The Government of India has always launched special schemes for senior citizens, which aim to promote their economic security, health services and social respect. Through these schemes, the elderly help in making their retirement life safe and comfortable. In this article, we will discuss in detail about the 7 new schemes launched by the government for senior citizens, including Pradhan Mantri Vay Vandana Yojana, National Old Age Pension Scheme, Senior Citizen Savings Scheme, Ayushman Bharat Yojana, Railways and Air Travel Concessions, National Savings Scheme (NSS), and Income Tax Relief.
Apart from these schemes, the government has recently made several important announcements for senior citizens in Budget 2025, such as tax exemption and increase in investment schemes. These announcements will not only benefit the elderly, but will also promote their investment.
Senior civilian schemes observation
The table below gives details of 7 major schemes of the government for senior citizens:
| Name of the scheme | Main characteristics |
| Pradhan Mantri Age Vandana Yojana (PMVVY) | 7.4% annual interest, 10 years period |
| National old age pension scheme (noaps) | Monthly pension to poor elderly |
| Senior civil savings scheme (scss) | High interest rate and tax exemption |
| Ayushman Bharat Scheme (PMJAY) | Health insurance up to ₹ 5 lakh |
| Railway and air travel concessions | Travel rent discount |
| National Savings Scheme (NSS) | Tax-free withdrawal |
| Income tax relief | Increased tax exemption limit |
Government schemes for senior citizens
Pradhan Mantri Age Vandana Yojana (PMVVY)
The Pradhan Mantri Vay Vandana Yojana (PMVVY) has been launched to provide financial security to senior citizens. This scheme is operated by Life Insurance Corporation of India (LIC). Its main features are as follows:
- Launch Year: 2017
- Age limit: 60 years or more
- Interest Rate: 7.4% Annual
- Investment limit: ₹ 15 lakh
- Duration: Maximum 10 years
The scheme provides every month, quarter, half -yearly or annual pension, which gives senior citizens a source of regular income.
National old age pension scheme (noaps)
The National Old Age Pension Scheme (NOAPS) provides financial assistance to the elderly of the poor class. The main features of this scheme are as follows:
- Launch Year: 1995
- Age limit: 60 years or more
- Pension amount (60-79 years): ₹ 200 per month (₹ 600 in Ignoaps)
- Pension amount (80+ years): ₹ 500 per month
- Eligibility: Below Poverty Line (BPL)
This plan is for the elderly who are financially weak and cannot depend on their family.
Senior civil savings scheme (scss)
Senior Citizen Savings Scheme (SCSS) is a government -sponsored scheme that provides high interest rate and tax exemption. Its main features are as follows:
- Interest Rate: 8.2% per year (2024-25)
- Investment limit: ₹ 15 lakh
- Duration: 5 years (expansionable)
- Tax Benefits: Tax exemption under Section 80C
The scheme provides a source of regular income to senior citizens and makes their investment safe.
Ayushman Bharat Scheme (PMJAY)
Ayushman Bharat Scheme (PMJAY) is a health insurance scheme that provides health insurance cover of up to ₹ 5 lakh. It aims to provide health services to poor and middle class families. Under this scheme, the elderly also benefit from which they can easily manage their health expenses.
Railway and air travel concessions
Railways and air travel concessions provide special discounts in travel fare to senior citizens. Railways get 40% discount to men above 60 years of age and 50% for women, while special discounts are also given in air travel. The scheme is financially helpful to the elderly and gives them an opportunity to travel easily.
National Savings Scheme (NSS)
The National Savings Scheme (NSS) is a savings scheme that provides attractive interest rate on investment. Recently, the government has made the withdrawal from NSS tax-free, which will give additional benefits to investors. The scheme is a safe investment option for senior citizens, which promotes their savings.
Income tax relief
In the Income Tax Relief, the government has made several important announcements for senior citizens. In Budget 2025, Finance Minister Nirmala Sitharaman has increased the income tax exemption limit from ₹ 7 lakh to ₹ 12 lakhs, which will give special benefits to senior citizens in the matter of income tax. In addition, the TDS limit has also been increased, so that the elderly will have to reduce bank interest.
Benefits and Eligibility of Plannings
Through these schemes, senior citizens not only get financial security, but also get health and travel benefits. Here are some main benefits and eligibility criteria:
- Economic Security: Pension and savings schemes provide the source of regular income to the elderly.
- Health Benefits: Ayushman Bharat Scheme assists in health services.
- Travel facilities: Railways and air travel concessions make the journey cheaper.
- Eligibility: The age limit for most schemes is 60 years or more.
Disclaimer: This article has been written for the purpose of general information and the plans mentioned in it can be real plans run by the Government of India. However, it would be appropriate to get information from the official government website or the concerned department before investing in any scheme. This article should not be taken as any specific investment advice.
