The Agriculture Insurance Company of India Ltd has been formed under the aegis of the Government of India. As stated in the union budget speech for 2002-03 the main aim behind its establishment was to assist the farmers and create an actuarial regime that was sustainable.
At present the organization is responsible for implementing the National Agricultural Insurance Scheme, which, till its inception, was being handled by the General Insurance Corporation of India.
At present the organization is responsible for implementing the National Agricultural Insurance Scheme, which, till its inception, was being handled by the General Insurance Corporation of India.
Agriculture Insurance Company of India Ltd- Management Team
The Chairman-cum-Managing Director of Agriculture Insurance Company is Milind Anna Kharat. He is the chief member of the organization's board of directors that also comprises the following:
- RK Tiwari
- SK Mitra
- Mukesh Khullar
- Kuldip Singh
- Sheshank Saxena
- RK Deka
- KN Bhandari
- SK Chanana
- Gopal Naik
- PJ Joseph
- PK Bhagat
Agriculture Insurance Company of India Ltd- Products
Following are the present products of the Agriculture Insurance Company:
- National Agricultural Insurance Scheme
- Potato Crop Insurance
- WBCIS - Weather Based Crop Insurance Scheme
- PulpWood Tree Insurance Policy
- MNAIS - Modified National Agricultural Insurance Scheme
- RainFall Insurance Scheme For Coffee (RISC) - 2011
- Bio - Fuel Tree / Plant Insurance
- Rubber Plantation Insurance
- Cardamom Plant & Yield Insurance
- Varsha Bima / RainFall Insurance
- Coconut Palm Insurance Scheme (CPIS)
- Weather Insurance (RABI)
The organization is planning to bring out these products in the future:
- Sugarcane Insurance
- Aromatic and Medicinal Plants Insurance
- Tea Insurance
- Contract Farming Insurance
- Basmati Rice Insurance
Agriculture Insurance Company of India Ltd News
Of late the agricultural sector of Haryana has been facing critical problems like shortage in rainfall and so the state government has decided to avail the following insurance programs to safeguard the paddy farmers' interests:
- Modified National Agriculture Insurance Scheme (MNAIS)
- Weather Based Crop Insurance Scheme (WBCIS)
These insurance plans have been formulated by the national government and will be executed by various general insurers. The WBICS program will cover blocks of 12 districts each and the MNAIS plan will account for blocks of 4 districts each.
The premiums of these policies have already been subsidized by the national and state governments and the farmers will only need to pay some basic fees.
The Agriculture Insurance Company is one of the organizations who have been entrusted with the responsibility of executing the WBCIS plan in Haryana. The other companies are as following:
- ICICI Lombard
- HDFC Ergo
- IFFCO Tokio
- Cholamandalam MS
The following blocks and more will be covered under the program:
- Ambala II (Ambala)
- Bilaspur (Yamunanagar)
- Gohana (Sonepat)
- Beri (Kurukshetra)
The policies would cover critical risks such as continued drought and inadequate rainfall. The Agriculture Insurance Company will also be implementing the MNAIS program.
Senior officers in the organization have stated that when the two policies are executed the farmers would be in a better position to deal with the risks related to agricultural production.
They feel that with these programs their income will be consistent as well especially in times when crop fails due to natural disasters.
The policies will also cover crop failure due to diseases and pests.
Agriculture Insurance Company of India Contact Details
Following is the contact information of the insurer:
Agriculture Insurance Company of India Ltd
Registered Office - 13th Floor, Ambadeep Building, 14, Kasturba Gandhi Marg,
New Delhi - 110 001, INDIA
Landline Numbers - (+91 11) 46869800
Fax Number - (+91 11) 46869815
E-mail address - aicho@aicofindia.com
Appointed Actuary - Shri S. Chidambaram (e-mail address aicactuary@aicofindia.com)
