Senior citizens in India get many concessions & facilities, which helps them to reduce their burden. The state and the central government provide these senior citizen concession & facilities so that the welfare of senior citizens works well.
We all have grandparents and parents in our house, so it is important for every person to be aware of it for their benefit and senior citizen concession. Everyone should know what senior citizen concession and what facilities are being provided by the government for senior citizens.
Who Are Considered As Senior Citizens?
- 1 Who Are Considered As Senior Citizens?
- 1.1 What Are Senior Citizen Concessions & Facilities In India?
Persons above 60 years of age are included in the list of senior citizens. Senior citizens are the pride of our country and it is because of their contribution that our life is getting better today. Special discounts are given to senior citizens on behalf of the Government of India during the journey. Very few senior citizens are able to take advantage of this special exemption of the government. This is also because they do not know much about it.
What Are Senior Citizen Concessions & Facilities In India?
There is a stage in the age when we need support. Elders in the family get this support easily, which makes their life easier. The government also keeps making many efforts to make their life easier.
In many schemes and government facilities, they are given special attention or relaxation. If you are elderly or an elder member of your family then you can avail these senior citizen concessions & facilities for that.
For example, the fare for all categories of Indian Railways in Mail / Express / Rajdhani / Shatabdi / Jan-Shatabdi / Duronto group is exempted for male senior citizens of minimum 60 years and female senior citizens of minimum 58 years. The concession exemption is 40% for men and 50% for women.
Senior Citizen Concession on Income Tax
According to Tax law Super Senior Citizen whose age is 80 years and however, their income is more than 5 lakhs, they do not need to give tax. The health insurance premium up to INR 30,000 gets a deduction under the Income Tax Act 1961 Section 80D. Tax exemption for Senior citizens’ suffering from serious diseases can avail tax deduction of up to INR 60,000 under Section 80DDB, while for super senior citizens this limit had increased to INR 80,000.
Senior Citizen Concession on Train Travel
Indian Railways being the world’s largest employer is also the lifeline of the country. Crores of people travel daily on Indian Railways. Railways give ticket concession to elderly passengers. There is a 60 year age limit for a male and 58 year age limit for a female to take the discount.
If you are 60 years old male then you will get a 40% discount on all class tickets. The age limit for a woman is 58 years. They get a 50% discount on all class tickets.
The administration has additionally set up discrete ticket counters at the ticket reservation community for senior residents. Aside from this, the administration additionally gives wheelchair office at all real stations.
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Senior Citizen Concession on Air Travel
Air travel has also become much easier for senior citizens. Government Company Air India gives 50% senior citizen concession in ticket rate to citizens above 60 years of age. This discount is also available to senior citizens going abroad by Air India aircraft.
Not only Air India, but some private air companies also give discounts to the senior citizens of India. However, the terms & conditions of this exemption may be different.
Senior Citizen Concession on Bus Fare
The state government also offer bus travel discount to senior citizens. Almost all bus in India has seats reserved for senior citizens. Although a senior citizen does not get any discount on the fare on a local bus he or she get a special seat. And on the government buses, they get a discount on fare also.
Senior Citizen Concession on Investment
The senior citizens of India also get more interest in investment. Senior citizens who have become 60 years old under the Senior Citizen Savings Scheme will get 8% interest rate every year. At the same time, in fixed deposits, they will get a 0.5 percent higher rate of interest.
People above 60 years of age can invest in this scheme. Those people who have taken voluntary retirement after 55 years or more can also avail the benefit of this scheme. The scheme earns an interest of 9.3%, which is the highest among all schemes of the government.
The development time of the cash put resources into this plan has been fixed for a long time. The sum contributed under this plan is tax-exempt under segment 80C. Through this plan, senior natives can acquire enthusiasm on their Employee Provident Fund (EPF), tip, and so many more. Additionally, it is anything but difficult to pull back cash from it.
Senior Citizen Concession on Special Plans
A number of welfare schemes have been implemented by the government under the special scheme, in which seniors who are 60-80 years old get insurance of 1 lakh for sickness, while 2 lakh for critical illness under senior mediclaim policy.
Many state governments and focal organizations give month to month benefits to senior residents living beneath the destitution line, or to senior natives who have no methods for money or who don’t need to live in this world.
Senior natives likewise get an exclusion in property charge. Additionally, numerous insurance agencies are likewise bringing uncommon therapeutic designs for such individuals. Numerous insurance agencies have additionally expanded the extra security age to 70 or 75 years so that even at that phase of age, they don’t feel budgetary weakness.