Agriculture Insurance Co. Joins Hands with IPPB For Distribution Of Crop Insurance Schemes
This tie-up is expected to be beneficial for the small and marginal farmers of the country
Agriculture Insurance Company of India Ltd. (AIC) has signed a corporate agency agreement with India Post Payments Bank (IPPB) for distribution of its crop insurance products through the vast postal network of nearly 155,000 post-offices and 300,000 postal employees across the country.
This strategic tie-up will be favorable mostly for the small and marginal farmers of the country at large. This alliance will ultimately strengthen Prime Minister Narendra Modi’s vision of ‘doubling of farmer’s Income’ and aatmanirbhar kisan.
AIC, incorporated on December 20, 2002, is a specialized crop insurance company formed by the government of India. The company is under the administrative control of the ministry of finance. During the financial year 2019-20, AIC has achieved a gross direct premium income of INR 9,361 crore, covering more than 10 million farmers under its various agriculture insurance schemes. It is the market leader in crop insurance in India.
IPPB was launched by Prime Minister Narendra Modi on September 1, 2018. It has been set up with the vision to build the most accessible, affordable, and trusted bank for the common man in India. Its primary authorization is to remove barriers for the unbanked and under-banked and reach the last mile leveraging the postal network. Leveraging frugal innovation and with a high focus on ease of banking for the masses, it delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages. The bank is committed to provide a fillip to a less-cash economy and contribute to the vision of Digital India.