A) Only 1
B) Only 2
C) Both 1 and 2
D) neither 1 nor 2
Correct Answer: C
Solution :[c] The Agriculture Insurance Company of India Limited (AIC) offers yield-based and weather-based crop insurance programs in almost 500 districts of India. It covers almost 20 million farmers, making it the biggest crop insurer in the world in number of farmers served. Agriculture Insurance Company of India Limited is a limited company headquartered out of New Delhi, India. AIC aims to provide insurance coverage and financial support to the farmers in the failure of any of the notified crop as a result of natural calamities, pests and diseases to restore their credit worthiness for the ensuing season; to encourage the fanners to adopt progressive farming practices, high value in-puts and higher technology; to help stabilize farm incomes, particularly in disaster years. The plan provides comprehensive risk insurance for yield losses due to natural fire and lightning, storms, hailstorms, cyclone, typhoon, tempest, hurricane, tornado flood, inundation, landslide, drought, dry spells, pests/diseases, etc. AIC was incorporated on 20 December 2002 with an authorized capital of Rs. 1500 crore. The initial paid-up capital was Rs. 200 crore, which was subscribed by the promoting companies, General Insurance Corporation of India GIC (35%), NABARD (30%) and the four public-sector general insurance companies (8.75%) each, viz. National Insurance Co. Ltd., Oriental Insurance Co. Ltd., New India Assurance Co. Ltd., and United India Insurance Co. Ltd.
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