Agricultural Insurance Corporation of India (AICI) is a Public Sector Insurance Company which provides weather and yield based crop insurance programs in about 500 districts of India. It benefits about twenty million farmers In India and has become the biggest crop insurer in the world. AICI was founded in the year 2002 and has its headquarters in New Delhi, India with 283 working employees.
The AICI provides financial support and insurance coverages to the farmers if any notified crop has been destroyed due to pests, natural calamities, and diseases. It helps in restoring a farmer’s creditworthiness for the season and encourages them to take high-value inputs, adopt various progressive farming practices that use higher technology and stabilizes far incomes, especially during disaster years. The plan has risk insurance for any losses due to storms, typhoon, natural fire, cyclone, lightning, hailstorms, hurricane, inundation, tempest, tornado flood, dry spells, landslide, drought, diseases, and pests etc.
The Agricultural Insurance Corporation of India was formed in the year 2002 with a capital of fifteen hundred crores. The AICI is under the operational supervision of Ministry of Agriculture, under the administrative control of Ministry of Finance. The Insurance Regulatory and Development Authority is the governing body of AICI.