In 2017, Narendra Modi launched Pradhanmantri Vaya Vandana Yojana — a pension scheme subsidised by the government. Senior citizens can opt for pension on a monthly, quarterly, half-yearly or annual basis under this scheme, which has a guaranteed rate of return of 8 per cent per annum for ten years.
New Delhi: As the election season for 2019 has begun, people are asking what different political parties have done for them. In this series, Prime Minister Narendra Modi has been addressing BJP workers of different states, one by one, explaining to them how they should inform the people about his government’s schemes.
On Monday he dealt with the schemes dedicated to the senior citizens:
- In 2017, Narendra Modi launched Pradhanmantri Vaya Vandana Yojana — a pension scheme subsidised by the government. Senior citizens can opt for the pension on a monthly, quarterly, half-yearly or annual basis under this scheme, which has a guaranteed rate of return of 8% per annum for ten years.
- Modi gave an option to the senior citizens travelling by trains: reservation or railway ticket concession. According to the Prime Minister, after this option, at least 40 lakh senior citizens have voluntarily given up the concession.
- After the 2018 Budget was announced, the senior citizens enjoyed an excellent benefit. Senior citizens’ exemption limit for income from interest was raised up to Rs 50,000 per year. Not only this, deduction benefits for expenditure on health insurance and healthcare was increased to Rs 50,000 from 30,000.
- The government is also planning to launch a health insurance scheme for senior citizens. Under this scheme, medical expenses incurred for secondary and tertiary care up to Rs.1 lakh a year are covered for patients who are above 60.
- For those elderly people who fall under the Below Poverty Line, the premium paid for health cover was subsidized by up to 90% by the government.
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Last Updated 24, Dec 2018, 7:00 PM