Consider the following Statements : 1. Varsha Bima, the rainfall insurance scheme, is managed by the Agriculture Insurance Company of India Ltd. (AICIL). 2. The scheme was introduced during the 2007 South-West monsoon period. Which of the statements given above is/are correct?

Explanation

Rainfall Insurance was launched by the Agriculture Insurance Company of India Limited during the Kharif season of 2004 in the South-West Monsoon period. In India, the Agriculture Insurance Company of India Limited is the designated institution to provide insurance cover to the agriculture sector. Earlier, the insurance schemes implemented in the agriculture sector were executed by the General Insurance Corporation of India (GIC); however, considering the extensive and specific requirements of the agriculture sector, the Government of India established the Agriculture Insurance Company of India Limited on 20 December 2002, which is the principal insurance institution responsible for providing insurance cover to the agriculture sector. The share capital of the Agriculture Insurance Company of India Limited includes investment by the General Insurance Corporation (341) ## Page 40 of India, National Insurance Company Limited, The New India Assurance Company Limited, Oriental Insurance Company Limited, United India Insurance Company Limited, and the National Bank for Agriculture and Rural Development (NABARD).