In view of the impact of stochastic interest rate and mortality rate and termination risk on DB Pension plan and Pension payment issues, the valuation of premium guaranteed by the Pension Benefit Guaranty Corporation (PBGC) for DB Pension plan based on the risk of premature termination and distress termination under stochastic interest rate and mortality rate is proposed. Assuming that pension funds invest in risk-free and risk financial assets, stochastic interest rate, mortality rate, and the assets of pension funds and plan sponsors are stochastic processes. The conditions of premature termination and distress termination trigger are proposed, and the premium valuation model is established under the two termination conditions. Finally, the impact of stochastic interest rate and mortality rate on premium is analyzed through numerical simulation, and the premium is compared with that of Qian. The result shows that the introduction of stochastic interest rate and mortality rate make the premium increase compared with Qian. Although this result increases the burden on the plan sponsor, it reduces the PBGC’s risk.