8 Financial Provisions For Senior Citizens

Outlook Money

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

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.

Market volatility

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The scheme provides Rs. 2 lakh for accidental death or total permanent disability, and Rs. 1 lakh for partial permanent disability.

Senior Citizens

Atal Pension Yojana (APY)

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.


Varishtha Pension Bima Yojana (VPBY)

The scheme provides a guaranteed monthly pension to subscribers who pay a lump sum amount through LIC.

Senior CitizenS

Rebate In Income Tax for Senior Citizens

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.

Tax Rebate

Exemption In Service Tax

Activities related to education or skill development in rural areas are exempt from service tax for people over 65 years of age.

Exempted From Tax

Higher Rate Of Interest

Seniors get a higher rate of interest on their bank and post office deposits.


Scheme For Reverse Mortgage

Under this scheme, senior citizens can get a loan against their property for up top 60% of the property's value.

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