Agriculture Insurance Company of India Limited
The Agriculture Insurance Company of India Limited (AIC) is a state-owned insurance company in India that specializes in providing agricultural insurance products and services. It was established in 2002 and is headquartered in New Delhi, India. AIC is a subsidiary of the Indian government-owned company, General Insurance Corporation of India (GIC).
AIC’s primary objective is to provide insurance coverage to Indian farmers and protect them from the financial risks associated with crop failures, natural disasters, and other agricultural-related perils. The company offers various crop insurance schemes and products that are implemented in collaboration with the government of India and state governments.
Some of the key crop insurance schemes and products offered by AIC include the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Weather-Based Crop Insurance Scheme (WBCIS). These schemes aim to provide financial support to farmers in case of crop damage or yield loss due to factors such as drought, flood, pest attacks, or adverse weather conditions.
AIC plays a crucial role in supporting India’s agriculture sector and ensuring the financial stability of farmers by mitigating their risks. It operates in partnership with various financial institutions, government agencies, and state governments to reach a wide range of farmers across the country.