Finance and Senior Citizens

Finance and Senior Citizens

September 12, 2019 21 By Ruchi Verma

Finance, or say financial support for our beloved senior citizens is one of the most important topics just like their health.

Not even this even finance brings sometimes bitter experiences for life. There are so many cases which even today many of our elders fighting for their financial right and with their own blood.

One thing we always used to hear or everyone advices “SAVE for AFTER Retirement” and even government have old-age pension scheme but why?

Why Finance important factor for Senior Citizens?

1.Who says you get old after the 60s, the second inning starts and you have full right to enjoy life.

2. If you plan your finances for your second inning of life, you will not be dependent on your kids and other members.

3. You can help your loved ones at the time of need.

4. In the case of health emergency no need to wait for financial help.

5. Regular income always gives you peaceful days.

Financial Investments

1. Insurance Plans/Medicare

There are many Govt and Private sectors providing good financial insurance plans for senior citizens. It’s better to take good medical insurance as it covers illness and serious health issues.

Apart from this cost of drugs, medicines, diagnosis charges,
consultants fees and many things could be covered.

Every insurance policy has certain silent features like:

1.Before buying any medical plan no need for a pre-medical test.

2. Plans with free lock period.

3. They can avail health check-ups on a yearly basis.

4. Can avail cashless hospitalization services if admitted for over 24 hours.

2. Senior citizen savings scheme ( SCSS )

One of the best Saving scheme for people 60+. With this, they can avail with the highest safety a regular source of income and even it comes with tax-saving benefits.

Why you should invest in this?

1.It is a Government-sponsored investment scheme and so it’s reliable and safe.

2. It is transferrable as you can open it in authorized banks or post office. (Check authorized banks and how to open an account)

3. With tax benefits as up to Rs 1.5 lakh can be claimed under Section 80C of the Indian Tax Act, 1961.

4. Compared to Saving or FD account return rate is very good.

3. Pension Plan- Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Honorable Prime Minister announced this scheme for the benefit of senior citizens 60 years and above and aim to deliver 8% interest rate for 10 years. It is certainly going to add a regular flow of income for elderly people.

Feature of this Yojana:

1.Fixed-rate i.e 8% for 10 years.

2. Can apply and get the loan after 3 years of the policy term.

3. Your spouse can avail the amount in case of death in 10 years of time.

4. The premature exit is possible in case of critical illness of an individual or the spouse.

5.  Get the scheme either online or offline through Life Insurance Corporation of India (LIC)

Financial independence is very much needed for every individual. Hope all elders have that in life.

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Disclaimer – This article is an informative piece. Before investing in any financial issue kindly check with a financial advisor.

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