The Government of India has launched several schemes for senior citizens, which help them live economic security and better life. People above 60 years of age get a chance to avail these schemes. These plans not only provide financial assistance, but also make their lives simple and safe. In this article, we will discuss four major government schemes that give special benefits to senior citizens.
Senior Citizen Schemes Overview
The table below gives a brief description of these schemes:
| Name of the scheme | Main advantage |
| Indira Gandhi National Old Age Pension Scheme (IGNOAPS) | ₹ 200- ₹ 500 Monthly Pension |
| Pradhan Mantri Vy Vandana Yojana (PMVVY) | 8% annual guarantee returns |
| Post Office Senior Citizen Savings Scheme (SCSS) | 8.2% interest rate |
| Tax exemption and TDS limit increase | TDS exemption on interest income up to ₹ 1 lakh |
Indira Gandhi National Old Age Pension Scheme (ignoaps)
This scheme is made for the elderly who come below the poverty line (BPL). Under this scheme:
- Those with 60-79 years of age get monthly pension from ₹ 200 to ₹ 500.
- The scheme is applicable in both rural and urban areas.
- To apply, the form has to be submitted to the Gram Panchayat or Municipal Corporation office.
The purpose of the scheme:
The purpose of this scheme is to provide financial assistance to the elderly who do not have a permanent source of income.
Pradhan Mantri Vaya Vandana Yojana (PMVVY)
The scheme has been made to provide economic security to senior citizens. It is operated by Life Insurance Corporation of India (LIC).
Main characteristics:
- 8% annual guarantee returns are received.
- Regular pension payment for 10 years.
- Minimum investment ₹ 1,50,000 and maximum ₹ 7,50,000.
- Exemption from GST.
Example:
If a person invests ₹ 9 lakh, he will get ₹ 6,000 pension every month. After 10 years, the original amount is returned.
Post Office Senior Citizen Savings Scheme (SCSS)
The scheme is operated by the post office and provides regular income to the elderly.
Main Benefits:
- 8.2% annual interest rate.
- Minimum investment ₹ 1,000 and maximum ₹ 30 lakh.
- Interest is paid every three months.
- Tax Benefits: A discount of up to ₹ 1.5 lakh under Section 80C.
Other features:
- The account can be jointly opened.
- Premature withdrawal facility is available.
Tax Benefits for Senior Citizens
In the financial year 2025-26, the government has given several reliefs to senior citizens.
key benefits:
- TDS limit hike on interest income:
- The first was TDS up to ₹ 50,000; Now this limit has increased to ₹ 1,00,000.
- Apply to bank FD, post office deposit and cooperative bank deposit.
- TDS relief on rental income:
- The TDS limit on rental income has been increased from ₹ 2.40 lakh to ₹ 6 lakh.
- Income tax slabs:
- There is no tax on income up to ₹ 3 lakh for those above 60 years of age.
- Tax exemption on income up to ₹ 5 lakh for those above 80 years of age.
- Medical Insurance Premium:
- A discount of up to ₹ 50,000 under Section 80D.
Importance of schemes
The main objective of these schemes is to provide financial security to the elderly and improve their standard of living. The government has designed these schemes keeping in mind the needs of the elderly so that they can enjoy their lives without any financial concern.
Disclaimer:
This article is written only for the purpose of providing information. The actual benefits and eligibility conditions of the schemes can be checked by visiting the concerned government department or official website.
