  1. ↑ "About Us - AIC". aicofindia.com. AIC of India. Retrieved 23 December 2023.
  2. ↑ "Aic of India Ltd".
  3. ↑ "Annual Reports - Agriculture Insurance Company of India". aicofindia.com. AIC of India. March 2025. Retrieved 27 March 2026.
  4. ↑ "Annual Report, 2022-23 - Agriculture Insurance Company of India" (PDF). aicofindia.com. AIC of India. 6 September 2023. Retrieved 23 December 2023.
  5. ↑ "Agriculture Insurance Company launches new insurance product 'Fal Suraksha Bima'". Indianchemicalnews. Retrieved 5 August 2025.
  6. ↑ "About Us".
  7. ↑ "Agriculture Insurance Company of India Ltd". Business Maps of India.Com. Retrieved 2 July 2013.
  8. ↑ Bhatla, Prabhjeet (20 October 2020). "Agriculture Insurance Co. Joins Hands with IPPB For Distribution Of Crop Insurance Schemes". Entrepreneur. Retrieved 21 August 2023.
  9. ↑ "Centre's crop insurance scheme finds more takers". The Indian Express. 13 January 2024. Retrieved 5 August 2025.

External links[edit | edit source]

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