AGRICULTURE AND RURAL INSURANCE :
India’s heart beats in the rural segment where more than half of our population lives and toils to enrich our country. Agriculture and rural insurance schemes are very important for the people living in the rural sectors. These schemes provide the economic security to the people against the perils such as floods, fire, etc.
AGRICULTURE INSURANCE COMPANY OF INDIA LIMITED [AIC] was incorporated on 20th December, 2002 to exclusively cater to the insurance needs of the farming community, with Authorised Share Capital of `1500 crore and Paidup Share Capital of `200 crore, contributed by the following:
(a) General Insurance Corporation of India [GIC] – 35%
(b) National Bank for Agriculture and Rural Development [NABARD] – 30%
(c) National Insurance Company Ltd. [NIC] – 8.75%
(d) The New India Assurance Company Ltd. [NIA] – 8.75%
(e) Oriental Insurance Company Ltd. [OIC] – 8.75%
(f) United India Insurance Company Ltd. – [UII] – 8.75%
AIC commenced its business on 1st April 2003 and, at present, the Company has a country-wide network of 17 Regional Offices at State Capitals, with its Registered and Head Office at New Delhi.