SENIOR CITIZEN

Star Health's Red Carpet ·          Sum insured - Rs.1 lakh to Rs.5 lakh ·          Entry age - 60 to 75 years ·          Renewability - Lifetime renewability ·          Co-payment - 30-50% ·          Critical Illness cover - available ·       Waiting period for pre-existing disease cover - 1 year Apollo Munich's Optima Senior Health Plan ·          Sum insured - Rs.2 lakh to Rs.5 lakh ·          Entry age - Minimum 61 years ·          Renewability - Lifetime renewability ·          Co-payment 15-30% ·         Waiting period for pre-existing disease cover...

Old age brings with itself several ailments that are expensive to treat and care for. Health insurance for Senior Citizens is offered by various insurance companies, specifically for people who are aged 65 years and above. These health insurance schemes readily cover any kind of medical expenses incurred by customers. The older we get, the more our physical and mental stress over finances and the ability to afford good healthcare. A  senior citizen health insurance plan   is designed to offer financial aid for medical treatments to individuals over 60 years of age in their hour of need. Senior citizen health insurance plans offer critical illness cover, cashless hospitalisation, pre-existing disease cover, and a higher sum assured. With increasing age comes the additional risk of contracting diseases and falling sick. Since, the later years of an individual’s life are physically more challenging and financially less sound, having a medical insurance scheme to take ca...

Passports Normally, police verification is done before the passport is issued. In case of senior citizens, it can be done post-issuance subject to condition. Senior citizens can be issued a passport on post police verification basis if they submit a copy of the passport of their child (above 18) staying abroad (with a page having their name) as an additional document along with their application form. In some Passport Seva Kendras, senior citizens who have applied for fresh or re-issue of passports are allowed to submit their applications as 'walk-in' applicants. They do not need online appointment but are required to register their applications online and obtain Application Reference Number, or ARN, at least 24 hours in advance. No prior appointment is needed but the applications are accepted on first-come, first-serve basis. Extra on bank FDs Bank FDs offered to senior citizens who are 60 and above come with additional interest. Most banks offer 0.5 per cent e...

In a relief to senior citizens, retirees aged over 60 years will now be able to avail 50% discount on Air India flights on domestic routes. The national carrier has lowered the age limit to 60 for availing travel concession under its scheme for senior citizens. Earlier, the age limit for senior citizens to avail this offer was 63. The decision by Air India of revising the age limit has been implemented with immediate effect for all domestic sectors.  According to the revised rule, any senior citizen, who is permanently resident in India and has attained the age of 60 on the date of commencement of journey, shall be entitled to a 50% discounted ticket in economy class on the basic RBD (reservation booking designators) fare. Here’s what the airlines are offering to senior citizens: Air India Senior Citizen Consession: ·      Eligibility:  Any Senior citizen of Indian Nationality, permanently residing in India and should have attained the age of ...

If a senior citizen after the commencement of this Act, has transferred his property either moveable or immovable, by way of gift or otherwise, subject to the condition that the transferee shall provide him basic amenities and physical needs and thereafter such transferee reuses or fails to provide such promise, such transfer of property shall be deemed to have been made by fraud, coercion or undue influence and the Tribunal can declare such transfer as void.  Before the enactment of this law, a senior citizen's only remedy in such a case was to approach the court for maintenance from the children to whom he had given the property by way of gift or otherwise and such property would be the exclusive property of the transferee and the senior citizen had no right in such property. But after the enactment of this Act, a senior citizen can reclaim his property from the transferee. The concerned police personnel will also ensure priority in dealing with these types of cases....

With the implementation of GST ,  the senior citizens or the elderly segment of our population, many of whom are disabled due to advancing age or other wise, are facing additional burden due to GST. Already, senior citizens do not get any concession for taxes that they pay except in IT, which is not much. They are to pay income tax, even for the savings out of the Fixed Deposits, if the interest received exceeds the limit laid down by the government. They get no concession in registration of the dwelling they live in or for the property/water tax that they have to pay on month month. There is no concession in Capital Gains Tax if they sell their property to meet medical expenses and decide to live in  a rented dwelling. In an environment, where the cost of care increases with age and the interest rates are witnessing a downward spiral, the savings that they get from fixed deposits is dwindling. Due to longevity, which is primarily due to access to better health care, a p...

India has always been a society that has cared for and respected its elders. It is no surprise then that the government offers various tax benefits for the elderly so that they do not face any unnecessary financial burden in their sunset years. Here is a look at the various tax deductions on offer for them. Tax benefit for medical insurance under Section 80D Any payment made by a senior citizen towards health insurance premium gets tax exemption under section 80D of Income Tax Act 1961. As a senior citizen, you can avail a tax deduction of Rs. 30,000 from the assessment year 2016-17. If you are above 60 years of age and are also paying medical insurance premium for your parents above 60 years, you can get a combined tax deduction of Rs. 60,000. Deductions for a specified disease under Section 80DDB If you are a senior citizen and are suffering from a critical illness, you can avail a tax deduction of up to Rs. 60,000 under Section 80DDB. The deduction limit is increased t...