Agricultural Insurance Company of India Limited (AICIL)
Agricultural Insurance Company of India Limited (AICIL) was established on 20th December, 2002 to promote crop insurance in order to protect the farmers against the crop losses suffers due to natural calamities. The GIC, NABARD and four public sector general insurance companies have contributed Rs. 200 crore towards the paid-up share capital out of the authorized capital of Rs. 1500 crore. The AICIL having received approval from IRDA commenced its business operations w.e.f 1st April, 2003. The total number of employees as on date is 198 all over the country. It has its Head Office in New Delhi and 17 Regional Offices in various State Capitals.The AICIL is implementing National Agricultural Insurance Scheme (NAIS), a central sector crop insurance programme of Government of India and also implementing the Pilot Weather Based Crop Insurance Scheme (WBCIS) throughout the country along with its other commercial crop insurance products. A Pilot on Modified NAIS has also been started by AICL initially covering 50 districts.
The objectives of MNAIS are as under:
- Actual rate-marketing, with district level crop insurance premium rates.
- Probable yield based on moving average of last 7 years.
- Reduction of the insurance unit to the Gram Panchayat level, where feasible.
- Partial on-account settlement of claims during cropping season.
- Up-front partial premium subsidies based on commercial premium rate slabs for both food and commercial crop paid by the centre and respective State Government.
1) AICIL's own Commercial Insurance Products:
Beside the above Government supported crop insurance schemes, AIC has designed and is implementing a few crop specific products to cater to the needs of diverse farming community of India to meet their diversified risks. These products are supplementing the coverage already available for the crops covered under NAIS and WBCIS. These are Varsa Bima, Rainfall Insurance, Wheat Insurance, Rabi Weather Insurance, Mango Weather Insurance, Rainfall Insurance Scheme-Coffee (RISC), Bio-Fuel Insurance, Potato Contract Farming Insurance, Cardamom Insurance etc.
2) National Agricultural Insurance Scheme(NAIS):
The Government of India introduced the scheme from 1999-2000 seasons to protect the farmers against to crop failure losses on account of all natural calamities so as to restore the credit worthiness of loaned farmers. The scheme is available to non-loaned farmers as well. The scheme, at present covers 73 different crops during the year which includes food crops cereals, millets and pulses and oilseed etc.
3) Pilot Weather Based Crop Insurance Scheme (WBCIS):
WBCIS aims to mitigate the hardship of the insured farmers against the likelihood of financial loss on account of anticipated crop loss resulting from incidence of adverse conditions of weather parameters like rainfall, temperature, forest, humidity etc. It is started form 2007-2008 Union Budget. While NAIS specifically indemnifies the cultivator against shortfall in crop yield, WBCIS is built upon the fact that weather conditions affect crop production even when a cultivator has taken all the care to ensure good harvest.
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