A COMPREHENSIVE OVERVIEW OF THE POLICIES MADE BY THE INDIAN GOVERNMENT FOR THE ELDERLY POPULATION, ACROSS SECTORS

The Indian government has launched many schemes to benefit senior citizens living in the country. The schemes mentioned below are designed to provide various benefits such as financial security, healthcare, access to pension schemes, and other social welfare benefits. Most of these schemes, or senior citizen benefits in India, have provided a much-needed lifeline to elderly citizens, helping them to live with dignity and financial security. 

PENSION AND SOCIAL WELFARE

Senior Citizens' Welfare Fund - The government of India has recently established the Senior Citizens' Welfare Fund under the Ministry of Social Justice and Empowerment to ensure the welfare of its elderly citizens. This fund is intended to provide financial assistance to elderly citizens by tapping into the unclaimed sums from small savings and savings accounts in the government's schemes. The aim is to guarantee that seniors have the means to sustain their physical and mental health and well-being. The plan provides various government benefits to senior citizens, such as subsidized healthcare, financial assistance for medical treatments, and pensions for needy seniors. 

Pradhan Mantri Vaya Vandana Scheme - Pradhan Mantri Vaya Vandana Scheme is a pioneering senior citizen welfare fund for Indian citizens over 60. This pradhan mantri yojana for senior citizens is formulated to provide financial security and assurance to the senior citizens of India. It offers an attractive interest rate of 8% per annum, and pensioners can choose their own payment frequency: monthly, quarterly, half-yearly, or annually. The monthly minimum and maximum pension caps are Rs—3,000 and Rs. 10,000, respectively. 

With this scheme, the government ensures that senior citizens' futures are secure and that they have the opportunity to live a dignified life. This pension plan, administered by the Life Insurance Corporation (LIC) of India, offers a safe and secure post-retirement financial planning option. 

Indira Gandhi National Old Age Pension Scheme (IGNOAPS) - The Indira Gandhi National Old Age Pension Scheme (IGNOAPS)  is a government-backed program in India that provides financial support to senior citizens. It is one of the country's most popular programs for older adults. It is specifically made for those aged 60 and older who fall below the poverty line as per government guidelines. Through this scheme, senior citizens can receive a pension of up to Rs. 200 per month if they are between the ages of 60 and 79 and up to Rs. 500 per month if they are over 80. This significant senior citizen benefit in India provides much-needed financial support to older people and helps them to lead a better quality of life.

Atal Pension Yojana - The Ministry of Finance launched the Atal Pension Yojana to help unorganized sector workers save money for their old age while working and provide guaranteed return post-retirement. Fixed pension for the subscribers ranging between Rs. 1000 to Rs. 5000 if they join and contribute between the age of 18 years and 40 years. The contribution levels would vary and be below if the subscriber joins early and increases if he joins late. 

Atal Vayo Abhyuday Yojana (AVYAY) - Launched by the Ministry of Social Justice and Empowerment, this scheme helps to build an envisioned society by providing access to all Indian Senior citizens with adequate food, water, shelter, clothing, health care, financial and social security, recreation, required opportunities and resources for their self-fulfilment and empowerment with development of a formal and informal social support system. 

Rashtriya Vayoshri Yojana - The Government of India has recently launched the Rashtriya Vayoshri Yojana, a government scheme for senior citizens over 60. This initiative is designed to help those senior citizens living in poverty lead a more comfortable and independent life by providing physical aids and assisted-living devices. This scheme targets explicitly those who belong to the Below Poverty Line (BPL) category, granting them much-needed access to the resources and products to help them in their everyday lives.

In addition, the central government is funding this scheme entirely, making it a "central sector scheme." To avail themselves of the benefits of this scheme, a senior citizen must have a BPL card. This scheme helps support and sustain the livelihood of senior citizens living below the poverty line. Moreover, it furnishes them with the essential and appropriate assistance and tools to enhance their quality of life and empowers them to live with respect and autonomy. 

HEALTHCARE

National Programme for Health Care of Elderly (NPHCE) - NPHCE was established in 2010 to offer senior citizens the advantages of preventive and promotive health care services. This initiative provides elderly citizens access to health and wellness services to maintain their physical and mental well-being. The NPHCE is committed to providing quality healthcare services to those living in district hospitals, community health centres (CHC), primary health centres (PHC), and sub-centres (SC) across the nation. The programme strives to facilitate access to necessary healthcare facilities and resources at all levels through the State Health Society.

Pradhan Mantri Jan Arogya Yojana (PMJAY) - Launched by the Ministry of Health and Family Welfare in 2018, PMJAY is an ambitious scheme that has revolutionised the healthcare system in India. It has provided coverage of up to Rs. 5 lakhs per family for secondary and tertiary hospitalisation to 10 crore people belonging to poor and vulnerable families.

Varistha Mediclaim Policy - For elderly citizens in India, the Varistha Mediclaim Policy offers comprehensive health coverage and is one of the best national health programmes in India. This policy is customised to provide specialised medical care to seniors between 60 and 80. It covers the costs of medicine, blood transfusions, ambulance services, and other diagnosis-related charges. It is formed in a way that can meet the unique needs of the elderly population in the nation and ensure their well-being.

Even though the policy is valid for a year, it can be renewed up to the age of 90 and comes with additional benefits, such as an income tax rebate under Section 80D. With the Varistha Mediclaim Policy, elderly citizens can avail of quality healthcare services without worrying about astronomical medical bills. 

HOUSING, MORTGAGE AND MISCELLANEOUS 

Elderline - The National Helpline for Senior Citizens (14567) - the Ministry has set up Elderline to address the grievances of elders in 2021. The helpline has been launched nationwide and offers services to senior citizens through a toll-free number.

Reverse Mortgage Scheme -  The Reverse Mortgage Scheme is an innovative program designed to support senior citizens in India that was introduced in 2007 by the Indian Ministry of Finance. It is a loan scheme that enables senior citizens to mortgage their residential property to avail themselves of a loan of up to 60% of the value of the house. The loan must be maintained for a minimum period of 10 years. This scheme provides significant financial assistance to senior citizens, enabling them to access funds from their homes without selling their property. This senior citizen loan program is an excellent way for retired individuals to access the funds they need for their daily or special needs.

Channelising CSR funds for Elderly care -  A new scheme to channel the CSR funds appropriately for elderly care projects. Under Schedule VII of Section 135 of the Companies Act, setting up old-age homes, daycare centres and such facilities for Senior Citizens is approved for CSR funding.