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Any person above the age of 60 years and above is considered a senior citizen. The government ensures that they are taken care of financially. This includes financial security and healthcare benefits, too.
Government schemes for financial security and healthcare are vital in India as they provide a safety net for its ageing population. These schemes not only help them in the time of need, but also improve the quality of life and reduce financial burdens on families and individuals. Through these schemes, the government creates a safety net for the elderly and their families
In India, the government runs various schemes for the elderly across different sectors, considering their age, financial security, and healthcare facilities available to them. Here, we discuss five key schemes that provide support to senior citizens.
SCSS provides senior citizens with a guaranteed, regular income. It works like a fixed deposit initially opened for five years and can be renewed in blocks of three years thereafter. Only seniors can invest, up to a maximum of Rs 30 lakh, either singly or jointly. The scheme is government-backed, assuring interest payments. The rate of interest is 8.20 per cent per annum.
Launched by the Ministry of Health and Family Welfare in 2010-11, this programme offers primary and secondary healthcare services at district hospitals, community health centres, primary health centres, sub-centres, and wellness centres. The scheme aims to make healthcare affordable and accessible for seniors.
The scheme offers an annual health insurance cover of Rs 5 lakh, besides other healthcare services, including preventive, curative, rehabilitative, promotive, and palliative care through Ayushman Arogya Mandir (Healthcare centres). As of July 31, 2024, there were a total of 173,881 Ayushman Arogya Mandirs across India.
The upper age limit in NPS was increased to 70 years in 2021. So, senior citizens who have surplus money and want to invest in NPS can now do so. NPS offers market exposure and different options of annuity, along with the tax advantage on the lump sum withdrawal.
Launched in 2017 for senior citizens living below the poverty line, this scheme provides free assistive devices, such as walking sticks, elbow crutches, hearing aids, dentures, spectacles, and wheelchairs to eligible seniors whose monthly income is not more than Rs 15,000.
From guaranteed income through SCSS and pension benefits via NPS to healthcare support through NPHCE and Ayushman Bharat, and assistive devices under RVY, these initiatives collectively improve seniors’ quality of life and provide a reliable safety net for their well-being.