Agriculture Insurance Company of India(AIC) Limited Introduction
Agriculture Insurance Company of India Limited(AIC) was formed by the Government of India. The Honorable Finance minister of India announced about this plan during General Budget Speech for the Financial Year 2002-03. Agriculture Insurance Company Of India offers crop insurance programs in almost 500 districts of India. Government of India formed this Agriculture Insurance Company of India Limited to provide insurance coverage and financial support to the farmers in any failure of crops due to pests ,natural calamities and diseases.
Initially AIC of India was started as a join venture between General Insurance Company Of India (GIC), NABARD and Four public sector general insurance companies of India,they are New India Assurance Company Limited, National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited.
AIC is under the control of Ministry of Finance, Government of India, and is supervised by the Ministry of Agriculture, Government of India. Insurance Regulatory and Development Authority (IRDA) of India, Hyderabad, is the regulatory body that governing the AIC.
Agriculture Insurance Company of India was incorporated on 20th December 2002 with an authorized capital of 1500 crore rupees. The Initial paid-up capital is 200 crore rupees. AIC has commenced its operations from 1 April 2003 by taking over the implementation of the “National Agricultural Insurance Scheme” (NAIS) from GIC.
Present Chairman and Managing Director of Agriculture Insurance Company of India is Joseph palappallil. The main vision of the AIC is to develop innovative rural oriented and farmer friendly insurance products for all agricultural risks. It has 17 regional offices at state capitals.
Agriculture Insurance Company of India Board of Directors
|Sh.Joseph Palappallil||Chairman cum Managing Director|
|Sh.Anup Wadhavan||Joint Secretary|
|Sh.H.R.Dave||Deputy Managing Director|
|Smt.Asha Nair||Director & General Manager|
Agriculture Insurance Company of India Limited Corporate office Address
Corporate office address
13th Floor,”Amba Deep”,Building,14,
Kasturibha Gandhi Marg,
Agriculture Insurance Company Customer Care Details
Customer Care number: 011-46869800
Fax number: 011-46869815
Website address: www.aicofindia.com.
AIC of India Products
- National Agriculture Insurance Scheme.
- National Crop Insurance Programme.
- Bio-Fuel Tree/ plant insurance.
- Cardamom plant and Yield insurance.
- Potato Crop Insurance.
- Pulp Wood tree insurance policy.
- Rainfall insurance scheme for coffee(RISC)-2011.
- Rubber plantation insurance.
- Varsha Bima / Rainfall Insurance.
- Weather Insurance(RABI).
- Sugar cane Insurance.
- Tea Insurance.
- Basmati Rice Insurance.
- Aromatic and Medicinal plant insurance.
- Contract Farming insurance.