The Centre is set to roll out a new Crop Insurance Scheme through which it will bring down rate of premium to be paid by farmers, govt will pay the rest.
- The maximum premium to be paid by farmers will be 2.5% of the sum insured.
- Currently, farmers have to pay premium ranging between 4-15% to insure crops.
- The proposal also envisages a cap of 5% on premium a farmer has to pay to get horticulture crops insured.
- Once the new scheme kicks in, farmers in high-risk areas would stand to benefit the most.