Consider the following statements with reference to Pradhan Mantri Fasal Bima Yojana Scheme: It provides a comprehensive insurance cover against the failure of all food & oilseed crops. It prescribes a premium of 5% to be paid by farmers for all Kharif crops and 1.5% for all rabi crops. Launched in 2016 and is being administered by the Ministry of Agriculture and Farmers Welfare. Which of the statements given above is/are not correct?