Agriculture Insurance Company of India Limited (AIC) is an Insurance company formed in order to serve the needs of farmers and other people involved in agriculture. It also aims to make rural India step forward towards a sustainable actuarial management. AIC was incorporated along with General Budget of the F.Y. 2002-03. AIC has now taken over National Agricultural Insurance Scheme and also aims to transact other insurance businesses directly or indirectly related with agriculture or agricultural aided activities in future.
Branches and Business
AIC is a public undertaking catering to the needs of 20 million farmers throughout the country. It currently provides an area and weather based crop insurance programs to almost 500 districts of India. AIC has 17 regional offices throughout the country with their headquarters located at New Delhi. The Agriculture Insurance Company of India Limited aims to accentuate the economic growth rate of the country by bringing financial stability in the rural part of the country. It is also entitled to provide innovative rural oriented and farmer friendly policies in order to ensure protection from natural perils and risks in agriculture related business.
AIC was incorporated with an authorised share capital of Rs. 1500 Crores and paid up share capital of Rs. 200 Crores. Other insurance companies namely GIC, NABARD, National Insurance Company Limited, the New India Assurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited are involved with AIC as its promoters as well as organization share holders. AIC currently runs under the administrative control of Ministry of Finance, Government of India and is supervised from for its operational activities by the Insurance Regulatory and Development Authority, Hyderabad. IRDA, Hyderabad is also the regulating authority of AIC.
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