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Agriculture Insurance Company of India Limited (AIC) provides weather & yield-based crop insurance schemes in over 500 districts of India. AIC is the biggest crop insurance company in the world (20 million farmers covered). Agriculture Insurance Company of India Limited is headquartered at New Delhi, India. AIC provides insurance cover to the farmers for financial losses arising from the failure of the crop (mentioned in insurance scheme) resulting from the pests, diseases, and natural calamities. The crop insurance scheme being offered by AIC aims to gain credit worthiness among farmers towards adopting these crop schemes, encourage them to implement progressive farming practices, assist farmers gain the stable farm incomes, especially during disaster years. The crop insurance plan aims to offer comprehensive risk insurance against crop losses arising from storms, hailstorms, natural fire and lightning, drought, pests/diseases, inundation, cyclone, hurricane, etc.
AIC was founded on 20th December, 2002 and commenced its business on 1st April, 2003. The company has an authorized capital of Rs. 1500 crore and paid-up share capital of Rs. 200 Crores. Its promoting companies are General Insurance Corporation of India (35%), NABARD (30%), The Oriental Insurance Co. Ltd. (8.75%), United India Insurance Co. Ltd. (8.75%), National Insurance Co. Ltd. (8.75%), and The New India Assurance Co. Ltd. (8.75%). Ministry of Finance, Government of India has the administrative control of AIC and Ministry of Agriculture, Government of India has the supervisory control of AIC.
Monday, Oct 02, 2017 10:00 AM
Even though the non-life insurance industry has breached the magical figure of 1% penetration in terms of GDP in financial year (FY) 2017
Friday, Sep 29, 2017 10:00 AM
Agriculture minister Prabhu Lal Saini on Wednesday said a proposal is being prepared to form a government crop insurance company to get rid of technical problems related to premiums and claims.
Thursday, Sep 14, 2017 10:00 AM
India's general insurers clocked over 32% jump in premium collection at Rs 11,931.01 crore in August this fiscal, Irdai data showed.