Make Sure Your Parents Avail These Benefits Assenior Citizens
Investors India|June 2017

As a senior citizen, there arenumerous benefits that one may get from the government and even from private companies.

Vishwajeet Parashar
Make Sure Your Parents Avail These Benefits Assenior Citizens

Some of these advantages kick-in after attaining 60 years while some at age 65. Let’s look at some of the benefits for senior citizens under various categories.

Higher limit of deduction for medical Insurance

It is widely believed that the probability of higher medical expenses of a senior citizen is more than other younger members of the family. Seniors get extra tax benefit on buying health covers.

Premium paid towards a health insurance policy (including critical illness or any other health plan) qualifies for tax benefits under section 80D of the Income Tax Act. The premium paid towards health riders in a life insurance policy also qualifies for tax benefit under section 80D.

The quantum of tax benefit however depends on the age of the individual who is medically insured. On the premium towards self, spouse, children and parents, the maximum deduction that can be availed is capped at Rs 25,000 a year, provided the age of the individual is not above 60. If the premium paid by individual is towards health policy for his or her parent (senior citizen with age 60 or more), the maximum is capped at Rs 30,000.

Higher tax exemption limit

The Income Tax department, for tax returns filing purposes, considers 60 years of age for a person to be considered senior citizen and 80 years for very senior citizen.

Bu hikaye Investors India dergisinin June 2017 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye Investors India dergisinin June 2017 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

INVESTORS INDIA DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
ASK THE EXPERT
Investors India

ASK THE EXPERT

Ques. One of my friends told me that your company provides detailed Retirement plans. I want to know what is the procedure to get my Retirement plan. I will be retiring in March 2025. R.P Gupta, Noida

time-read
3 dak  |
November 2024
How to Naturally Reverse Fatty Liver Disease
Investors India

How to Naturally Reverse Fatty Liver Disease

The liver, located on the upper-right side of the abdomen, is the body’s largest internal organ and plays a critical role in detoxifying the blood and processing nutrients.

time-read
2 dak  |
November 2024
Banking sector which has underperformed in the last two years, now offers a favorable risk-reward profile
Investors India

Banking sector which has underperformed in the last two years, now offers a favorable risk-reward profile

Do you think the market is overpriced? Is yes, should investors refrain from investing in index schemes at the current valuation?

time-read
5 dak  |
November 2024
India will continue to enjoy benefits of a close US relationship and trade will continue to grow
Investors India

India will continue to enjoy benefits of a close US relationship and trade will continue to grow

Q1. The US elections are said to be one of the closest till date, what impact will the election of a Republican / Democratic party have on the US economy and how is that going to affect India in the short as well as the long term?

time-read
3 dak  |
November 2024
Understanding Momentum Funds
Investors India

Understanding Momentum Funds

Momentum funds are a type of investment fund that focuses on companies experiencing positive momentum in factors such as earnings, revenue, and stock price movement.

time-read
1 min  |
November 2024
Risks and opportunities associated with Small Caps
Investors India

Risks and opportunities associated with Small Caps

Small-caps are a stock-picker’s paradise.

time-read
2 dak  |
November 2024
How to navigate your portfolio through bull market a
Investors India

How to navigate your portfolio through bull market a

Indian equities have been in a bull run for the past four years.

time-read
4 dak  |
November 2024
Choosing mutual fund schemes depending on your age to achieve life goals
Investors India

Choosing mutual fund schemes depending on your age to achieve life goals

The choice of mutual fund (MF) scheme might be influenced by one’s risk profile or age.

time-read
3 dak  |
November 2024
Thematic Fund Or Sectoral Fund, Which Fund Suits You?
Investors India

Thematic Fund Or Sectoral Fund, Which Fund Suits You?

A thematic fund is a type of mutual fund that focuses on investing in companies based on specific themes or trends.

time-read
2 dak  |
October 2024
Be Kind To Your Kidneys
Investors India

Be Kind To Your Kidneys

The kidney is a vital organ in our body which is four inches long and two and a half inches in width.

time-read
5 dak  |
October 2024