About Us: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?/b>
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
Promoted by:
- General Insurance Corporation of India - share holding: 35 %
- National Bank for Agriculture And Rural Development (NABARD) - share holding: 30 %
- National Insurance Company Ltd - share holding: 8.75 %
- New India Assurance Co.- share holding: 8.75 %
- Oriental Insurance Company Ltd - share holding: 8.75 %
- United India Insurance Co. Ltd.- share holding: 8.75%
- Incorporated on 20th December, 2002
- Head Quarters at New Delhi
Nature of Business:
Implementation of National Agricultural Insurance Scheme (NAIS) Insurance Products relating to: Agriculture, Rural and Allied Activities
Mission Statement of Agriculture Insurance Company of India Limited
To provide financial security to persons engaged in Agriculture and Allied Activities through Insurance Products and other Support Services.
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