Senior citizens in India can now benefit from a wide range of government schemes that are oriented toward the betterment and well-being of the elderly. Old age can have its challenges and these measures by the government and meant to facilitate and make the lives of older citizens much more comfortable and stress-free. Along with social, there are financial benefits too that senior citizens can easily avail of.
Having a senior citizen’s card will make it a hassle-free experience to enjoy the following benefits:
Pay less tax: For the financial year 2022-23, those that earn an annual income of 3 lakhs p.a. or less do not have to pay any tax. Those more than 80 years (super senior citizens) get an increased tax exemption of 5 lakhs p.a. Furthermore, seniors paying for health insurance premiums will get a rebate of 30 thousand annually in their IT returns. Seniors suffering critical illnesses under IT section 80DDB get waived of 60k with 80K for super seniors with critical illnesses.
Travel discounts: Seniors that plan to travel will benefit from discounts on many different mediums of transport including buses, trains, and airlines. For domestic travel, a senior citizen gets a discount of 50%. Seniors (60) and above traveling by train get a discount of 40% and women that are 58 or above are eligible for a 60% rebate on ticket prices.
Higher rates of interest: Many banks in the country are offering seniors higher interest rates at 8.4% p.a. The interest rate on fixed deposits is also slightly higher for them at 0.5% more than the standard rate.
Pay less for telephone bills: Another way that seniors can benefit is by paying less for telephone costs. BSNL has a scheme for seniors to get registered on priority and there are no charges for the same. Likewise, MTNL offers discounted installation charges for seniors by 25% and a rebate on monthly telephone bills.
Social schemes: There are several social schemes launched by the central and state governments aimed at benefitting seniors. These include the Varishta Mediclaim Policy for adults in the age group of 60-80 years. According to this scheme they are covered by 2 lakhs insurance for critical illnesses and 1 lakh for hospitalization expenses. The Life Insurance Corporation of India (LIC) has introduced the Varishtha Pension Bima Yojana which offers an assured pension of 8% for up to 10 years. The limit for investment is 7.5 lakhs and the pension is disbursed on a monthly, quarterly, semi-annual, or annual basis.
Supplementary benefits: Apart from the benefits mentioned, special facilities are offered by hospitals and banks also. Elderly citizens that visit the bank can stand in a separate queue to get their work attended to faster. Likewise, when they need to visit a government hospital there are queues for seniors for quicker registration and to get medically examined. If a senior is involved in any type of litigation, they can write to the court to get their case fast-tracked as well. Those seniors that need to get their passports issued can get them before getting police clearance if they offer proof of their children living overseas in the form of a passport copy of the individual with the parent’s name mentioned on the passport copy among other documents.