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Agriculture Insurance Of India

Agriculture Insurance Company of India Limited (AIC) was incorporated on 20th December 2002 and commenced its business from 1st April 2003. As far as shareholding is concerned in AIC, General Insurance Corporation of India carries 35% shareholding, National Bank for Agriculture And Rural Development (NABARD) owns 30%, National Insurance Company Limited owns 8.75%, The New India Assurance Company Limited holds 8.75%, The Oriental Insurance Company Limited owns 8.75%, and United India Insurance Company Limited carries 8.75% shareholding. AIC was established with an aim to fulfill the needs of farmers better and to achieve a sustainable regime in the agriculture sector.

 

The company has an Authorized Share Capital of Rs. 1500 Crores and Paid-up Share Capital of Rs. 200 Crores. AIC began implementing National Agricultural Insurance Scheme (NAIS) which, Prior 2003 was implemented by General Insurance Corporation of India. Agriculture Insurance Company of India also takes care of the successful implementation of ‘Wealth Based Crop Insurance Scheme’. Moreover, AIC also deals with other insurance products related to agriculture and its allied activities. Its other insurance products include Rainfall Insurance Scheme (Coffee), Wheat Insurance, Potato Insurance, Rubber Plantation, Mango, Apple Insurance, and many others.

List of Plans

Key People

  • Mr. Joseph Plappallil J.
    Chief Executive Office
  • Mr. Malay Kumar Poddar
    Chief of Internal Audit (CIO)
  • Mr. Rajeev Chaudhary
    Chief Risk Officer (CRO)

News

Apr 17, 2015
12:00 PM

Modi courts Canada banks, insurers, pension funds

Modi held a roundtable with the heads of major Canadian financial institutions in Toronto on Thursday, stressing that his government is focused on reducing bureaucracy and investment hurdles, and adding it would welcome investments in infrastructure projects.

 

Nov 05, 2015
10:00 AM

IRDA offers 50% rebate on reinsurance to curb losses on Pradhan Mantri Jeevan Jyoti Yojana

In a step to provide some respite to insurers, sector regulator Insurance Regulatory & Development Authority of India (IRDAI) has offered 50% rebate on reinsurance rate on Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) which offers Rs 2 lakh life cover for a measly sum of Rs 330 a year. 
 

 

Oct 21, 2015
12:00 PM

New Irdai norms to provide clarity for sector

The Insurance Regulatory Development Authority of India (Irdai) came out with the guidelines on Indian control and management, which can offer more clarity for the insurance sector.

Registered Office Address

Agriculture Insurance Of India

  • Agriculture Insurance Company of India
    13th floor, "Amba Deep" Building
    14, Kasturba Gandhi Marg
    New Delhi – 110001
  • Tel : 011-46869815