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Agriculture Insurance Company

"Agriculture Insurance Company of India Limited was constituted on 20th December 2002 under the Indian Companies Act, 1956. Agriculture Insurance Company (AIC) started its business operation from 1st April 2003. AIC began its operations with an authorized share capital of INR 15 billion and paid-up capital of INR 2 billion.

Agriculture Insurance Company is promoted by a group of general insurers. Some of these promoters are General Insurance Corporation of India, National Bank for Agriculture And Rural Development (NABARD), National Insurance Company Limited, The New India Assurance Company Limited, The Oriental Insurance Company Limited, and United India Insurance Company Limited.

Agriculture Insurance Company of India Limited (AIC) came into existence on the Government of India's directions. The then Hon'ble Union Finance Minister announced about its formation in his General Budget Speech FY 2002-03. In his budget speech, the Union Finance Minister said, to aid farmers' needs better and move towards a sustainable actuarial regime, it was proposed to set up a new Corporation for Agriculture Insurance.

On the business front, Agriculture Insurance Company offers Pradhan Mantri Fasal Bima Yojana (PMFBY), Restructured Weather Based Crop Insurance Scheme (RWBCIS) and other Crop Insurance Products. Until FY 2002-03, National Agricultural Insurance Scheme (NAIS) was implemented by the General Insurance Corporation of India. Agriculture Insurance Company took over the implementation of this from thereon. In addition to this, AIC also transacts other insurance businesses directly or indirectly concerning 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 Name	Address
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

Name	Post
Mrs. Alamelu Ti Laxman	Chairman cum Managing Director
Mr. Rajeev Chaudhary	General manager and chief risk officer
Mr. S.K. Samantaray	General Manager, Chief Financial Officer
Mr. S.S. Saxena	General manager and chief Su chana officer
Mrs. M. Rajeshwari Singh	General manager, chief insertion officer and chief grievance redressal officer
Mr. Rampal S. Rawat	Deputy general manager and chief investment officer
Mr. Ajay Singhal	Deputy General Manager, Chief Marketing Officer
Mr. Kamal Kishore Gupta	Chief 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 Name	Name of The Bank
Andhra Pradesh	Andhra Pradesh Grameena Vikas Bank Andhra Pragathi Grameena Bank Chaitanya Godavari Grameena Bank Saptagiri Grameena Bank
Arunachal Pradesh	Arunachal Pradesh Rural Bank
Assam	Assam Gramin Vikash Bank Langpi Dehangi Rural Bank
Bihar	Madhya Bihar Gramin Bank Bihar Gramin Bank Uttar Bihar Gramin Bank
Chhattisgarh	Chhattisgarh Rajya Gramin Bank
Gujarat	Dena Gujarat Gramin Bank Baroda Gujarat Gramin Bank
Haryana	Saurashtra Gramin Bank Sarva Haryana Gramin Bank
Himachal Pradesh	Himachal Pradesh Gramin Bank
Jammu & Kashmir	J & K Gramin Bank Ellaquai Dehati Bank
Jharkhand	Jharkhand Gramin Bank Vananchal Gramin Bank
Karnataka	Karnataka Vikas Grameena Bank Pragathi Krishna Gramin Bank
Kerala	Kaveri Gramin Bank Kerala Gramin Bank Narmada Jhabua Gramin Bank
Madhya Pradesh	Central Madhya Pradesh Gramin Bank Madhyanchal Gramin Bank
Maharashtra	Vidharbha Konkan Gramin Bank Maharashtra Gramin Bank
Manipur	Manipur Rural Bank
Meghalaya	Meghalaya Rural Bank
Mizoram	Mizoram Rural Bank
Nagaland	Nagaland Rural Bank
Orissa	Odisha Gramya Bank Utkal Gramin Bank
Puducherry	Puduvai Bharathiar Grama Bank
Punjab	Punjab Gramin Bank Sutlej Gramin Bank
Rajasthan	Malwa Gramin Bank Baroda Rajasthan kshetriya Gramin Bank Rajasthan Marudhara Gramin Bank
Tamil Nadu	Pandyan Grama Bank Pallavan Grama Bank
Tripura	Tripura Gramin Bank
Uttar Pradesh	Allahabad 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
Uttarakhand	Uttarakhand Gramin Bank
West Bengal	Bangiya Gramin Vikash Bank Paschim Banga Gramin Bank Uttar Banga Kshetriya Gramin Bank

Agriculture Insurance Company Product and Services

PMFBY

Pradhan Mantri Fasal Bima Yojana is designed to offer insurance coverage and financial security to farmers in case of failure of certain specific crops, as notified in the scheme document, due to natural calamities, pests and diseases. This scheme also serves for stabilizing the income of farmers and encouraging them to adopt new and innovative agricultural methods. In short, it seeks to boost the agricultural sector by ensuring flow of credit. The scheme covers all crops for which past yield data is available and grown during specific season and areas, as mentioned in the scheme document. For major crops, the applicable areas are village and village Panchayat level, while for minor crops, the areas may be at a higher level. Pradhan Mantri Fasal Bima Yojana covers farmers growing certain crops in areas, as notified by the scheme.

Restructured Weather Based Crop Insurance Scheme (RWBCIS)

Weather Based Crop Insurance Scheme (WBCIS) has been designed with the objective of securing farmers against the likelihood of financial losses that may arise due to the poor quality crops, resulting from adverse weather conditions like rainfall, humidity, wind, hailstorm, etc. It covers farmers growing cereals, millets, pulses, oil seeds, and commercial or horticultural crops.

Coconut Palm Insurance Scheme (CPIS)

Below are some highlights of the scheme:

The aim of Coconut Palm Insurance Scheme is to financially protect the farmers growing the crop from the common risks like climatic changes, natural disasters, pests, diseases etc., which the crop is often subjected to. These predominant risks often cause the entire crop to get wiped off, leading to substantial losses for the affected small and marginal farmers.
Apart from these risks, the crop is also susceptible to biotic and abiotic stresses due to unpredictable rainfall, as it is heavily dependent on rain-fed management. Any small and marginal Individual farmer, planter or grower offering at least 5 healthy ‘nut’ bearing palms in a contiguous area or plot is eligible for the Coconut Palm Insurance Scheme.

Index Insurance

The highlights of this scheme are:

The insured is financially protected against the likelihood of diminished mango output caused due to excess rainfall, temperature fluctuations and unfavourable wind speed.
It is operational from the month of December to June.

Rainfall Insurance Scheme Coffee (RISC)

Here are the highlights of this scheme:

Financial protection against failure or diminished output of blossom showers and backing showers due to excess or shortfall of rainfall during monsoons and post-monsoons in the coffee- growing regions in India – Kerala, Karnataka and Tamil Nadu.

The scheme offers a maximum sum insured of Rs. 40,000 for Arabic and Rs. 30,000 for Robusta variety of coffee per hectare.

It ensures speedy settlement of claims within 4 weeks to 6 weeks after the lapse of the insurance period.

The period of insurance extends between 1st March to 31st August of every year – the prime coffee growing season.

Coffee Board offers subsidy on premium of up to 50% for growers with plantation size of up to 10 hectares.

Weather Insurance (Rabi)

The following are the highlights of the scheme:

Insures rabi crops like wheat, potato, gram, mustard, barley, masoor, coriander that majorly grow in the states of Uttar Pradesh, Rajasthan, Madhya Pradesh and Maharashtra.

These crops are extremely susceptible to various weather elements like temperature fluctuations, rainfall, frost, etc.

Small and marginal farmers as well as owners, tenants and sharecroppers are eligible for being insured under this scheme.

The insurance scheme is operational between December to April. However, the period varies between different crops and other factors.

Varsha Bima/Rainfall Insurance

Ensures financial security to farmers whose crops are affected by diminished or excess South West Monsoon.

Ensures speedy settlement of claims within 4 weeks to 6 weeks after the insurance period.

Claims are usually paid basis the actual rainfall data within 45 days from the lapse of the indemnity period.

Offers the convenience of flexible premiums, so that it is affordable for all farmers.

Small and marginal farmers; owners, tenants and sharecroppers as well as loanee and non-loanee are eligible for being insured under Varsha Bina.

Includes 3 coverage options that the insured can choose from as per their unique needs – Seasonal Rainfall Insurance, Rainfall Distribution Index and Sowing Failure.

Sum insured is pre-decided and is determined as per the cost and value of production. Premium is also pre-determined as per the crop, coverage options and area, and varies between 5% and 8%.

Traditional Insurance

Covers six tree and plant species – Jatropha, Karanja, Neem, Mahua, Polanga and Pradise Tree.
Assures the insured against total loss or damage to the trees and plants as result of natural calamities such as storm, flood, cyclone, frost, pest and diseases, either in isolation or concurrently. Total loss refers to loss or damage to individual bio-fuel plant or the entire plantation or a part of it.

The sum insured is determined by the cost of units per unit area of insurance covered, which in turn is decided by the type and age of tree or plant. It may extend up to 125% / 150% of the input cost.

The insurance scheme is annual and may extend to a duration of 3 years or 5 years.

Cardamom Insurance

Planned in consultation with the Spices Board to offer conventional cover against death and loss of plant bushes.

The cover is applicable for small and large cardamom varieties.

Potato Crop Insurance

Cover applicable for potato growers contract farming in the potato growing areas.

Maximum liability extends to a maximum of Rs. 25,000 per hectare.

Based on the partnership model of ‘grower-producer-financer-insurer’.

The cover is decided basis the input cost cover of the potato crop starting form a week after planting to 7 days before harvesting.

Financially protects farmers involved in potato cultivation against damages or loss of crop due to natural disasters like storm, flood, cyclone, frost, pest and disease, with the exception of late blight, either in isolation or concurrently during the period of insurance.

Affected farmers have to intimate the Agriculture Insurance Company of India Ltd. within 48 hours of the damage or loss of the potato crop and submit a claim in writing within 15 days of the loss or damage, along with proofs to support the claims.

Pulpwood Tree Insurance

The scheme is designed for the growers and producers of pulpwood tree – Eucalyptus, Poplar, Casuarina and Subabul.

The coverage is offered to pulpwood trees growing in specific areas with adequate infrastructure and facilities to grow the crop.

Covers pulpwood trees affected by total loss or damage to individual pulpwood tree or the entire plantation or a part of it leading to the death of the plant or making the plant economically unproductive.

The applicable causes behind the loss or damage are natural disasters like storm, flood, cyclone, frost, pest and disease, etc.

Rubber Plantation Insurance

This scheme is especially designed to cover death and total loss of rubber trees against natural calamities and other non-preventable perils.

The coverage is applicable to both mature and immature plants.

The sum assured is based on establishment cost and loss of future returns.

Covers the plantations against damage or loss due to natural perils like fire, lightning, forest fire, bush fire, flood, storm, tempest, inundation, landslide, rockslide, earthquake, drought, etc.

The policy is issued for a period of 7 years from the last day of the month of planting of immature plants, while compensation is applicable from the second year onwards. For mature plants, cover is offered for blocks of 3 years or 2 years or 1 year from the 8th year of planting.

Maximum compensation is available during the age band of 8 years to 13 years.

Hybrid Product

This scheme is a combination of weather index and conventional crop insurance.
Specializes in offering coverage against adverse rainfall, cold wave and hail incidence.

Corporate Social Responsibility (CSR)

Agriculture Insurance Company of India aims its Corporate Social Responsibilities at improving the basic necessities of life for individuals as well as the community as a whole. The following are its CSR activities:

Integrated Village Development Program (IVDP) in fifty underprivileged villages in the states of Bihar, Jharkhand, Madhya Pradesh, Uttar Pradesh and Maharashtra.

Organizing healthy mid-day meals at government and government-aided schools through the NGO named Akshay Patra.

Remedial Innovation in School Education or RISE to boost the education sector in association with the NGO named Aroh Foundation.

Encourage the education of the underprivileged girl child through the ‘Badhte Kadam’ initiative.

Implementing the ‘Lighting a Billion Lives (LaBL)’ initiative in close collaboration with the agency, TERI (The Energy and Resource Institute).

Played an active role in the construction of 7 classrooms on the first floor of Jodhpur Badhir Kalyan Samiti (JBKS) in Jodhpur.

Works towards creating a homely environment and educational support, called Project Sarthak, to 130 abandoned children through an implementing agency SoS Children’s village.

Care for the elderly people through Project ‘Cataract Screening and Surgery’.

Provides financial assistance to farmers through Project Farmer Financial Inclusion Fortnight (FFIF).

It has financially contributed towards Swachh Bharat Kosh, Clean Ganga Mission, a district library at Solan and Regional Cancer Centre (RCC), Thiruvananthapuram.

Research And Development Projects

PAU Tensiometer Innovative Technology Insurance Scheme (PAUTITIS)

Acreage Estimation using Remote Sensing Technology

Community-based Individual Farm Insurance Scheme (CBIFIS)

Crop Cutting Experiment aided by a dynamic sampling scheme using satellite data

Village level Index Insurance with Technology Support in Maharashtra

Remote Sensing-Based Information and Insurance for Crops in Emerging Economies (RIICE) with IRRI, TNAU, GIZ

Rural Insurance Services Programme (RISP)

Engaged in In-house monitoring of Crop health, loss assessment and acreage estimation using RST in few states.

Studies on improving the area-yield crop insurance mechanism using Satellite data and Geospatial technologies

Types of Insurance Offered by Coverfox

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Term Insurance

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.

Customer Reviews

Average Customer Rating:

Agriculture Insurance Company of India Ltd - Crop Insurance

4.5 / 5 ( 3 reviews )

Neha S Jamkandi

Excellent Response from the team

It was excellent, very fast response and highly professional. Would only like to suggest that, same questions should not be repeatedly asked, especially when staff are from the same organisation. Keep up the good work. Wish you all the best.

28 Jan 2020

Agriculture Insurance Company