New Agricultural Insurance Pension Scheme Launched

Shakila Ifham

November 3, 2022


The Agricultural and Agrarian Insurance Board yesterday launched a new Agricultural Insurance Pension Scheme claiming to benefit farmers countrywide. 

The specialty of this pension scheme is that it provides the opportunity to join not only ones in agriculture, but also those engaged in other professions, a senior official said. 

The implementation of this pension scheme was started yesterday at the Kobbekaduwa Agricultural Research and Training Institute, Colombo 7 under the patronage of the Minister of Agriculture, Wildlife and Forest Resources Conservation, Mahinda Amaraweera. 

Fifty nine new pensioners were awarded insurance beneficiary certificates by the minister. On that occasion, Minister of State for Agriculture Mohan de Silva, Minister of State for Livestock D.B.  Herath and Chairman of the Agricultural Insurance Board. W.M.M.B. Weerasekera and others participated.

Under this pension scheme, anyone can decide the pension according to their income and can contribute to it under different age groups.

Minister Amaraweera expressed his views while participating in this event:

“When I was the Minister of Agriculture in 2018, insurance of Rs. 40,000 per acre for 06 types of crops was given to farmers free of charge. In case of crop damage to 06 types of crops i.e. Chilli, Paddy, maize, Soybean and Potato and Big Onion. Arrangements were made to give an amount of one lakh as compensation. There is a request from our farmers to increase this amount. Accordingly, I advised the Agricultural Insurance Board to provide an insurance policy of Rs.500,000 per acre by getting a small premium. Accordingly, we are working to start the insurance system as soon as possible.”

He added: “Cultivation work for the Maha season is starting now. Urea fertilizer required for paddy and maize crops is now being distributed. In a country where there is no agricultural input except urea fertilizer, we are providing both urea and MOP fertilizers to the farmers this Maha season. Some are now shouting that there is no mud fertilizer. 

In the soil tests we conducted, except for two districts of the Eastern Province, the amount of phosphorus contained in the soil is high. “But even if we try to provide MOP fertilizers, we are not able to give money or buy them. But under USAID assistance, the MOP fertilizer Mt. 36,000 will be received by us next January. Accordingly, we can provide free MOP fertilizer to the farmers of our country in the next Yala season.”

During the last Yala season, they gave 100 kg of urea fertilizer per hectare to the farmers.  This time they are giving 170 kg of urea fertilizer per hectare. Therefore, do not pay attention to the claims made by some political parties who claim to be farmers’ representatives that fertilizers are not available. 

The Minister also mentioned that President Ranil Wickremesinghe and the Ministers are working to provide maximum relief to the farmers.