Agriculture Insurance Company of India Limited is a public sector undertaking headquartered out of New Delhi

New Delhi

New Delhi is the capital city of India. It serves as the centre of the Government of India and the Government of the National Capital Territory of Delhi. New Delhi is situated within the metropolis of Delhi. It is one of the nine districts of Delhi Union Territory. The total area of the city is...

, India. It currently offers area based and weather based crop insurance

Agricultural insurance in India

Agriculture in India is highly susceptible to risks like droughts and floods. It is necessary to protect the farmers from natural calamities and ensure their credit eligibility for the next season...

 programs in almost 500 districts of India. It covers almost 20 million farmers, making it one of the biggest crop insurers in the world.

Agriculture Insurance Company Of India Ltd (AIC) is promoted by General Insurance Corporation of India (GIC), NABARD and the 4 Public Sector General Insurance companies. AIC has taken over the implementation of National Agricultural Insurance Scheme (NAIS) which until Financial Year 2002 – 03 was implemented by GIC.

AIC is under the administrative control of Ministry of Finance, Government of India

Government of India

The Government of India, officially known as the Union Government, and also known as the Central Government, was established by the Constitution of India, and is the governing authority of the union of 28 states and seven union territories, collectively called the Republic of India...

, and under the operational supervision of Ministry of Agriculture

Ministry of Agriculture (India)

The Ministry of Agriculture, a branch of the Government of India, is the apex body for formulation and administration of the rules and regulations and laws relating to agriculture in India. The 3 broad areas of scope for the Ministry are agriculture, food processing and co-operation. The ministry...

. Insurance Regulatory and Development Authority

Insurance Regulatory and Development Authority

The Insurance Regulatory and Development Authority is a national agency of the Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements...

, Hyderabad, is the regulatory body governing AIC.

Offices

AIC has 17 Regional Offices spread across India. AIC sells various agriculture and allied insurance products and schemes. A significant amount of business is derived out of National Agriculture Insurance Scheme. Some other products are:

• Weather Based Crop Insurance Scheme (WBCIS)
• Bio – fuel Tree/ Plant Insurance Policy
• Wheat Insurance
• Mango Insurance
• Varsha Bima
• Coffee Insurance
• Rubber Insurance

Project AICNET

In September 2007 AIC released a tender which solicited consultancy for a comprehensive technology solution to automate operational aspects of its business. The tender document also focused on using business analytics extensively. Once completed as described in the tender, AICNET would facilitate interaction with more than 20 million farmers, and also provide some detail into the habits of the rural Indian consumer.