Full formGovernment & Exams
AICstands forAgricultural Insurance Company of India Limited
Full Form of AIC
What is AIC?
The Agricultural Insurance Company of India (AIC) is a public sector undertaking under the Ministry of Finance, Government of India. Established in 2002, it is the premier crop insurance provider in the country, implementing key schemes such as the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS). AIC's core function is to offer financial protection to farmers against crop losses caused by natural calamities, pests, diseases, and adverse weather conditions. It operates through a wide network of regional offices and tie-ups with banks and state governments, reaching millions of farmers across India. The company also provides livestock and aquaculture insurance. AIC plays a vital role in India's agricultural risk management framework, supporting the government's goal of doubling farmers' income. For competitive exams like IBPS, SBI, and UPSC, understanding AIC's role in rural finance and government insurance schemes is frequently tested.
AIC का फुल फॉर्म
भारतीय कृषि बीमा कंपनी लिमिटेड
Example
Under the PMFBY, the AIC processed claims for over 2 lakh farmers affected by unseasonal rains in Maharashtra last season.
AIC — frequently asked questions
What is the full form of AIC?
AIC stands for Agricultural Insurance Company of India Limited, a public sector crop insurance provider under the Ministry of Finance.
What is the role of AIC in PMFBY?
AIC is one of the empaneled insurance companies that implements the Pradhan Mantri Fasal Bima Yojana, handling premium collection, claim assessment, and payout to farmers.
Is AIC only for crop insurance?
No, AIC also offers livestock insurance, aquaculture insurance, and weather-based insurance schemes to cover various agricultural risks.