What is the Agriculture Insurance Company of India (AIC)?

Agriculture Insurance Company of India (AIC):

• It was incorporated under the Indian Companies Act 1956 on 20th December, 2002.
• The company has an authorized capital of Rs. 1500 crore and paid-up share capital of Rs. 200 Crores.
• The Company is under administrative control of the Ministry of Finance.
• It is the biggest crop insurance company in the world (20 million farmers covered).
• It is headquartered at New Delhi, India.
• It is promoted by 6 Public Sector Financial Institution Viz. General Insurance Corporation, New India Assurance Company, Oriental Insurance Company, National Insurance Company, United India Insurance Company and NABARD.:
• AIC provides weather & yield-based crop insurance schemes in over 500 districts of India.
• AIC provides insurance cover to the farmers for financial losses arising from the failure of the crop (mentioned in insurance scheme) resulting from the pests, diseases, and natural calamities.

 

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Q1) Which are the major crop insurance schemes in India?

Four insurance schemes are being implemented namely by the government to support farmers. They are Pradhan Mantri Fasal Bima Yojana (PMFBY), Weather based Crop Insurance Scheme (WBCIS), Coconut Palm insurance scheme (CPIS), Pilot Unified Package insurance scheme UPIS).

Source: Discrepancies in insurance dis bursement baffles Barmer farmers