"Decision to compensate farmers 100 per cent through 'Pradhan Mantri Fasal Bima Yojana' is a revolutionary step. It will ensure their financial security," Chouhan, currently on a four-day visit to Singapore, said in a series of tweets.
Expressing gratitude towards Prime Minister Narendra Modi, Chouhan said "Highly thankful to PM @narendramodi for historic decision to bring new crop insurance scheme. It will certainly provide succor to farmers."
"Existing crop insurance schemes had many shortcomings. In most cases, schemes were not good enough to reduce the hardships of farmers," he said in another tweet.
To be rolled out from the kharif season this year, the much awaited scheme - Pradhan Mantri Fasal Bima Yojana - was cleared at a Cabinet meeting, headed by Modi.