What exactly does senior citizen mean?
According to wikipedia, a Senior citizen is defined as an euphemism commonly used to refer to an old person. It implies that a senior citizen is a person who has retired. It is also pretty ambiguous that the retirement age differs from country to country, but definitely is a person who is over the retirement age. In general, it is used for people over the age of 65. Euphemism, since it is used instead of traditional terms such as old person, elderly or pensioner as a courtesy to signify their respect for this class of people as citizens of senior rank in the society.
In India, A person is considered as a senior citizen when they are above the 60Plus years mark, as on the last day of the previous financial year. Defined in an official context it is used for legal reasons to determine the eligibility of certain benefits available exclusively to their age group, which in India is really many.
Elderly benefits and rights are one of the fundamental rights of India. To commemorate this, The International Day of the Elderly is celebrated annually on October 1. According to the Census of 2011 there are 10.4 crore senior citizens in India ( 53 million females and 51 million males ). They represent close to 10% of the Indian population and are expected to rise to 20% in 2050.
Many people assume, being a senior citizen and growing older are negative experiences. But, ask a senior and they will tell you otherwise. There are many advantages of being a senior citizen. A very senior citizen is the one who is above the age of 80.
Benefits of Being a Senior Citizen in India
Due to the rich cultural heritage in India, Senior Citizens are always respected and valued. In the west, seniors are expected to take care of themselves which might be extremely hard, especially if they have lost their loved ones. But, in India the care for a senior citizen falls in the hands of their sons and daughters, who do it out of love and reverence for them. The government is also working to keep these cultural and moral values by offering special benefits to a person once they turn 60Plus.
Higher tax exemption limit
According to the tax laws in India, the basic tax exemption limit for the general public is Rs. 2.5 lakh annually, but for a senior citizen, the exemption limit is raised to Rs. 3 lakh and Rs. 5 lakh, which is twice the amount of the exemption limit for the general public for a very senior citizen.
A senior citizen is taxed at 10% for income from Rs. 3 lakh to Rs. 5 lakh, 20% from Rs. 5 lakh to Rs. 10 lakh and 30% for income above Rs. 10 lakh.
Cheaper Air Travel Rates
Senior citizens can enjoy various great discounts on air travel rates in all major airlines in India. A minimum of 10%-20% discounts are available for a senior citizen in economy class in domestic travel and 5%-10% in international travel when compared to others. Check the websites of airliners to know more details specific to their discounts for seniors
Cheaper Medical Insurance
Premium paid toward a health insurance policy qualifies for tax benefits. The magnitude of the benefits however depend on the age of the individual owner of the policy. According to the 80 D of the Income Tax Return law, senior citizens are given benefits of the health insurance premium up to Rs 50,000 which is much higher than average.
Senior Citizen Saving Scheme (SCSS)
The best savings scheme in the whole of the nation with the highest return is the Senior Citizen Saving Scheme offered by the India Post, backed by the sovereignty of the Indian government. According to the latest data available, the Interest rate is set at 7.4% per annum, compounded annually, making it one of the highest Return On Investment(ROI). The name itself states that this exclusive benefit is available only for seniors. This is a five year tenure, but it can be extended upto three years after the scheme matures.
Court hearing priority
Senior citizens above the age of 60 can write to the court for preferential hearing of their cases to ensure faster response time and more convenience.
Discounted Railways
When it comes to travelling by trains, The IRCTC ( Indian Railway Catering and Tourism Corporation ) offers a flat discount of 40% rebate and 50% rebate for male and female senior citizens respectively. This includes all classes of railway like Sleeper, First class, AC, etc in all trains. A senior needs to show a valid proof at the time of purchasing the ticket.
Other Privileges and Welfare Schemes
Across all sectors, privileges have been rolled out for senior citizens. Places like hospitals and ticket counters have separate queues and counters for seniors to assist them. Geriatirc care has been growing rapidly for better healthcare of seniors. Crowded transports in which people are encouraged to give their seat for seniors. National Insurance offers a Mediclaim policy that covers insurance sum of 1 Lakh for hospitalization and Rs. 2 lakh for critical illness.
Other than these benefits offered by the government, as a senior citizen, aging helps you let go of the expectation of others. It is no longer important to think of what others think of you. You start to appreciate and accept yourself. Seniors take pride in the achievements and always see the positive side of things. They are matured persons who are able to easily overlook minor flaws, small mistakes and failings. Even if their life was not perfect, they would be quite happy with it. Moreover, they have very little negativity when compared to the rest of the generations. Wishing all the seniors out there only the best and benefits! 60plusindia offers personal care for senior citizens to take care of their medical and personal needs. We aim to provide a happy and healthy life for senior citizens by offering the best home care servies.
Author: Team 60plus India
Keywords : Senior Citizen, Benefits of being a Senior, Senior Citizen in India, Tax exemption for seniors, Senior Citizen Saving Scheme, Privileges and welfare schemes for seniors.
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