PMFBY has significantly reduced the financial burden on farmers by capping premiums at 2% for Kharif crops and 1.5% for Rabi crops, with the government subsidising the rest. The scheme covers risks across the crop cycle, including droughts, floods, and post-harvest losses. However, challenges remain in ensuring timely claim settlements and addressing grievances effectively. The inclusion of tenant farmers and sharecroppers has expanded the scheme's reach, but implementation varies across states, with some regions experiencing lower enrolment rates.