*Please note that the quotes shown will be from our partners

Maharashtra’s Auto Rickshaw Drivers to Get Pension and Insurance Cover

The Maharashtra State Department has decided to give pension to the licensed auto rickshaw drivers above 60 years of age. The scheme will also cover their spouse as well. The pension scheme is beneficial for auto rickshaw drivers as they do not have any pension benefits once they stop driving. The initiative will benefit over 17 lakh licensed auto rickshaw drivers and owners, which constitute about 88% of the state’s workforce.

It will be mandatory for auto rickshaw drivers to enroll under the Atal Pension Yojna (APY) (Also read: A Quick Glance Over Modi's 3 Social Security Schemes). Under this scheme, the drivers will have to pay Rs 12 p.a. as the insurance premium. The premium will be ‘auto-debit’ from the account holder’s saving bank account in one installment on or before 1st June under this scheme. The subscribers will get a fixed pension payouts varying between Rs 1000 p.a. and Rs 5000 p.a. on attaining the age of 60, depending on the contributions made. On joining the APY before the 31st December, 2015, the central government will contribute 50% of the total contribution or Rs 1000 p.a. 

The scheme, however, will not cover those who neither own auto rickshaws nor have permits. As reported by The Time of India, the additional transport commissioner, Mr. SB Sahasrabuddhe, has directed all regional transport officers across the state to ensure enrollments of auto rickshaw drivers for pension and insurance plans while renewing permits and issuing vehicle fitness certificates.

Written By: PolicyBazaar - Updated: 30 December 2020
Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about term plans.
SUBSCRIBE
You May Also Want to Know About
Modi Government Launches 3 Social Security Schemes
Modi Government Launches 3 Social Security Schemes Prime Minister Narendra Modi has launched three new social security schemes (PM Bima Yojana) in Kolkata. The new government schemes (2 insurance products & 1 pension scheme) is aimed at the...
Insurance Corporate Agents Can Now Sell Policies Of Up To 3 Insurers
Insurance Corporate Agents Can Now Sell Policies Of Up To 3 Insurers  The Insurance Regulatory and Development Authority of India (IRDAI) notified new norms for corporate agents allowing them to tie up with up to three insurers each — life, n...
IRDA Imposes a Penalty worth Rs 10 Lakhs on Tata AIA Life
IRDA Imposes a Penalty worth Rs 10 Lakhs on Tata AIA Life Insurance Regulatory and Development Authority of India (IRDA) today slapped a penalty of Rs 10 Lakhs on Tata AIA Life Insurance for surfeit payment to corporate agents. Additionally, th...
IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders
IRDAI Directs SBI Life Insurance Company Ltd. to Refund Commission Excess of Rs.275 Crores to Policyholders SBI Life Insurance Company Ltd., a private life insurer, was directed to reimburse the excess commission of Rs. 275.29 crore to policyhol...
Micro Insurance Business Of Bajaj Allianz Life Expected To Grow
Micro Insurance Business Of Bajaj Allianz Life Expected To Grow In spite of its overall life insurance business getting a slight outgrowth, Bajaj Allianz Life Insurance is looking forward to bank on the growth of 60-65% in its specific division ...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL