As a senior citizen, one gets numerous financial benefits from the government and even private companies. Some advantages kick in after you turn 60, while some at 65. Let's look at some benefits for senior citizens under various categories.
Tax laws are relaxed for the them to ease their financial burden. Income of up to Rs 3 lakh is non-taxable. For super senior citizens (over 80 year of age), income of up to Rs 5 lakh is non-taxable.
Health insurance premium of up to Rs 30,000 gets tax deduction under Section 80D of Income Tax Act 1961. Senior citizens suffering from a critical illness can avail a tax deduction of up to Rs 60,000 under Section 80DDB. The limit is increased to Rs 80,000 for super seniors.
Air-India offers senior citizens with Indian citizenship, who are over 60, are eligible for 50% discount on economy fare for domestic travel.
Men over the age of 60, and women over the age of 58 are eligible for 40% and 50% discount respectively. The discount is available on fares of all classes of Rail/ Express/ Rajdhani/ Shatabdi/ Jan Shatabdi/ Duranto trains.
National Insurance offers 'Varishta Mediclaim Policy', for seniors aged 60-80. Maximum sum insured offered is Rs 1 lakh for hospitalisation and Rs 2 lakh for critical illness.
Lower charges on telephone bills:
BSNL for the senior citizen over 65 are eligible for registration of telephone on priority. Registration charges are also waived for them. MTNL for the senior citizen over 65 are eligible for 25% concession on installation charges and monthly service charges for landlines connections.