The public sector Agriculture Insurance Company of India (AIC) has recently released meagre sums such as 4 paise, 1, 10, and 20 (rupees) as compensation against claims for damage to kharif crops of 2021, leaving farmers in Rajasthan’s Barmer area confused and unhappy.
About the AIC –
- It was incorporated under the Indian Companies Act 1956 on 20th December, 2002.
- The company has an authorised capital of Rs. 1500 crore and paid-up share capital of Rs. 200 Crores.
- The Company is under administrative control of the Ministry of Finance.
- It is the biggest crop insurance company in the world (20 million farmers covered).
- It is headquartered at New Delhi, India.
- It is promoted by Six Public Sector Financial Institution General Insurance Corporation, New India Assurance Company, Oriental Insurance Company, National Insurance Company, United India Insurance Company and NABARD.:
- AIC provides weather and yield-based crop insurance schemes in over 500 districts of India.
- AIC provides insurance cover to the farmers for financial losses arising from the failure of the crop (mentioned in insurance scheme) resulting from the pests, diseases, and natural calamities.