Agriculture Insurance Company of India

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"Agriculture Insurance Company of India Ltd. (AIC)"
Company type Central Public Sector Undertaking
IndustryAgricultural Insurance
Founded20 December 2002;22 years ago (2002-12-20) [1]
HeadquartersPlate B & C, 5th Floor, Block 1, East Kidwai Nagar, New Delhi - 110023,
India
Key people
Ms. Girija Subramanian [2] (Chairman & Managing Director)
ServicesCrop insurance
Increase2.svg₹766 crore (US$91 million) (2022-23)
Owner Ministry of Finance, Government of India
Number of employees
283
Website www.aicofindia.com
Footnotes /references
[3]

Agriculture Insurance Company of India Limited (AIC) is 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. [4]

Contents

History

AIC was incorporated on 20 December 2002 with an authorized capital of Rs. 1500 crore. The initial paid-up capital was Rs. 200 crores, which was subscribed by the promoting companies, General Insurance Corporation of India GIC (35%), NABARD (30%) and the four public-sector general insurance companies (8.75%) each, viz., National Insurance Co. Ltd., Oriental Insurance Co. Ltd., New India Assurance Co. Ltd., and United India Insurance Co. Ltd. [5] [6]

AIC 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 AIC. [7]

The Government of India designated AIC as the sole implementing agency for the National Agricultural Insurance Scheme (NAIS), a crop insurance programme.

From Kharif 2016, the Govt. has launched a new Crop Insurance Scheme – Pradhan Mantri Fasal Bima Yojna (PMFBY). [8] AIC is the leading Implementing Agency of this Scheme.

Since its inception, AIC has participated in crop insurance schemes in India and has insured farmers under these programmes. According to available data, it accounts for over 50% of the crop insurance market in the country.

See also

References

  1. ↑ "About Us - AIC". aicofindia.com. AIC of India. Retrieved 23 December 2023.
  2. ↑ "Aic of India Ltd".
  3. ↑ "Annual Report, 2022-23 - Agriculture Insurance Company of India" (PDF). aicofindia.com. AIC of India. 6 September 2023. Retrieved 23 December 2023.
  4. ↑ "Agriculture Insurance Company launches new insurance product 'Fal Suraksha Bima'". Indianchemicalnews. Retrieved 5 August 2025.
  5. ↑ "About Us".
  6. ↑ "Agriculture Insurance Company of India Ltd". Business Maps of India.Com. Retrieved 2 July 2013.
  7. ↑ Bhatla, Prabhjeet (20 October 2020). "Agriculture Insurance Co. Joins Hands with IPPB For Distribution Of Crop Insurance Schemes". Entrepreneur. Retrieved 21 August 2023.
  8. ↑ "Centre's crop insurance scheme finds more takers". The Indian Express. 13 January 2024. Retrieved 5 August 2025.
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