The number of elderly people in India is continuously increasing. Therefore, the government has started many welfare schemes for senior citizens. The main objective of these schemes is to provide economic security, health services and a dignified life to the elderly. Lakhs of senior citizens are benefiting from these initiatives of the government.
In this article, we will give detailed information about the 5 major schemes offered by the government for senior citizens. These schemes include pension, health insurance, tax exemption, travel concession and housing assistance. Let us get detailed information about these schemes.
Introduction to government schemes for senior citizens
The government has taken several important steps for the welfare of senior citizens. The objective of these schemes is to provide economic security, better health services and a dignified life to the elderly. Let’s take a brief overview of these plans:
name of the scheme | main benefits |
Indira Gandhi National Old Age Pension Scheme | monthly pension |
Pradhan Mantri Vaya Vandana Yojana | Pension plan with guaranteed returns |
Senior Citizen Savings Scheme | high interest rate savings plan |
Ayushman Bharat Scheme | comprehensive health insurance cover |
Rashtriya Vayoshri Yojana | Free delivery of accessories |
Senior Citizen Pilgrimage Scheme | Discount on travel to pilgrimage sites |
Maintenance and Welfare of Parents and Senior Citizens Act | legal protection |
income tax exemption | special tax benefits |
Now we will get detailed information about these schemes.
Indira Gandhi National Old Age Pension Scheme
This scheme provides a significant financial assistance to senior citizens living below the poverty line. The key points of this scheme are:
- Eligibility: Persons belonging to BPL category aged 60 years or above
- Pension amount: ₹200 to ₹1000 per month (varies as per state)
- Payment Method: Direct Deposit into Bank Account or Post Office Account
- Application Process: Apply at local Panchayat or Municipal Corporation office
This scheme has provided a source of regular income to lakhs of poor senior citizens. It helps in meeting their daily expenses.
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
It is a pension scheme that provides guaranteed returns to senior citizens. Its main features are:
- Eligibility: All Indian citizens aged 60 years or above
- Investment limit: Maximum ₹15 lakh
- Pension Payment: Monthly, Quarterly, Half-Yearly or Annual Options
- Interest Rate: 7.40% per annum (for 2023-24)
- Duration: 10 years
- Tax Benefits: Tax exemption under Section 80C
This scheme provides regular and secure income to senior citizens. This gives them financial security in their retirement years.
Senior Citizens Savings Scheme (SCSS)
It is a high interest rate savings scheme specially designed for senior citizens. Its key features are:
- Eligibility: Persons aged 60 years or above
- Investment limit: Maximum ₹15 lakh
- Interest Rate: 8.2% per annum (for 2023-24)
- Tenure: 5 years (premature withdrawal allowed after 3 years)
- Interest Payment: Quarterly
- Tax Benefits: Deduction up to ₹1.5 lakh under Section 80C
SCSS provides senior citizens with higher returns on their savings. It plays an important role in their financial security.
Ayushman Bharat Scheme
It is a comprehensive health insurance scheme that covers poor and underprivileged families. Its benefits for senior citizens are:
- Coverage: Health insurance up to ₹5 lakh per family per year
- Beneficiary: Selected families as per SECC database
- Services: Treatment of over 1,350 diseases covered
- Hospitals: Over 20,000 empaneled hospitals across the country
- Premium: Absolutely free for beneficiaries
This scheme provides quality health services to senior citizens. This protects them from huge medical expenses.
Rashtriya Vayoshri Yojana
This scheme provides free assistive devices to senior citizens. Its main points are:
- Eligibility: Persons aged 60 years or above belonging to BPL category
- Equipment: wheelchair, walking stick, hearing aid, spectacles etc.
- Delivery: Free delivery after medical check up
- Application: Apply to the local social justice department
The scheme assists senior citizens in their daily activities and improves their quality of life.
Senior Citizen Pilgrimage Scheme
This scheme provides relaxation to senior citizens on visiting religious places. Its key features are:
- Eligibility: Persons aged 60 years or above
- Places to visit: Various religious places like Vaishno Devi, Tirupati, Amritsar etc.
- Facilities: Rail travel, accommodation, meals and local transport
- Cost: Most of the expenses are borne by the government.
- Application: Apply at State Tourism Department
The scheme provides an opportunity to senior citizens to visit their favorite pilgrimage sites.
Maintenance and Welfare of Parents and Senior Citizens Act
This law provides legal protection to senior citizens. Its main provisions are:
- Children’s responsibility to support their parents
- Parents can make a legal claim for maintenance
- Provision for establishment and registration of old age homes
- Strict punishment for crimes against senior citizens
This law protects the rights of senior citizens and ensures them a dignified life.
Income tax exemptions and special provisions
The government has provided several special tax benefits for senior citizens:
- Basic exemption limit: ₹3 lakh for 60-80 years, ₹5 lakh for above 80 years
- Section 80D: Deduction up to ₹50,000 on health insurance premium
- Section 80TTB: Exemption on interest income up to ₹50,000 on bank deposits and post office deposits
- TDS Exemption: Exemption from TDS by submitting Form 15H
These tax benefits reduce the tax liability of senior citizens and increase their savings.
Disclaimer
This article is for informational purposes only. Although we have tried to provide accurate information, government schemes and rules may change from time to time. Therefore, before applying for any scheme or benefit, please get the latest and accurate information from the concerned government department or authorized sources. This article is not a substitute for any legal or financial advice. It is advisable to seek appropriate advice as per your individual circumstances.