From time to time, the Government of India brings many schemes and benefits for senior citizens i.e. senior citizens. The objective of these schemes is to provide financial security, health services and social respect to the elderly. In today’s time, when inflation and economic challenges are increasing, these schemes are no less than a boon for senior citizens. In this article, we will tell you in detail about the 5 big gifts being given by the government to the senior citizens.
These schemes of the government not only provide financial assistance, but also help in making the elderly self -sufficient. It is very important to understand the eligibility and application process to avail these facilities provided under Senior Citizen Benefits in India.
5 big gifts received by senior citizens
Below we will tell you about the 5 major schemes and benefits that are being provided by the government to senior citizens.
1. Pradhan Mantri Age Vandana Yojana (PMVVY)
The Pradhan Mantri Vay Vandana Yojana is a pension scheme, especially designed for senior citizens. This scheme is operated by Life Insurance Corporation of India (LIC).
Overview of PMVVY
| Name of the scheme | Pradhan Mantri Age Vandana Yojana (PMVVY) |
| Launch year | 2017 |
| Age limit | 60 years or more |
| Premium payment | One-time payment |
| Pension rate | 7.4% annually |
| Duration | Maximum 10 years |
| Maximum investment limit | 15 Laxman |
Under this scheme, senior citizens get every month, quarter, half or annual pension. This pension amount is based on their investment.
2. National Old Age Pension Scheme
The scheme is run for poor senior citizens. Under this, they are provided monthly pension so that they can meet their basic needs.
Observation of scheme
| Name of the scheme | National old age pension scheme |
| Launch year | 1995 |
| Age limit | 60 years or more |
| Pension amount (60-79 years) | ₹ 200 per month |
| Pension amount (80+ years) | ₹ 500 per month |
| Eligibility | Below poverty line (BPL) |
The main objective of this scheme is to help the elderly who are financially weak and cannot depend on their family.
3. Senior Citizen Savings Scheme – SCSS
It is a popular savings scheme especially made for senior citizens. It has high interest rates and tax benefits.
Observation of scheme
| Name of the scheme | Senior civil savings scheme (scss) |
| Launch year | 2004 |
| Age limit | 60 years or more |
| Interest rate | 8% annually |
| Maximum investment limit | Above 3 million |
| Duration | Five years |
On investing in this scheme, the elderly get safe returns and it also gives the benefit of tax exemption.
4. Ayushman Bharat – Pradhan Mantri Public Health Scheme (Ayushman Bharat – PMJay
Talking about health services, the Ayushman Bharat scheme is a big relief for senior citizens. Under this scheme, the elderly are given free health insurance cover.
Observation of scheme
| Name of the scheme | Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana |
| Launch year | 2018 |
| Insurance cover amount | ₹ 5 million per year |
| Eligibility | Below poverty line (BPL) Family |
The scheme provides financial assistance to the elderly in treating serious diseases and provides them better health services.
5. Travel concessions for Senior Citizens)
The government has made arrangements to give concession to senior citizens in railway and air travel so that they can travel easily.
Concession in railway trip
- Men: 40% discount in fares
- Women: 50% discount in fares
- Apply to all classes
Concession in air travel
- Special discounts on domestic flights by Air India
- Priority facility in ticket booking
How will senior citizens get the benefit of these schemes?
To take advantage of these schemes, senior citizens have to follow the following procedures:
- Apply to the concerned department or bank.
- Submit necessary documents like Aadhaar card, income certificate, age certificate etc.
- Application facility is also available on online portals.
- Take updates from time to time so that information about any change can be found.
Conclusions: Why are these schemes important?
Senior citizens are part of the society who have served the country and family throughout their lives. In such a situation, the government is responsible for their economic security and health services. These schemes not only make them self -reliant but also increase their respect. Therefore, all senior citizens must take advantage of these schemes.
Disclaimer:
This article is written only for the purpose of providing information. Some of these schemes are run by the central government while some are run by the state government. Before applying, go to the concerned department or official portal and get complete information so that there is no inconvenience.
