The Life Insurance Corporation (LIC) of India offers a scheme to protect seniors from falling interest income due to uncertain market conditions, with an assured monthly return for 10 years.
The scheme provides Rs. 2 lakh for accidental death or total permanent disability, and Rs. 1 lakh for partial permanent disability.
It provides a fixed pension of Rs. 1,000 to Rs. 5,000 to people from the unorganised sector when they reach 60 years of age.
The scheme provides a guaranteed monthly pension to subscribers who pay a lump sum amount through LIC.
The Income-tax Act, 1961 provides exemption up to Rs 3 lakh for senior citizens and up to Rs 5 lakh for those aged 80 years and above.
Activities related to education or skill development in rural areas are exempt from service tax for people over 65 years of age.
Seniors get a higher rate of interest on their bank and post office deposits.
Under this scheme, senior citizens can get a loan against their property for up top 60% of the property's value.