Agriculture Insurance Company of India
| Personal information | |
|---|---|
| Full name | Agriculture Insurance Company of India |
| Company type | public |
| Founded | 20 December 2002 New Delhi, India
|
Agriculture Insurance Company of India Limitedis an Indian public sector undertaking headquartered in New Delhi. It is a government-owned agricultural insurer under ownership of the Ministry of Finance, Government of India.
History
[edit]Agriculture Insurance Company of India Limited (AIC) was incorporated on 20 December 2002 with an authorized capital of ₹1,500 crore and an initial paid-up capital of ₹200 crore. The paid-up capital was contributed by the promoting companies, including General Insurance Corporation of India (35%), NABARD (30%), and four public-sector general insurance companies—National Insurance Co. Ltd., Oriental Insurance Co. Ltd., New India Assurance Co. Ltd., and United India Insurance Co. Ltd.—each holding 8.75%. AIC was established to provide specialized agricultural insurance products to Indian farmers.
AIC operates under the administrative control of the Ministry of Finance and the operational supervision of the Ministry of Agriculture, Government of India. The Insurance Regulatory and Development Authority (IRDA) in Hyderabad regulates the company’s insurance operations. From its early days, AIC was designated as the implementing agency for the National Agricultural Insurance Scheme (NAIS), reflecting the government’s trust in the company to manage large-scale crop insurance programs.
Over the years, AIC has expanded its role in agricultural insurance, becoming the leading implementing agency for the Pradhan Mantri Fasal Bima Yojana (PMFBY) launched in Kharif 2016. The company has consistently participated in crop insurance schemes across India and currently covers over 50% of the country’s crop insurance market. By providing financial protection to farmers against crop losses, AIC has become a central player in India’s agricultural risk management framework.
Operations
[edit]Agriculture Insurance Company of India (AIC) operates as the primary provider of crop insurance in India, implementing government-backed schemes such as the National Agricultural Insurance Scheme (NAIS) and the Pradhan Mantri Fasal Bima Yojana (PMFBY). The company manages risk assessment, policy issuance, premium collection, and claims settlement for farmers across the country. AIC collaborates with state governments, banks, and insurance partners to ensure timely enrollment of farmers, field inspections, and prompt compensation for crop losses due to natural calamities, pests, or diseases, effectively safeguarding the agricultural sector and supporting rural livelihoods.
Business career
[edit]Agriculture Insurance Company of India (AIC) has built its business career around being the leading crop insurer in India, positioning itself as the trusted partner of the government, banks, and farmers. Since its incorporation in 2002, AIC has focused on providing comprehensive agricultural insurance solutions, implementing major government schemes like NAIS and PMFBY, and capturing over 50% of the crop insurance market. The company has expanded its operations nationwide, developed technological platforms for policy management and claims processing, and collaborated with public-sector insurance companies and financial institutions to strengthen its reach, financial stability, and impact on rural economies.
Ideology
[edit]Agriculture Insurance Company of India (AIC) follows an ideology centered on supporting and protecting India’s farmers by mitigating the financial risks associated with agriculture. Its core philosophy is to promote sustainable farming and rural development through effective crop insurance, ensuring that farmers can recover from crop losses due to natural calamities, pests, or diseases. AIC emphasizes transparency, efficiency, and government collaboration to implement nationwide schemes, aiming to build farmer confidence, enhance agricultural productivity, and contribute to the economic stability of rural communities.
Social Links
[edit]References
- ^^ Jump up to: a b "About Us - AIC "About Us - AIC". Business Line. Retrieved 2026-01-14.
- ^ Jump up to: a b " "Aic of India Ltd" "Aic of India Ltd" . Retrieved 2026-01-10.
- ^ Jump up to: a b c "Annual Report, 2022-23 - Agriculture Insurance Company of India". aicofindia.com. Retrieved 2025-12-17.
- ^ The Economic Times "Agriculture Insurance Company launches new insurance product 'Fal Suraksha Bima". The Economic Times. Retrieved 2025-12-17.
- ^ Jump up to: a b "Centre's crop insurance scheme finds more takers". "The Indian Express" . 2025-12-09. ISSN 0971-8257. Retrieved 2025-12-17.
- ^ Jump up to: a b "MSN". www.msn.com. Retrieved 2025-12-17.