Agriculture Insurance Company of India Ltd.
Registered Office: 13th Floor, Ambadeep Building, 14, Kasturba Gandhi Marg,
New Delhi – 110 001, INDIA
Landline Nos: (+91 11) 46869800, Fax No: (+91 11) 46869815
E-Mail: aicho@aicofindia.com
On December 20th, 2002, the Agriculture Insurance Company of India Limited (AIC) was established under the Indian Companies Act 1956, with an authorized share capital of INR 15 billion and paid-up capital of INR 2 billion. AIC officially commenced operations on April 1st, 2003.
AIC was established by the Government of India to serve the needs of farmers and to establish a sustainable actuarial regime, following an announcement made by the then Hon’ble Union Finance Minister during his General Budget Speech in FY 2002-03. The company has taken over the implementation of the National Agricultural Insurance Scheme (NAIS), which was previously managed by the General Insurance Corporation of India until FY 2002-03. Additionally, AIC is involved in other insurance businesses related to agriculture and its allied activities, either directly or indirectly.
Share Capital
- Authorised Share Capital – Rs. 1500 Crores
- Paid-up Share Capital – Rs. 200 Crores
- Promoters (Share Holding)
- General Insurance Corporation of India – 35 %
- National Bank for Agriculture And Rural Development (NABARD) – 30 %
- National Insurance Company Limited – 8.75 %
- The New India Assurance Company Limited – 8.75 %
- The Oriental Insurance Company Limited – 8.75 %
- United India Insurance Company Limited – 8.75 %
Agriculture Insurance Company of India Limited (AIC) is the largest crop insurer in the world in terms of the number of farmers served, covering almost 20 million farmers across almost 500 districts in India. AIC provides yield-based and weather-based crop insurance programs to farmers to help them recover from natural calamities, pests, and diseases and stabilize their farm incomes. With headquarters in New Delhi, India, AIC has 17 regional offices in state capitals across India.
AIC offers several agriculture and allied insurance products and schemes, including the yield-based National Agriculture Insurance Scheme (NAIS), National Crop Insurance Programme (NCIP), and the weather-based Weather Based Crop Insurance Scheme (WBCIS). In addition, AIC has developed some in-house products such as the Rainfall Insurance Scheme for Coffee (RISC) for coffee growers, Bio-fuel Tree/Plant Insurance Policy for commercial production of Bio-diesel, Cardamom Plant & Yield Insurance for small and large cardamom varieties, Potato Crop Insurance for potato growers under contract farming, PulpWood Tree Insurance Policy, Rubber Plantation Insurance, Coconut Palm Insurance Scheme, and Weather Insurance (RABI) for individuals and institutions likely to be impacted by adverse weather incidences.
Overall, AIC aims to provide comprehensive risk insurance for yield losses due to natural fire and lightning, storms, hailstorms, cyclone, typhoon, tempest, hurricane, tornado flood, inundation, landslide, drought, dry spells, pests/diseases, etc. AIC also aims to encourage farmers to adopt progressive farming practices, high-value inputs, and higher technology, and to help them restore their creditworthiness for the ensuing season. All growers, whether small/marginal, owners, or tenants/sharecroppers, can purchase weather insurance under the scheme.
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