Other Schemes: (Click the list of Schemes given below)
Definitions: Crop insurance is undertaken by agricultural producers, including farmers, ranchers, and others to protect themselves against either the loss of their crops due to natural disasters, such as hail, drought, and floods, or the loss of revenue due to declines in the prices of agricultural commodities.
History of Crop Insurance in India : In a country like India, where crop production has been subjected to vagaries of weather and large-scale damages due to attack of pests and diseases, crop insurance assumes a vital role in the stable growth of the sector.
An All-Risk Comprehensive Crop Insurance Scheme (CCIS) for major crops was introduced in 1985, coinciding with the introduction of the Seventh-Five-year Plan and subsequently replaced by National Agricultural Insurance Scheme (NAIS) w.e.f. 1999-2000. These Schemes have been preceded by years of preparation, studies, Planning, experiments and trials on a pilot basis.
Agriculture Insurance Company of India Limited (AIC ) : Agriculture Insurance Company of India Limited (AIC) has been formed by the Government of India consequent to the announcement by the Hon'ble Union Finance Minister in his General Budget Speech F.Y. 2002-03 that to subserve the needs of farmers better and to move towards a sustainable actuarial regime, it was proposed to set up a new Corporation for Agriculture Insurance
AIC has taken over the implementation of National Agricultural Insurance Scheme (NAIS) which until FY03 was implemented by General Insurance Corporation of India. In future, AIC would also be transacting other insurance businesses directly or indirectly concerning agriculture and its allied activities.
Share Capital
- Authorised Share Capital - Rs. 1500 Crores
- Paid-up Share Capital - Rs. 200 Crores
Promoters
Organisation |
Share Holdings (%) |
General Insurance Corporation of India
National Bank for Agriculture And Rural Development (NABARD)
National Insurance Company Limited
The New India Assurance Company Limited
Oriental Insurance Company Limited
United India Insurance Company Limited |
35.00
30.00
8.75
8.75
8.75
8.75 |
Incorporation: Incorporated on 20th December, 2002
Registered Office : Agriculture Insurance Company of India Limited
Address 1 : 13th Floor, “AMBA DEEP
14,Kasturba Gandhi Marg,
Connaught Place,
New Delhi - 110 001,
INDIA
Phone Nos: (011) 46869800
Fax No: (011) 46869815 |
Address 2 : 21st Floor, “AMBA DEEP
14, Kasturba Gandhi Marg,
Connaught Place,
New Delhi - 110 001,
INDIA
Phone Nos: (011) 46869860
Fax No: (011) 46869854, 46869855 |
E-mail: aicho@aicofindia.org
Other Agriculture and allied Insurance Companies : (Click the list of Schemes given below)
National Insurance Company limited
New India Assurance Company Limited
Oriental insurance Company Limited
United India Insurance Company Limited |
