Everyone wants to live a happy and luxurious life. Senior Life Benefits are great to have. People try out different options so that they get good returns. Many try investing in funds and shares; some try other monetary policies of the government. Everyone has their own ways of investments so that when in need they can sell them and good returns.
But, there are some sure shot ways to get good returns. In this article we will be taking about some of the best ways to get benefits that will make your retired life easier. So, have a look at them and take an idea or two for your life.
After you retire or when you turn 60 years of age, there are many benefits that the governments provides that so that you do not have to look anywhere for money and you are self-sufficient and reliant for your own expenditure.
Higher Deduction Of Premium For Medical Insurance
If you are above 60 years of age, you should try to increase the premium for your medical insurance. This will help in two ways, first that you will have a decent amount of money in case you fall ill. The premium that you pay to your life insurance company will cover the entire cost of your medical bills.
Moreover, the government provides for tax benefits if you pay a medical premium above a certain level. So, you will have to pay less tax than what you already pay.
Higher Tax Exemption For Super Senior Citizens
The government exempts tax up to a certain limit for the earning of the people. At present, it is three lacks per annum. When you are retired and also above 80 years of age, you become a super senior citizen. Then, the government has made provisions that you will be exempted from tax for the first 5 lacks of income. That means you will not have to pay tax for an amount up to 5 lacks. This is great as this adds a decent amount of capital to your bank account.
Tax At Source- Senior Life Benefits
The banks deduct a certain amount of money for your fixed deposits, recurring deposits and other financial aids that you buy from the banks. But, if you are a senior citizen, you are exempted to pay this tax at source. You will have to fill a form with the bank and intimate your age along with the proof. This will help you get relief from paying tax at source and no amount will be deducted from your account.
Savings Scheme- Senior Life Benefits
There are many savings schemes that you can avail from the bank. If you are above 60 years of age, you will get a better rate of interest than any other citizen. You have to go to the bank and provide the required documents and then submit them. This will get you a good deal on the savings schemes that the banks offer to their senior citizens.
Senior citizens are liable to get a better rate of interest on the fixed deposits that they make in their banks. This rate of interest is bigger than what people generally have when they apply for the FDs at the banks.