In India, the workforce is mostly aged between 18-35 years of age. However, there is a sizeable portion of the workforce that comprises of senior citizens. These members of our society are unable to add much to our GDP as they are unable to work with same capacity as they could in their heyday. However, as a society, these folks do get to enjoy certain advantages. Why? Call it our respect towards the elderly. There may be other reasons too. However, that is all immaterial. Why? Because if you have an elderly person at your home, these are the senior citizen benefits he/she can avail. All he/she has to do is be aged over 60, or in some cases, over 65.
Senior Citizen Benefits
Benefit 1: Concession on Air/Rail Travel
As a senior citizen, you can avail certain benefits when using air transport or rail transport. You can avail concession on air fare or railway fare that reflects on your ticket price. While for air transport, this benefit is up to a travel within the country on economy fare, the railways extends this benefit to include all classes of trains, be it Shatabdi, Rajdhani, Express trains or even Duronto.
Benefit 2: Lower Tax
Since senior citizens are unable to work for a living the way young folks do, they have to rely on pension or other such benefits. So, to keep the financial burden on them to a minimum, they have to pay lower taxes. How so? The tax slabs applicable for senior citizens are different from those applicable to other individuals.
Benefit 3: Government schemes
The Indian government has a number of schemes that come in handy to benefit the senior citizens. For example, there is a mediclaim policy that offers senior citizens with hospitalisation and critical illness covers.
Benefit 4: Health Insurance Deductions
For senior citizens, premium towards health insurance gets tax deduction under Section 80D of the Income Tax Act, 1961. Why? TO keep the financial burden on them to a minimum. Those suffering from a critical illness can claim even more tax deduction under Section 80D.
Senior Citizen Benefits – Conclusion
As a senior citizen in India, not just the common folk but even the government tries to take care of you. By ensuring you can travel at a low cost and have to pay less tax, it tries to ensure you are able live freely. This is for a time when you cannot contribute to the nation’s GDP actively. However, these benefits are also in place to ensure you do not have to be dependent on anyone. Yes, a lot can be done with regards to senior citizen benefits in India. However, in India, we take care of our senior citizens in a much better manner than a lot of other countries.