- To give a pension in the present season to the farmers who provide rice to the poor by shedding sweat in their youth.
- Providing relief in cases of impotence or disability.
- Providing gratuity to dependents in case of death.
Farmers' Pension and Social Security Benefit Scheme
Introduction of Farmer Pension and Social Security Benefit Scheme The Farmer Pension and Social Security Scheme Act No. 12 of 1987 is implemented under the Farmer Pension and Social Security Scheme Order 2014.
A pension plan is an insurance policy that helps you build a retirement fund while enjoying the option of enhancing your insurance policy with protective covers. In case of your unexpected demise, this policy provides death benefit to your family, the policy continues till maturity and provides many benefits to your dependents.
If you are an agriculturist who is committed to the upliftment of the agricultural sector, this pension scheme is designed to secure your future. If you are a land owner, lessee, tenant farmer, livestock keeper, fisherman or recipient of agricultural services in cash or in kind, you can contribute to this scheme.
- Being a citizen of Sri Lanka.
- Being between 18-55 years of age.
- An owner of land or paddy fields, a lessee, tenant farmer or a person cultivating under the authority of an owner and by an officer authorized under the Agricultural Development Act No. 46 of 2000 or the Land Development Ordinance (which was the 464th Authority) or the Land Ordinance of the Government (the 460th Authority) A person confirmed as a farmer or;
- A person who is remunerated in money or in kind for services related to agriculture or horticulture or;
- Accordingly, an agricultural land owner, lessee, tenant farmer, livestock manager, horticultural crop, flower, vegetable, fruit, fresh water and saltwater fish farmer and a person who is remunerated in cash or in kind for agricultural services can take part in this scheme.
- Ability to choose a pension that suits your income
- As you age and the cost of living rises, your pension entitlement increases
- Benefits in case of accident or illness
- Pension benefits to spouse at will
- Full State Liability and Security
- You can decide your salary according to your income.
- You can claim pension from the age of 60 by paying monthly/half-yearly or lump sum installments depending on your age on the date of your contribution to this pension scheme.
Benefits provided under the scheme
A pension of minimum Rs.1000/= to maximum Rs.5000/=
Age Monthly Pension
60-63 1000/=
64-70 1250/=
71-77 2000/=
77 or more 5000/=
Depending on your need, the premium can also be contributed in multiples of the original premium amount and get more pension.
Accordingly for an 18 year old
| For you who subscribe to the scheme at the age of 18 years | ||||
| Monthly Premium (Rs.) | Pension according to age | |||
| Upto 60-63 years(Rs.) | Upto 64-70 years(Rs.) | Upto 71-77 years(Rs.) | After completion of 78 years till life(Rs.) | |
| 27 | 1,000 | 1,250 | 2,000 | 5,000 |
| 270 | 10,000 | 12,500 | 20,000 | 50,000 |
| 2700 | 100,000 | 125,000 | 200,000 | 500,000 |
If the contributor meets with an accident and becomes permanently or partially disabled and dies before receiving the pension, then the life insurance compensation is claimed as shown in the table below.
| Age on the date of birth next coming after the date of disability or death | Permanent total disability | Permanent partial disability | the death |
| Years | Rs. | Rs. | Rs. |
| up to 30 | 50,000 | 25,000 | 25,000 |
| 31 – 35 | 40,000 | 20,000 | 20,000 |
| 36 – 40 | 30,000 | 15,000 | 15,000 |
| 41 – 45 | 20,000 | 10,000 | 10,000 |
| 46 - 60 | 12,000 | 6,000 | 6,000 |
To obtain insurance coverage related to Farmers' Pension Scheme,
Meet the District Offices of Agricultural and Agrarian Insurance Board / Representatives of Agricultural and Agrarian Insurance Board / Agricultural Research and Production Assistant Officers in your area.