• Car
  • Bike
  • Taxi
  • Term Life
  • Health
  • Travel
  • Investment

Agriculture Insurance Company (AIC) of India Limited

Agriculture Insurance Company of India Limited (AIC) is an initiative undertaken by the Government of India, and announced by the Hon'ble Union Finance Minister in his General Budget Speech FY 2002-03. It aims "to sub-serve 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".

Agriculture Insurance Company of India Ltd. has taken over the implementation of National Agricultural Insurance Scheme (NAIS) since the FY 2002-03, from General Insurance Corporation of India. AIC also transacts in other insurance businesses directly and indirectly related to agriculture and its allied activities.

Aims & Goals of Agriculture Insurance Company of India

Agriculture Insurance Company of India Ltd. aims to economically empower Rural India, one of the most potential means of boosting the economy of the country. It specializes in designing innovative insurance schemes to financially secure the interests of farmers and protect them against agricultural and allied risks arising from natural disasters.

The agricultural products developed by Agricultural Insurance Company of India Ltd. are scientifically backed and are developed keeping in mind the varied needs of rural farmers of diverse crops. Its initiatives seek to reach out to the remotest and poorest farmers with the objective of ensuring financial stability. Further, it also spreads awareness about its insurance products to ensure wide reachability among farmers of Rural India.

AIC of India Ltd.: Company Structure

Note: All information has been sourced from the official website of AIC of India Ltd.

  • Chairman: Managing Director: As on March 2019, Agriculture Insurance Company of India Ltd. is headed by Mrs. TL Alamelu.

Board of Directors

Director's NameAddress
Mrs. Ti L. Alamelu
Chairman CUM Managing Director
Agriculture Insurance Company of India Limited
Plate B and C , 5th Floor, Block 1, East Kidwai Nagar, New Delhi - 110023
Dr. Ashish Kumar Bhutani
Joint Secretary
Ministry of Finance and Co-operation, Agriculture and Farmer Welfare
Indian government
Shastri Bhawan, Dr. Rajendra Prasad Road
Central Secretariat, New Delhi -110001
Mr. Sucindra Mishra
Joint Secretary
Financial Services Department, Ministry of Finance, Government of India
Ministry of Finance, Government of India Third floor, Jeevideep Building,
Parliament Street,
New Delhi-110001
Shri KN Bhandari,
Director,
Agricultural Insurance Company of India Limited
5, New Power House Road,
Jodhpur, Rajasthan
Mrs. Alice G. Vaidyan
Chairman and Managing Director
GIC of India
GIC of India
Security, 170 J. Tata Road, Mumbai
Mr. G. R. Chanala,
Chief General Manager,
NABARD
NABARD, Plot C-24, G Block, Bandra Kurla Complex, BKC Road, Bandra East, Mumbai , 400051
Mrs. Tajinder Mukherjee
Chairman and Managing Director
National Insurance Company Limited
3 Middleton Street, Prafulla Chandra Sen Array Kolkata,
Kolkata, West Bengal, 700071
Mr. Atul Sahai
Chairman and Managing Director
The New India Assurance Company
87, MG Road Fort Mumbai 400001
Mr. AV Girija Kumar
Chairman cum Managing Director
The Oriental Insurance Company Limited
The Oriental Insurance Co. Ltd.
Oriental House A-25/27 Asaf Ali Road New Delhi-110002
Mr. Girish Radhakrishnan
Chairman and Managing Director
United India Insurance Company Limited
24, Wights Road, Chennai-600014

Manager Category – IRDA Chief Managerial Persons

NamePost
Mrs. Alamelu Ti LaxmanChairman cum Managing Director
Mr. Rajeev ChaudharyGeneral manager and chief risk officer
Mr. S.K. SamantarayGeneral Manager, Chief Financial Officer
Mr. S.S. SaxenaGeneral manager and chief Su chana officer
Mrs. M. Rajeshwari Singh General manager, chief insertion officer and chief grievance redressal officer
Mr. Rampal S. RawatDeputy general manager and chief investment officer
Mr. Ajay SinghalDeputy General Manager, Chief Marketing Officer
Mr. Kamal Kishore GuptaChief Manager, Chief Compliance Officer and Head of Internal Audit
Mr. Golt Gulati Manager and Chief Information Security Officer
Mrs. Shuchi Singhal Assistant manager and company secretary

Stakeholders

  • Central Government of India
  • State Government of India
  • Government Agencies
  • Insurance Regulatory and Development Authority (IRDA)
  • Farmers
  • Employees

Financial Institutions

REGIONAL RURAL BANKS – STATEWISE DETAILS

State NameName of The Bank
Andhra PradeshAndhra Pradesh Grameena Vikas Bank
Andhra Pragathi Grameena Bank
Chaitanya Godavari Grameena Bank
Saptagiri Grameena Bank
Arunachal PradeshArunachal Pradesh Rural Bank
AssamAssam Gramin Vikash Bank
Langpi Dehangi Rural Bank
BiharMadhya Bihar Gramin Bank
Bihar Gramin Bank
Uttar Bihar Gramin Bank
ChhattisgarhChhattisgarh Rajya Gramin Bank
GujaratDena Gujarat Gramin Bank
Baroda Gujarat Gramin Bank
HaryanaSaurashtra Gramin Bank
Sarva Haryana Gramin Bank
Himachal PradeshHimachal Pradesh Gramin Bank
Jammu & KashmirJ & K Gramin Bank
Ellaquai Dehati Bank
JharkhandJharkhand Gramin Bank
Vananchal Gramin Bank
KarnatakaKarnataka Vikas Grameena Bank
Pragathi Krishna Gramin Bank
KeralaKaveri Gramin Bank
Kerala Gramin Bank
Narmada Jhabua Gramin Bank
Madhya PradeshCentral Madhya Pradesh Gramin Bank
Madhyanchal Gramin Bank
MaharashtraVidharbha Konkan Gramin Bank
Maharashtra Gramin Bank
ManipurManipur Rural Bank
MeghalayaMeghalaya Rural Bank
MizoramMizoram Rural Bank
NagalandNagaland Rural Bank
OrissaOdisha Gramya Bank
Utkal Gramin Bank
PuducherryPuduvai Bharathiar Grama Bank
PunjabPunjab Gramin Bank
Sutlej Gramin Bank
RajasthanMalwa Gramin Bank
Baroda Rajasthan kshetriya Gramin Bank
Rajasthan Marudhara Gramin Bank
Tamil NaduPandyan Grama Bank
Pallavan Grama Bank
TripuraTripura Gramin Bank
Uttar PradeshAllahabad UP Gramin Bank, Banda
Baroda UP Gramin Bank
Gramin Bank of Aryavrat
Kashi Gomti Samyut Gramin Bank
Prathama Bank
Purvanchal Bank
Sarva UP Gramin Bank
UttarakhandUttarakhand Gramin Bank
West BengalBangiya Gramin Vikash Bank
Paschim Banga Gramin Bank
Uttar Banga Kshetriya Gramin Bank

Agriculture Insurance Company Product and Services

Agriculture Insurance Company of India Ltd.: Achievements & Awards

Achievements

  • Insured about Rs. 2.85 crore farmers in the FY 2016-2017, establishing Agriculture Insurance Company of India Ltd. as the leading crop insurer in India.
  • Accumulated net worth of Rs. 2767 crore as on 31.03.2017.
  • Claims of Rs. 55162 crore settled in the last decade.

Awards & Accolades

  • Asia Insurance Industry Awards 2012 (Kuala Lumpur)
  • Celent Model Insurer Asia Awards 2013 (Singapore)
  • SKOCH Digital Inclusion Award 2013
  • Express IT Awards 2013
  • Asia Insurance Industry Awards 2013 (Singapore)
  • IASA Technology Innovation Award 2014 (Chicago, USA)
  • IDC Insights Awards 2015
  • Insurance India Awards 2017
  • Gems of Digital Enterprise 2017

AIC OF INDIA LTD. - FAQs

What is the cover period offered by Agriculture Insurance Company of India Ltd. for damage or loss of insured crops during unseasonal rainfall?

The cover period varies from policy to policy, the policy cover period ranges from one year to seven years depending upon the plan.

What are the natural calamities that the crop insurance schemes of Agriculture Insurance Company of India cover against?

The natural calamities that insurance schemes under Agriculture Insurance Company of India usually cover against are excessive/unseasonal/low rainfall, temperature fluctuations, frost, cyclone, cold wave, hail wave, landslide, rockslide, earthquake, drought, tempest, pest and diseases, etc.

What are the trees or plants that are covered under Pulpwood Tree Insurance offered by Agriculture Insurance Company of India?

The trees or plants that are covered by Pulpwood Tree Insurance of Agriculture Insurance Company of India are Eucalyptus, Poplar, Casuarina and Subabul.

What is the maximum age band during which compensation is offered against Rubber Plantation Insurance under Agriculture Insurance Company of India Ltd.?

The maximum age band during which compensation is offered against Rubber Plantation Insurance under Agriculture Insurance Company of India is between 8 years and 13 years.

What is the maximum payout offered against the frost cover of Agriculture Insurance Company of India Ltd.?

The payout under the frost cover will be different for different plans offered by Agriculture Insurance Company of India Ltd. One will have to check the plan details to know more about the same.

Leave a rating!
5.0 (2 votes)