After the whole coverage of “new rural pension” system, the challenge to “whole coverage of personnel” is faced, however, the setting for premium level and grades is an important factor to affect the participating behavior of the insurance of rural farmer households. Presently, most of farmers tend to choose the lowest level insurance premium, which reflects that there is a difference between policy expectation and practical situation. Sampling survey analysis of the farmer households in Chengdu City shows that the key factors for the participating farmer households for pension are pension demand, expected insurance benefit and pension payment ability, currently most of farmer households are inclined to choose the lowest premium payment level because the expected gain of the farmer households for the pension is low and because premium payment incentive subsidy is not sufficient, furthermore, the factors such as ages, education, health, dependency ratio, and income status and so on also differently impact farmers’ choices in the pension participation willing and participating level of the farmer households, thus, the reform of rural pension system should further optimize insurance premium grades setting, more emphasize the difference in group features and properly raise the subsidy standard based on the guarantee of the fairness.