Annexure - I
No. |
Name of the Ministry/Department |
Facilities/Benefits given to Senior Citizens |
|
1 |
Ministry of Social Justice & Empowerment |
Ministry of Social
Justice & Empowerment is the nodal Ministry responsible for welfare of the
senior citizens. It has announced the National Policy (NP) on older persons,
which seeks to assure older persons that their concerns are national concerns
and they will not live unprotected, ignored and marginalized. The NP on older
persons inter alia visualizes support for financial
security, health care and nutrition, shelter, emphasis upon education,
training and information needs, provision of appropriate concessions, rebates
and discounts etc. to senior citizens and special attention to protect and
strengthen their legal rights such as to safeguard their life and
property. The NP on older persons confers the status of senior
citizen to a person who has attained the age of 60 years. The Ministry is
also implementing following schemes for the benefit of Senior Citizens: |
|
a. The Scheme of
assistance to Panchayati Raj
institutions/voluntary organisations/SHGs for
construction of old age homes/multi-service centres for older
persons. Under this Scheme, one time construction grant for old age
homes/multi-service centre is provided. |
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b. An Integrated
programme for older persons has been formulated by revising the earlier
scheme of “Assistance to Voluntary Organisations for Programmes relating to
the Welfare of the Aged”. Under this Scheme, financial assistance upto 90 per cent of the project cost is provided to NGOs
for establishing and maintaining old age homes, day care centres, mobile medicare units and to
provide non-institutional services to older persons. |
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2 |
Ministry of Rural Development |
Under the National Old Age Pension Scheme, central
assistance of Rs 75/- pm is granted to destitute older persons above 65 years.
This Scheme has been transferred to the State Plan w.e.f.
2002-03. |
|
Under the Annapurna Scheme, free food
grains (wheat or rice) upto 10 kg. per month are provided to destitute older persons 65 years
or above who are otherwise eligible for old age pension but are not receiving
it.
|
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3 |
Ministry of Finance |
Section 88 of Finance Act, 1992, provides income tax rebate of upto Rs. 15,000 or actual tax whichever is less to senior citizens
who have attained the age of 65 years at any time during the relevant
previous year. |
|
Senior Citizens are excluded from “One by Six” scheme for filing
the Income Tax Return under proviso Section 139(1). |
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For Senior Citizen, the deduction in respect of medical
insurance premia is upto Rs. 15,000/- under Section 80 D. |
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RBI has permitted
higher rates of interest on saving schemes of Senior Citizens (persons
having the age of 65 years and above). Accordingly, w.e.f.
15.05.01, Banks permitted 0.5 per cent higher rate of interest on
fixed deposits. |
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Separate counters are marked for Senior Citizens at the time of
filing the Income Tax Returns. Senior Citizens of the age of 65 year
and above as on 31st March of the assessment year, must be a
pensioner and should come personally, get priority while submitting their
Income Tax Returns. Besides, on the spot assessment facility is
provided. |
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4 |
Ministry of Health & Family Welfare |
The Ministry (on
request from the Ministry of Social Justice & Empowerment) has issued
instructions to all State Governments to provide for separate queues for
older persons in hospitals for registration and clinical examination. |
|
5 |
Ministry of Railways |
Indian Railways provide 30%
concession in all classes and trains including Rajdhani/Shatabadi
trains for both males and females aged 60 years and above. |
|
Indian Railways also have the facility of separate counters for
Senior Citizens for purchase/booking/cancellation of tickets. |
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6 |
Ministry of Civil Aviation |
Indian Airlines/Jet Airways is providing 50 per cent
discount on basic fare for all domestic flights in Economy Class to senior
citizens having the age of 65years (men and women) |
|
Sahara India Airlines is
providing 50 per cent discount on basic fare for all domestic flights in
Economy Class to senior citizens having the age of 62years (men and women). |
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7 |
Ministry of Road Transport & Highways |
Reservation of two seats for senior citizens in front row of the
buses of the State Road Transport Undertakings (ASTRU). |
|
8 |
MCD, |
MCD, |
|
9 |
Miscellaneous |
Telephone connection is given on priority to senior citizens of
age 65 years and above by the Ministry of Telecommunications. |
|
On the request of the Ministry of Social Justice and
Empowerment, the Hon’ble Chief Justice of India has
advised Chief Justices of all High Courts in the country to accord priority
to cases involving older persons and ensure their
expeditious disposal. |
Annexure - II
No |
Scheme |
Special Schemes for Senior
Citizens |
1 |
Senior Citizens Savings Scheme, 2004 |
Tenure
of the scheme: 5 years which can be extended by 3 more years. Rate
of interest: 9 per cent per annum. Frequency
of computing interest: Quarterly. Taxability:
Interest is fully taxable. Investment
to be in multiples of: Rs. 1000/- Maximum investment limit: Rs. 15 lakh Minimum
eligible age for investment: 60 years
(55 years for those who have retired on superannuation or under a voluntary
or special voluntary scheme). The retired personnel of Defence
Services (excluding Civilian Defence Employees)
shall be eligible to invest irrespective of the age limits subject to the
fulfillment of other specified conditions. Premature
withdrawal facility: Available after one year of holding but with penalty. |
2 |
Tax Concessions |
Income upto Rs
1,95,000 is not taxable |
3 |
Interest Rates Offered on Banks Deposits |
With effect from 2001, RBI has allowed banks to offer higher rates
for special categories of investors such as senior citizens. |
4 |
Varishta
Pension Yojana |
Now Disabled. |
5 |
Pension Plans offered by Insurance Companies |
Almost all life insurance companies offer some pension related
schemes. |
6 |
Pension Plans offered by Mutual Funds |
|
|
UTI Retirement Benefit Pension Fund |
"Date Of Inception:
26/12/1994 Scheme
Objective: To provide pension to investors particularly self-employed persons
they attain the age of 58 years, in the form of periodical cash flow upto the extent of repurchase value of their holding
through a systematic withdrawal plan. Asset Allocation: Not more than 40% in Equity/Equity related
Instruments Balance in Debt. EntryLoad:
1.5% Exit Load: 5% For Repurchase < 1 Year,Exit Load 3% For Repurchase
>= 1 Year and Repurchase < 3 Years,Exit Load
1% For Repurchase >= 3 Years,At NAV For Maturity
/ Death Claim. " |
|
Franklin Templeton |
"Fund Type: Open end, tax-saving pension scheme Inception Date: March 31,
1997 Scheme Objective: invests
in a mix of high quality debt instruments and equities to ensure relative
stability of the investments and to deliver superior returns in comparison to
traditional tax-saving instruments. " |
|
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