At this stage of old age, the government is standing like a shield for you. Now after retirement, there will be no tension about money, nor worry about treatment. The government has started seven great schemes for senior citizens, which can make their lives easy and safe. Old age can be comfortable and happy with these schemes. Let us know about these wonderful schemes in detail one by one.
Senior Citizen Savings Scheme
If you have retired and want your money to be invested in a safe place and get good interest in it, then this scheme is perfect for you. In this, you can deposit up to one thousand to fifteen lakh rupees.
This scheme is for five years but can be extended for three or more years if needed. On this, you get about 7.4 percent interest, which is more than other savings schemes. It also provides the benefit of tax exemption and the option to withdraw money is also available if needed. It is an excellent source of regular income.
Pradhan Mantri Vaya Vandana Yojana
If you want to get a fixed amount as a pension every month or year, then this LIC scheme is beneficial for you! In this, you can invest up to ₹15 lakh and get up to 8 percent return every year for 10 years. The scheme also provides the facility to take a loan, and you can choose to receive the pension payment once a month, three months, six months, or once a year. It means that it is your wish, your way. It is a wonderful means of stable income after retirement.
Health Insurance Schemes
The biggest concern of the elderly is medical expenses. Keeping this in mind, the government has launched many health insurance schemes which provide coverage up to one lakh to five lakh rupees.
These have the facility of cashless treatment so that there is no immediate problem of money on being admitted in hospitalization. Some schemes also have a ‘family floater’, which means that the entire family can be covered. It protects against sudden health crises.
Indira Gandhi National Old Age Pension Scheme
If any elderly person is living below the poverty line, then this scheme is no less than a boon for them. Under this scheme, the government transfers a fixed amount every month directly into their bank account.
Only those people can take advantage of this whose age is above 60 years and who come under the ‘BPL’ (below poverty line) category. This scheme provides them with basic financial support. This is the strong foundation of social security.
National Senior Citizen Health Care Program
This scheme of the government has been specially designed for the treatment and health of the elders. Under this, free treatment and medicines are given in government hospitals and health centers.
Mobile health units are also sent to some places so that the elders can get treatment at home. This is especially beneficial in those areas where hospitals are far away. It is a unique initiative of accessible healthcare.
Senior Citizen Health Insurance Scheme
This scheme has been specially designed for the elderly, in which one gets the benefit of good health insurance at a low premium. It includes treatment of many serious diseases and many times pre-existing diseases are also covered later. It is a strong shield against rising medical costs.
Safe alternative to pension and investment
The government is constantly bringing such investment plans in which the elderly can comfortably invest money and get regular income. Options like the Post Office Monthly Income Scheme, RBI Saving Bonds, and Atal Pension Scheme are still working well. These are good for those people who do not want to take much risk and want to keep their deposits safe. This is a path to a peaceful retirement.