senior citizens schemes | Detail of some benefits given to senior citizens
Have you crossed your 60 years of life? Then finally you are officially declared senior citizen as per our constitution .Being senior citizens you must get some extra financial benefits too, from our government. Do you know about these? For your information some areas under.
Central Government Senior citizens Schemes
1. TAX EXEMPTION LIMIT HIGHER TO SENIOR CITIZENS
Income to be exempted during tax calculation is Rs 3 lacks. It is 2 lack 50 thousand during your normal Indian citizen period. So income up to Rs 3 lack won’t be taken for tax calculation after that from 3 to 5 lacks you will be taxed @10% from 5 to 10 @20% and after 10 lacks @30%.
2. SENIOR CITIZEN TRAVEL CONCESSION SCHEME
For Travelling concession is given by our government to senior citizens. For domestic travel by air in economy class at the age of 60 for men’s and 58 for women’s, 50% discount is allowed. Where as in railways women aged 60 is eligible for 50% discount and men’s aged 60 can get 40% discount. Some States in our country also give concession in bus fair.
3. DISCOUNT ON INSURANCE POLICIES
LIC of India at the age of 60 to 80 offers “Varishtha Medic lames Policy” in which maximum sum insured is one lace, for critical illness and indoor patients 2 lacks.
4. EXEMPTION IN PROFESSIONAL TAX
Senior citizens aged 65 and above are also exempted from professional tax by some states in our country.
5. PARDHAN MANTRI VAYA VANDANA YOJANA (PMVVY)
In this scheme the investment limit is increased from 7.5 lacks to 15 lacks. This is a pension scheme controlled by LIC . The return in this scheme ranges from 8 to 8.3%.
6. SAVING SCHEME FOR SENIOR CITIZENS (SCSS)
A senior citizen after 60 years of age can open senior citizen saving scheme only if he retires on super nation or opt VRS at 55 years or opt for SCSS account within a month of getting retirement benefits and the amount should not be more than the retirement benefits
IN ADDITION TO ABOVE:-
Banks have separate queues for senior citizens and most of the states also provide facilities of separate queues in state govt. offices for their routine works. By writing to court they can also avail preference in hearing.