Read on to know about the product and services of Agriculture Insurance Company of India Ltd, a public undertaking catering insurance cover to the agricultural sector in India.
Agriculture Insurance Company of India
Agriculture Insurance Company of India Limited (AIC) is an Insurance company formed in order to serve the needs of farmers and other people involved in agriculture. AIC was incorporated under the Companies Act, 1956 and started its operations on 20th December, 2011. It has now taken over National Agricultural Insurance Scheme and also aims to transact other insurance businesses directly or indirectly related with agriculture or agricultural aided activities in future. AIC caters to the needs of 20 million farmers throughout the country. It currently provides an area and weather based crop insurance programs to almost 500 districts of India. AIC is headquartered in Delhi with 17 regional offices throughout the country and an authorised share capital of Rs. 15 billion, of which Rs. 2 billion is paid-up capital. Other insurance companies namely GIC, NABARD, National Insurance Company Limited, the New India Assurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company Limited are involved with AIC as its promoters as well as share holders. AIC currently runs under the administrative control of Ministry of Finance, Government of India and is supervised from for its operational activities by the Insurance Regulatory and Development Authority, Hyderabad, which is also the regulating authority of AIC.
Product and Services
- NAIS (National Agricultural Insurance Scheme) – The salient features of this scheme include the crops covered, states and areas included and farmers, risk covered and exclusions, sum insured/limit of coverage, estimation of crop yield, reinsurance cover, etc.
- WBCIS (Weather Based Crop Insurance Scheme) – Weather Based Crop Insurance aims to mitigate the hardships of the insured farmers arising out of financial losses on account of anticipated crop-loss resulting from incidence of adverse conditions like rainfall, temperature, frost, humidity etc.
- MNAIS (Modified National Agricultural Insurance Scheme) – MNAIS aims at sustainable production in agriculture sector, thereby ensuring food security, crop diversification and enhancing growth and competitiveness from the agriculture sector, besides protecting farmers from production risks.
- Wheat Insurance (Weather & Biomass) – Wheat Insurance Policy is a unique technology based insurance product combining crop vigour/biomass and weather parameters.
- Rabi Weather Insurance – Wheat, Mustard, Gram, Potato, Masoor, Barley and Coriander are the major Rabi season crops mostly grown in UP, MP, Maharashtra and Rajasthan. These crops are extremely vulnerable to weather factors, such as excess rainfall, frost, and fluctuation in temperature etc.
- Potato Insurance – This insurance policy is applicable to potato crop cultivated by the farmers in different potato growing parts of the country.
- Varsha Bima/Rainfall Insurance – Sixty five percent of Indian agriculture is heavily dependent on rainfall, and rainfall variations account for more than 50% of variability in crop yields. Varsha Bima covers anticipated shortfall in crop yield on account of deficit rainfall.
- RISC (Rainfall Insurance Scheme for Coffee – Coffee Insurance) – This is a unique rainfall insurance product specially designed for the coffee growers of Karnataka, Kerala and Tamil Nadu. This product is designed in consultation with Coffee Board, Central Coffee Research Institute and the Coffee Growers of these states. RISC is expected to provide effective risk management aid to those coffee growers who are impacted by adverse rainfall incidence.
- Bio-Fuel Tree/Plant Insurance – About 80% of the world’s energy requirements are met by the ever-depleting fossil fuels. The most promising alternative energy sources are bio-fuels. To promote this environment friendly fuel, the government is giving various incentives and subsidies to bio-fuel tree/plant owners so that they may attain energy security.
- Pulpwood Tree Insurance – This insurance scheme is applicable to Pulpwood tree growers and producers, whose produce is affected by ceratin specified perils. The product is offered for Pulpwood trees (Eucalyptus, Poplar, Subabul and Casuarina) in specific geographic locations with adequate infrastructure and facilities to grow the crop.
- Coconut Insurance – Coconut Palm & Yield Insurance is a mechanism for providing effective risk management aid to those growers who are likely to be impacted by non preventable natural factors, pests & diseases, etc.
- Rubber Insurance – Rubber is one of the important cash crops cultivated in India, mainly in Kerala and the North-Eastern States and thus this insurance is of great importance in that part of the country.
- Cardamom Plant & Yield Insurance – This insurance cover aids the cardamom growers of the states of Kerala, Karnataka, Tamil Nadu and Sikkim.
Future Products
- Sugarcane Insurance
- Tea Insurance
- Basmati Rice Insurance
- Aromatic & Medicinal Plants Insurance
- Contract Farming Insurance
Contact Address
Agriculture Insurance Company of India Ltd
13th Floor, Ambadeep Building,
14, Kasturba Gandhi Marg,
New Delhi - 110 001, INDIA
Website: www.aicofindia.com
