Various Benefits for Seniors

Here are various benefits you can avail as a Senior Citizen

Senior citizens in India, who are above the age of 60, have always been accorded certain benefits to make lives easier for them. So, let’s find out what these concessions are:

1. Relaxed tax laws

As a senior citizen, your income is non-taxable up to Rs 3 lakh. If you are a super senior citizen (above the age of 80), your income is non-taxable up to Rs 5 lakh.

There are tax benefits when you pay health insurance premium too. For senior citizens, insurance premium up to Rs 30,000 is exempt from tax.

If you are diagnosed with a critical illness, you are eligible for tax deduction of up to Rs 60,000, while it is Rs 80,000 for a super senior citizen.

2. Travel concession

Senior citizens are eligible for a 50% concession on airfares. This is applicable only if you travel by economy.

Train ticket concession for men above the age of 60 is 40%. Women above the age of 58 get 50% concession.

There are similar concessions for bus travel as well. The rates vary from state to state.

3. High ROI

You are eligible for a higher return on investment (ROI) if you are above the age of 60. For instance, the Senior Citizen’s Saving Scheme provides 8.4% interest per annum.

The interest rate on fixed deposits (FDs) – 0.5% to be precise – is higher too.

4. Friendlier insurance policy

There are several insurance policies tailored for those above 60. For instance, National Insurance offers a mediclaim policy called Varishta for those aged between 60 and 80. The policy offers Rs 2 lakh for critical illness and Rs 1 lakh for hospitalisation.

5. Subsidised phone bills

BSNL waives registration charges for senior citizens over the age of 65. Senior citizens are also eligible for registration of telephone on priority.

MTNL offers a concession of 25% on installation charges and monthly service payments to those above 65.

6. Other special allowances

In case of registration and medical examination, hospitals ensure there are separate queues for the elderly.

If aged over 60, you can ask the courts for the preferential hearing of your case/s by writing to them.

Banks also offer senior citizen cards and priority services.

To sum up

These are the benefits you are eligible for if you are a senior citizen or about to be one. It is not easy to maintain a steady income in your retirement years. That’s the reason such benefits are in place. They are there to ensure that no senior citizen is harrowed during their sunset years.

source ;   yahoo.com