Agriculture Insurance in India:

Set up as an enterprise belonging to Government of India, Agriculture Insurance Company of India or AIC has come a long way ever since its inception in the fiscal year 2002-03.

This company was set up mainly to cater the needs of all activities pertaining to agriculture. As a matter of fact, this company is registered under the Companies Act of 1956. It started its operation from 1st April in the year 2003.

This company has been in the forefront in providing Agriculture Insurance to poor and needy farmers; so as to enable them carry out their agricultural activities. The formation of this company is indeed a boon to a country like ours where the crops produced are frequently subjected to the wraths of nature, pests and all kinds of diseases.

The organization ensures that there is adequate insurance cover for crops of all kinds. A wide array of products had come in past from the stable of this magnificent company. Few of these products include ECIS, FIIS, CCIS, PCIS, and PSSCI and so on. The current ranges of products include NAIS, RISC, USBY, Poppy Insurance, Mango Insurance, and Pulpwood Tree Insurance and so on. However in future, the company intends to bring products like Tea Insurance, Sugarcane Insurance, and Basmati Rice Insurance and so on.

In providing all kinds of services related to Agriculture Insurance, the company has been able to achieve a net-worth of Rupees 385.4 Crores. That’s not all; it has been able to provide insurance cover to over 1.7 Crore farmers across the country.

This is in fact, a record of sorts for any organization that is committed to the growth of agriculture. In future, it is believed that this company would do insurance business for agriculture and other related sectors; both directly and indirectly as well. This should certainly bring some kind of relief to the farming community across this vast country.