Prevention is better than cure, and PM Health Insurance for senior citizens takes care of not
only prevention but also cure. Having a health care policy is a necessity. It secures your
future by ensuring coverage for your medical needs. Insuring yourself and your loved ones
relieves a great deal of tension from your head.
It often happens that not everyone is able to get valuable services like health insurance. In a
country like India, where a large section of the population is deprived of basic survival needs,
having something like health insurance and the best insurance for senior citizens seems like
a luxury out of reach.
However, the Indian government has always been successful in introducing schemes to
make things easier for citizens. This blog
will discuss one such scheme, the Prime Minister's
Health Insurance for Senior Citizens.
List of 12 Government Schemes for Senior Citizens in India :
1. Pradhan Mantri Bhaiya Vandana Yojana (PMVVY)
Pradhan Mantri Bhaiya Vandana Yojana or PMVVY is a pension scheme, launched in May
2017. The aim of the retirement policy is to provide a fixed regular pension to the elderly for a
period of 10 years Senior citizens can get an assured rate of return with money invested in
PMVVY with a maturity and a death benefit. The amount invested in the scheme is called the
purchase price which is capped at ₹15 lakh by the Government of India. People above 60
years of age can easily opt for this plan as only the insured needs to be a senior citizen for
the eligibility criteria.
2. Indira Gandhi National Old Age Pension Scheme (IGNOAPS)
Renamed and launched in November 2007, the Indira Gandhi National Old Age Pension
Scheme or IGNOAPS is a pension scheme for senior citizens under the Below Poverty Line
(BPL) category. The IGNOAPS scheme is part of National Social Assistance Program
(NSAP) and provides monthly pension to eligible beneficiaries identified on the basis of BPL
list. The central government offers a monthly pension of ₹200 to seniors up to 79 years and
₹500 to beneficiaries above 80 years of age. But a key feature of the IGNOAPS scheme is
that individuals do not have to contribute anything to the scheme to get pension benefits.
3. Varistha Mediclaim Policy
Varistha Mediclaim policy for senior citizens protects policyholders against hospitalization
expenses and critical illness. Offering health insurance for senior citizens with coverage
options of ₹1 lakh and ₹2 lakh, the plan entry age is between 60-80 years. Moreover,
policyholders can opt for renewal of insurance up to the age of 90 years. Varistha Mediclaim
policy enables to enjoy cashless benefits, coverage for pre and post hospitalization
expenses, in-patient treatment, ambulance cover, etc. Additionally, the plan also provides
coverage for diabetes, pre-existing conditions and high blood pressure!
4. National Program for Healthcare of Elderly (NPHCE)
In 2010-11 the National Program for Health Care of the Elderly was launched to address and
improve the medical problems of the elderly. The health project aims to create dedicated
healthcare facilities for people above 60 years of age at primary, secondary and tertiary
levels. The range of services provided will include diagnosis, preventive services, health
promotion, rehabilitation services and home-based care as needed. These dedicated
medical facilities are available at community health centers, district hospitals, regional
geriatric centers, primary health centers and sub-centers.
5. Varishtha Pension Insurance Scheme
Varishtha Pension Bima Yojana is a retirement plan designed for people above 60 years of
age. With a lock-in period of 15 years, the plan offers regular guaranteed returns at a
lucrative interest rate after making a single premium payment. The policyholder can choose
different payment options like monthly, quarterly, half-yearly and annual payouts. After the
lock-in is complete, the insured will receive the principal invested amount. The main
advantage of Varishtha Pension Bima Yojana is that the policy holders can get loan against
the policy after completing 3 years.
6. Rashtriya Vyushree Yojana
Launched in April 2017, Rashtriya Vyushree Yojana aims to provide physical aids, assisted
living devices or equipment at no cost. Persons belonging to BPL category and suffering
from age-related medical problems or disabilities can benefit from this scheme. Beneficiaries
are identified by the concerned state or union territory and require a doctor's examination to
receive physical aid or equipment. Rashtriya Vyushree Yojana provides assistive living
devices like walkers, glasses, hearing aids, elbow crutches and other such equipment.
7. Bioshreshtha Samman
BioShreshtha Samman is a national award. Those who have made significant contributions
to the cause of older people. Established by the Ministry of Social Justice and
Empowerment, the Vayushreshtha Samman is a scheme of national awards given under
thirteen categories and recipients are selected from diverse backgrounds.
8. Reverse mortgage scheme
Introduced in 2007-08, the Reverse Mortgage Scheme was launched by the Government of
India. Individuals can mortgage their residential property as collateral to get a loan against it.
Senior citizens can get a supplementary income under reverse mortgage scheme as
compared to other traditional investment options. The income received under the plan is fully
tax free and no pre-payment charges are levied for early repayment of the due amount.
9. Senior Citizens Welfare Fund (SCWF)
Senior Citizens Welfare Fund is designed to provide financial assistance to the BPL category
who have no other source of income. SCWF came into effect in 2016 and unclaimed funds
present in various government savings schemes were asked to be transferred to SCWF. The
aim of such a fund is to financially stabilize senior citizens with welfare and healthcare.
10. Pradhan Mantri Jan Arogya Yojana (PMJAY)
Introduced to improve healthcare facilities and provide insurance coverage to vulnerable
sections of India, including senior citizens, the Pradhan Mantri Jan Arogya Yojana was
launched in September 2018. The PMJAY scheme offers a coverage amount of ₹5 lakh and
covers expenses like pre and post. – Hospitalization, treatment, medication and more.
Moreover, Pradhan Mantri Jan Arogya Yojana covers the medical expenses incurred for the
treatment of various complex diseases along with pre-existing conditions. Beneficiaries are
identified based on Socio-Economic Caste Census 2011 and policy holders under Rashtriya
Swasthya Bima Yojana.
11. Atal Vayo Abhyudaya Yojana (Abhaya)
Designed to provide better quality of life, Atal Vayu Abhyudaya Yojana (AVYAY) provides
basic amenities like food, shelter, health care etc., fulfilling basic needs to build relationships
between the elderly and youth etc.
12. Atal Pension Yojana (APY)
Atal Pension Yojana was launched by the Government of India to provide pension to the
people of India's unorganized sector. Applicants can save for their retirement with Atal
Pension Yojana and get a monthly pension of ₹1,000 – ₹5,000 after retirement. Further,
individuals are eligible for tax benefits under Section 80D of the Income Tax Act, 1961. The
entry age is between 18-40 years and the minimum contribution period of the scheme is 20
years.