Agriculture Insurance Company and Career Opportunity 23 January 2019

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Agriculture Insurance Company of India Ltd & Career Opportunity: As we know agriculture plays an important role in the Indian economy. Also, The farmers play a key role in the success of the agricultural industry. Agriculture Insurance Company of India Limited (AIC) has been formed at the behest of Government of India to go hand in hand with the insurance industry in order to help the farmers. AIC also creates numerous career opportunities every year. In order to grab these opportunities, one should first study about AIC and how it works. So In this article, we are going to see about Agriculture Insurance Company of India Ltd & its Business Profile, Balance Sheet, Management Team, Products & News.

Agriculture Insurance Company of India Ltd – Overview

The Agriculture Insurance Company of India Ltd has been established on 20th December 2002 under the Government of India and started its operations on 01st April 2003. As stated in the Union Budget Speech for 2002-03, the main aim behind its formation was not only to help the farmers but also to build an actuarial regime that was sustainable as well. Presently, the insurer is responsible for implementing the National Agricultural Insurance Scheme, which was being handled by the General Insurance Corporation of India. The insurance company’s paid-up share capital amounts to INR 200 crores and it has authorized share capital worth INR 1500 crores. Its shareholding pattern listed in the table given below:

Promoters	Percentage of shares held
General Insurance Corporation of India	35%
New India Assurance Company Limited	8.75%
NABARD (National Bank for Agriculture and Rural Development)	30%
Oriental Insurance Company Limited	8.75%
National Insurance Company Limited	8.75%
United India Insurance Company Limited	8.75%

Agriculture Insurance Company of India Ltd Business Profile

Here are the lists of various important business details of Agriculture Insurance Company is given in the following table:

State/union territory	Amount of farmers covered (in thousands)	Area under insurance (in thousand hectares)	Sum insured (in INR crores)	Gross premium (in INR crores)	Premium subsidy (in INR crores)	Claims (in INR crores)	Amount of farmers helped (in thousands)
Andhra Pradesh	26532	40899	48728`	1410	131	4106	5998
Maharashtra	30113	26118	17889	694	92	1898	9760
Assam	252	195	399	11	1	10	39
Manipur	14	15	40	1	0.08	3	14
Andaman and Nicobar Islands	2	3	3	0.07	0.03	0.033	0.11
Meghalaya	26	28	40	2	0.31	0.47	3
Bihar	6025	7359	11867	303	27	2318	2424
Mizoram	0.121	0.134	0.232	0.006	0.001	0.112	0.119
Chhattisgarh	8591	17540	8225	210	11	377	1647
Odisha	12857	12776	15960	400	47	681	1972
Goa	8	13	3	0.05	0.012	0.024	1
Puducherry	32	46	72	1	0.34	2	6
Gujarat	12089	27960	29152	1136	56	3918	3750
Rajasthan	15059	31380	16203	458	7	2622	5201
Haryana	598	695	681	21	0.63	35	119
Sikkim	2	1	2	0.025	0.004	0.013	0.086
Himachal Pradesh	262	197	322	7	3	17	104
Tamil Nadu	4391	5869	10948	266	127	1494	1634
Jammu and Kashmir	31	44	34	0.68	0.05	1	4
Tripura	18	11	25	0.72	0.08	0.013	0.086
Jharkhand	5616	3207	2772	70	4	511	2108
Uttar Pradesh	19782	26698	24902	514	42	983	4136
Karnataka	11490	18745	14038	429	23	1637	4421
Uttarakhand	330	314	690	16	1	41	116
Kerala	394	343	626	13	2	25	75
West Bengal	9861	5009	9646	414	140	897	2078
Madhya Pradesh	23238	58413	31413	927	31	1593	4474

Agriculture Insurance Company of India Ltd Balance Sheet

Various aspects of the Balance Sheet of Agriculture Insurance Company of India for the year that ended on 31st March 2012 has been represented in the following table:

Areas	Figures in INR thousands
Gross premium written	25768510
Net premium income	13202136
Net income from investments	1488722
Total income	14690858
Commissions	2461463
Operating profit/loss	6482998
Net total income under shareholder’s account	962448
Profit before tax	7445446
Profit after tax	5021287
Total funds in policyholders’ account	18285876
Total investments in policyholders’ account	17213977
Total funds in shareholders’ account	13959013
Total investments in shareholders’ account	15023513
Net worth	13959013
Total assets	38023578

Agriculture Insurance Company of India – Management Team

Milind Anna Kharat is the Chairman-cum-Managing Director of Agriculture Insurance Company. He is the Chief Member of the organization’s Board of Directors that also given below:

• RK Tiwari
• SK Mitra
• Mukesh Khullar
• Kuldip Singh
• Sheshank Saxena
• RK Deka
• KN Bhandari
• SK Chanana
• Gopal Naik
• PJ Joseph
• PK Bhagat

Agriculture Insurance Company of India Ltd – Products

Here is the list of the present products of the Agriculture Insurance Company:

• Potato Crop Insurance
• Weather Insurance (RABI)
• Rubber Plantation Insurance
• Bio-Fuel Tree / Plant Insurance
• PulpWood Tree Insurance Policy
• Varsha Bima / RainFall Insurance
• Cardamom Plant & Yield Insurance
• National Agricultural Insurance Scheme
• Coconut Palm Insurance Scheme (CPIS)
• WBCIS – Weather Based Crop Insurance Scheme
• RainFall Insurance Scheme For Coffee (RISC) – 2011
• MNAIS – Modified National Agricultural Insurance Scheme

The insurance company is planning to bring out these new products for its customers in the future:

• Tea Insurance
• Sugarcane Insurance
• Basmati Rice Insurance
• Contract Farming Insurance
• Aromatic and Medicinal Plants Insurance

Agriculture Insurance Company of India Ltd News

Recently the agricultural sector of Haryana has been going through critical problems like rainfall shortage and so the state government has decided to avail the Weather Based Crop Insurance Scheme (WBCIS) and Modified National Agriculture Insurance Scheme (MNAIS) insurance programs in order to safeguard the paddy farmer’s interests.

These insurance plans have been developed by the national government and will be executed by various general insurance companies. The WBICS program will cover blocks of 12 districts each and the MNAIS plan will responsible for blocks of 4 districts each. The farmers will only need to pay some basic fees as the premiums of these policies have already been subsidized by the national and state governments. The Agriculture Insurance Company is one of the organizations who has been given the responsibility of executing the WBCIS plan in Haryana. The other companies working in parallel with it are Cholamandalam MS, ICICI Lombard, IFFCO Tokio, and HDFC Ergo. Ambala II (Ambala), Beri (Kurukshetra), Bilaspur (Yamunanagar) and Gohana (Sonepat) blocks and more will be covered under the program.

The policies are planned in order to cover critical risks like continued drought, inadequate rainfall, and crop failure due to diseases and pests. The insurance company will also be implementing the MNAIS program. The organization’s Senior officers have stated that the execution of the two policies not only puts the farmers in a better position to deal with the risks related to agricultural production but also keeps their income consistent as well especially in times when the crop fails due to natural disasters.

We hope that this article will not only help you to get information about Agriculture Insurance Company of India Ltd but also help you to get ideas and suggestions about pursuing your career in the insurance industry. For more Government & Private Jobs related articles, keep visiting www.govtjob.desi.