Agrarian Insurance Board unveils pension scheme offering multiple benefits to fishermen

The Agricultural and Agrarian Insurance Board has introduced a new Fishermen’s Pension Scheme aimed at providing enhanced social security and financial benefits to members of the fishing community.

According to the Ministry of Agriculture, the scheme offers several significant advantages. 

Contributors who pay their premiums on or before the due date will be eligible to receive a monthly pension from the age of 60. 

Those who have paid at least 75% of the required contributions will continue to receive a monthly income corresponding to their contribution amount from the age of 60, without cancellation of pension benefits. 

Contributors who have completed between 25% and 75% of the required payments will be eligible to withdraw their total contribution along with the applicable interest.

The scheme also provides additional protections in cases of disability and death. In the event of partial disability prior to receiving the pension, contributors may receive either a gratuity or a monthly pension at the time pension payments commence. 

In cases of permanent disability, contributors may receive a gratuity of up to Rs. 50,000, either as a lump sum or in installments, it said.

If a contributor dies in an accident before becoming eligible for the pension, the designated heir may claim the total contribution along with interest after one year. If premium payments are missed, contributors will have the opportunity to reactivate their certificate by settling the outstanding payments and interest.

Additionally, if a contributor dies while receiving the pension, the scheme allows the spouse to continue receiving the monthly pension until the age of 80, with the option of obtaining the remaining amount as a lump sum.

The Fishermen’s Pension Scheme was officially launched on the 22nd at the Lotus Tower premises in Colombo, under the patronage of Minister Lal Kantha.