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.
The company's paid-up share capital amounts to INR 200 crores and it has authorized share capital worth INR 1500 crores. Its shareholding pattern may be mentioned as below:
The organization was incorporated on December 20, 2002 and started operations on April 1, 2003.
The organization is planning to bring out these products in the future:
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:
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 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)
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.
The company's paid-up share capital amounts to INR 200 crores and it has authorized share capital worth INR 1500 crores. Its shareholding pattern may be mentioned as below:
| Promoters | Percentage of shares held |
| General Insurance Corporation of India | 35% |
| New India Assurance Company Limited | 8.75% |
| National Bank for Agriculture and Rural Development (NABARD) | 30% |
| Oriental Insurance Company Limited | 8.75% |
| National Insurance Company Limited | 8.75% |
| United India Insurance Company Limited | 8.75% |
The organization was incorporated on December 20, 2002 and started operations on April 1, 2003.
Agriculture Insurance Company of India Ltd Business Profile
The following table lists various important business details of Agriculture Insurance Company:| State/union territory | Amount of farmers covered (in thousands) | Area under insurance (in thousand hectares) | Sum insured (in INR crores) | Gross premium (in INR crores) | Premium subsidy (in INR crores) | Claims (in INR crores) | Amount of farmers helped (in thousands) |
| Andhra Pradesh | 26532 | 40899 | 48728` | 1410 | 131 | 4106 | 5998 |
| Maharashtra | 30113 | 26118 | 17889 | 694 | 92 | 1898 | 9760 |
| Assam | 252 | 195 | 399 | 11 | 1 | 10 | 39 |
| Manipur | 14 | 15 | 40 | 1 | 0.08 | 3 | 14 |
| Andaman and Nicobar Islands | 2 | 3 | 3 | 0.07 | 0.03 | 0.033 | 0.11 |
| Meghalaya | 26 | 28 | 40 | 2 | 0.31 | 0.47 | 3 |
| Bihar | 6025 | 7359 | 11867 | 303 | 27 | 2318 | 2424 |
| Mizoram | 0.121 | 0.134 | 0.232 | 0.006 | 0.001 | 0.112 | 0.119 |
| Chhattisgarh | 8591 | 17540 | 8225 | 210 | 11 | 377 | 1647 |
| Odisha | 12857 | 12776 | 15960 | 400 | 47 | 681 | 1972 |
| Goa | 8 | 13 | 3 | 0.05 | 0.012 | 0.024 | 1 |
| Puducherry | 32 | 46 | 72 | 1 | 0.34 | 2 | 6 |
| Gujarat | 12089 | 27960 | 29152 | 1136 | 56 | 3918 | 3750 |
| Rajasthan | 15059 | 31380 | 16203 | 458 | 7 | 2622 | 5201 |
| Haryana | 598 | 695 | 681 | 21 | 0.63 | 35 | 119 |
| Sikkim | 2 | 1 | 2 | 0.025 | 0.004 | 0.013 | 0.086 |
| Himachal Pradesh | 262 | 197 | 322 | 7 | 3 | 17 | 104 |
| Tamil Nadu | 4391 | 5869 | 10948 | 266 | 127 | 1494 | 1634 |
| Jammu and Kashmir | 31 | 44 | 34 | 0.68 | 0.05 | 1 | 4 |
| Tripura | 18 | 11 | 25 | 0.72 | 0.08 | 0.013 | 0.086 |
| Jharkhand | 5616 | 3207 | 2772 | 70 | 4 | 511 | 2108 |
| Uttar Pradesh | 19782 | 26698 | 24902 | 514 | 42 | 983 | 4136 |
| Karnataka | 11490 | 18745 | 14038 | 429 | 23 | 1637 | 4421 |
| Uttarakhand | 330 | 314 | 690 | 16 | 1 | 41 | 116 |
| Kerala | 394 | 343 | 626 | 13 | 2 | 25 | 75 |
| West Bengal | 9861 | 5009 | 9646 | 414 | 140 | 897 | 2078 |
| Madhya Pradesh | 23238 | 58413 | 31413 | 927 | 31 | 1593 | 4474 |
Agriculture Insurance Company of India Ltd Balance Sheet
The following table represents various aspects of the balance sheet of Agriculture Insurance Company of India for the year that ended on March 31, 2012:| Areas | Figures in INR thousands |
| Gross premium written | 25768510 |
| Net premium income | 13202136 |
| Net income from investments | 1488722 |
| Total income | 14690858 |
| Commissions | 2461463 |
| Operating profit/loss | 6482998 |
| Net total income under shareholder's account | 962448 |
| Profit before tax | 7445446 |
| Profit after tax | 5021287 |
| Total funds in policyholders' account | 18285876 |
| Total investments in policyholders' account | 17213977 |
| Total funds in shareholders' account | 13959013 |
| Total investments in shareholders' account | 15023513 |
| Net worth | 13959013 |
| Total assets | 38023578 |
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)
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
- 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)
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