Speaking to the media soon after the government made the announcement about the 'Pradhan Mantri Fasal Bima Yojna', Shah said the scheme will rid farmers of the web of complex rules of the earlier schemes and they can now avail maximum benefits.
"For years, farmers were caught in the complexities of existing insurance schemes and were not able to avail all benefits. Now the government has come out with a scheme under which they will be able to draw the maximum benefits by paying minimal premium.
"I think this decision will rank among the biggest decisions taken for the welfare of farmers since Independence", he said.
In a swipe at the previous UPA government, Shah said it had introduced capping due to which farmers were given very less compensation while their premium had risen by anywhere between 22-57 percent. This has been abolished now, he said.
Speaking about the premium of 2 percent for kharif crops, 1.5 percent of rabi and 5 percent for commercial crops, he said it will result in an increase of 500 percent in the Centre's financial load while benefiting farmers.

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