Agriculture Insurance Company of India Limited (AIC) has been formed at the behest of Government of India, consequent to the announcement by the then Hon'ble Union Finance Minister in his General Budget Speech FY 2002-03 that, "to subserve the needs of farmers better and to move towards a sustainable actuarial regime, it was proposed to set up a new Corporation for Agriculture Insurance".
AIC has taken over the implementation of National Agricultural Insurance Scheme (NAIS) which, until FY 2002-03 was implemented by General Insurance Corporation of India. In addition, AIC also transacts other insurance businesses directly or indirectly concerning agriculture and its allied activities.
· Authorised Share Capital - Rs. 1500 Crores
· Paid-up Share Capital - Rs. 200 Crores
Promoters (Share Holding)
· General Insurance Corporation of India - 35 %
· National Bank for Agriculture And Rural Development (NABARD) - 30 %
· National Insurance Company Limited - 8.75 %
· The New India Assurance Company Limited - 8.75 %
· The Oriental Insurance Company Limited - 8.75 %
· United India Insurance Company Limited - 8.75 %
· Incorporation - 20th December, 2002
· Commencement of Business - 1st April, 2003
Registered Office and Head Quarters
Plate B&C, 5th Floor, Block 1, East Kidwai Nagar, New Delhi 110023, India.
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