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AICL – Agriculture Insurance Company Limited

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Agriculture Insurance Company of India Limited (AIC) was inaugurated in 2003 to serve the needs of farmers better and to move towards a sustainable actuarial regime.

Agriculture Insurance Company offers yield-based and weather-based crop insurance programs in almost 500 districts of India. It covers almost 20 million farmers, making it the biggest crop insurer in the world in number of farmers served.

Agriculture Insurance Company of India Limited is a limited company headquartered out of New Delhi, India.

The Chairman and Managing Director of AICL is Mr.J.Joseph Plappallil.

AICL is under the administrative control of Ministry of Finance, Government of India, and under the operational supervision of Ministry of Agriculture, Government of India.

Insurance Regulatory and Development Authority (IRDA), Hyderabad, India, is the regulatory body governing AICL.

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 %

Products

  • National Agricultural Insurance Scheme
  • National Crop Insurance Programme (NCIP)
  • Bio – Fuel Tree/Plant Insurance
  • Cardamom Plant & Yield Insurance
  • Potato Crop Insurance
  • PulpWood Tree Insurance Policy
  • RainFall Insurance Scheme For Coffee (RISC) – 2011
  • Rubber Plantation Insurance
  • Varsha Bima/RainFall Insurance

Source AICL official Website and Wiki