The Full Form of AIC
AIC Full Form – The Full Form of AIC in banking terms is Agriculture Insurance Company which is a major public sector insurance company which gives crop insurance programs in 500 Indian districts. These insurance programs are all either yield-based or weather-based. This insurance is made to cover approximately 20 million farmers and this makes the AIC the biggest crop insurance company in the world. The headquarters of the company is based in New Delhi, and it has been working to support farmers against crop failure for any of the notified crops due to both natural and man-made accidents. The insurance also works to encourage farmers to develop and adopt various high-yield techniques that were developed during the green revolution. The value of the plan is to comprehensively cover the farmers with a financial backing for each given crop season.
Their list of coverage includes, but is not limited to various disasters such as natural calamities, pests, natural fire, lightning, cyclones, hailstorms, floods, inundations, droughts, landslides, dry spells as well as crop diseases. The financial support helps farmers to restore their creditworthiness for the season and to get back on their feet before the next season.
The AIC was established on the 20th of December, 2002 and was awarded an authorized capital of 1500 crore rupees. It is under the administration and control of the Ministry of Finance, the Government of India as well as the Insurance Regulatory and Development Authority or IRDA, Hyderabad. The IRDA governs the AIC as a regulatory body, while the Ministry of Finance handles all other affairs.
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