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.

Eligibility for contribution to the scheme

  • Being a citizen of Sri Lanka.
  • Being between 18-59 years of age.
  • Being a landowner, lessee, tenant farmer, cultivator under the owner’s right and a person certified as a farmer by an authorized officer under the Agricultural Development Act or the Land Ordinance Act or an agricultural laborer.
  • Not being a beneficiary under pension or provident fund.

 

You come to find refuge in our shade,

  • 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

Choose your dream pension for yourself

  • 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.

 

Age 18 – 55 years can contribute to this pension scheme.

You can decide your pension according to your income. If you are 18 years old then the monthly initial premium amount while contributing to the pension scheme is Rs. 25.00.

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
Up to 60-63 years (Rs.) Up to 64-70 years (Rs.) Up to 71-77 years (Rs.) Life after completing 78 years (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

 

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/=

  • Rs. 50000/= on life insurance cover Rs. 25000/= a death gratuity, Rs. 50000/= disability benefit. With these benefits, the premium paid and interest are refunded.
  • Concessions to contribute to new pension for contributors whose contributions have lapsed due to non-payment of dues.
  • A farmer can subscribe to the scheme by making monthly, semi-annual or lump sum payments.

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Our pension coverage

Our insurance coverage.

Where membership is available

  • By all districts of Agriculture and Agrarian Insurance Board
  • By Agricultural Service Centres
  • By authorized sales representatives

Brochure

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Application

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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.

Contact us