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Which of the following was established for implementation and administration of crop insurance schemes and commenced business in 2003?

Which of the following was established for implementation and administration of crop insurance schemes and commenced business in 2003? Correct Answer Agricultural Insurance Company of India Limited

The correct option is 4 i.e., Agricultural Insurance Company of India Limited.

  • Agricultural Insurance Company of India Limited was established for the implementation and administration of crop insurance schemes and commenced business in 2003.
  • Agriculture Insurance Company of India Limited is a public sector insurance company.
  • Agriculture Insurance Company of India Limited is the biggest crop insurer in the world in the number of farmers served. 
  • Agriculture Insurance Company of India Limited is headquartered in New Delhi.
  • It was founded in December 2002.
  • General Insurance Corporation of India (GIC) was formed in pursuance of the General Insurance Business (Nationalisation) Act, 1972 (GIBNA).
  • General Insurance Corporation of India (GIC) was incorporated on 22 November 1972.
  • National Agricultural Insurance Scheme (NAIS) is the Government-sponsored crop insurance scheme.
  • Agriculture Insurance Company of India (AIC)Ltd. is the implementing Agency of the National Agricultural Insurance Scheme​.
  • The scheme is available to all the farmers i.e loanee and non-loanee both, irrespective of their size of the holding. 
  • National Agricultural Market Yojana aims to usher in the reform of the agri marketing system and to provide farmers/producers with access to markets across the country.
  • National Agricultural Market Yojana envisages the implementation of the NAM by setting up of an appropriate common e-market platform. 

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