Agriculture Insurance Company of India Limited
Agriculture Insurance Company of India Limited (AIC) is a public sector undertaking under the Ministry of Finance, Government of India. It was incorporated in 2002 and commenced business in 2003. AIC is the only dedicated agricultural insurance company in India. It offers crop insurance products to farmers to protect them against losses caused by natural calamities and other unforeseen events.
AIC’s crop insurance products are designed to meet the needs of farmers of all types, from small and marginal farmers to large landholders. The company also offers a variety of add-on covers, such as price protection and post-harvest insurance.
AIC has a vast network of over 3,000 branches and offices across India. It also has a strong tie-up with the banking sector, which helps it reach out to farmers in rural areas.
AIC’s mission is to provide financial security to farmers and contribute to the sustainable development of the agricultural sector in India.
Here are some of the benefits of having agricultural insurance:
- It protects farmers from financial losses caused by natural calamities and other unforeseen events.
- It helps farmers to maintain their income levels even in the event of crop failure.
- It encourages farmers to invest in new technologies and practices.
- It helps to improve the creditworthiness of farmers.
- It contributes to the overall stability of the agricultural sector.
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.