NDA government led by Prime Minister Narendra Modi has launched a new Prime Minister Crop Insurance Scheme for farmers which will protect them from financial uncertainty. The farmers have to pay premium as low as 1.5 per cent of sum assured for all rabi crops and 2 per cent for kharif crops. The scheme comes without any cap on overall premium rate to ensure full claims, which means there is no upper limit on the subsidy the government provides towards balance premium.
