Good news seems to be raining for senior citizens. The Union Budget has proposed to initiate a scheme for senior citizens that would bid an annual return of 8 per cent for a span of 10 years. The Life Insurance Corporation of India (LIC), on April 1, 2017, has launched the scheme offering interest pay outs on an annual, half-yearly, quarterly and monthly basis. Previously, in December 2016, special senior citizens fixed deposit was announced by India’s honourable Prime Minister, Narendra Modi, that offered a certain return of 8 per…
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Senior Citizens Pension Scheme Announced to Ensure Greater Returns For Elderly Citizens
Good news seems to be raining for senior citizens. The Union Budget has proposed to initiate a scheme for senior citizens that would bid an annual return of 8 per cent for a span of 10 years. The Life Insurance Corporation of India (LIC), on April 1, 2017, has launched the scheme offering interest pay outs on an annual, half-yearly, quarterly and monthly basis. Previously, in December 2016, special senior citizens fixed deposit was announced by India’s honourable Prime Minister, Narendra Modi, that offered a certain return of 8 per…
Read MoreSenior Citizens guide to Tax Exemptions: The best is always kept for the last days!
Senior Citizens in India face a number of challenges today. Apart from deteriorating health, non-productivity, isolation and boredom, worrying about finances tops their list. Unlike parents in developed nations like the United States, parents in India have their children live with them for a much longer time and completely finance their education and wedding expenses. It is perceived as a duty of the parent in the Indian social set-up. Financially independent Senior citizens face far lesser issues than the dependent ones. At 60, the salaried working class go through major…
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