Schemes For Older Adults By The Government Of India

The government of India has several elderly care schemes in place, which are helpful for older adults from every strata of society.

India is going to face a significant demographic shift in the coming years. By 2050, one-fifth of the country's population will be made up of people above the age of 60. In 2022, there were already 149 million people aged 60 years and above, comprising around 10.5% of India's population. This number is expected to double to 20.8% by 2050, with an absolute count of 347 million, according to the 'India Ageing Report 2023' by the United Nations Population Fund (UNFPA) in collaboration with the International Institute for Population Sciences (IIPS).

While multiple welfare schemes are functioning to serve older adults, there is also an overall lack of awareness of these programs. Every older adult deserves a life of normalcy where they can access primary healthcare and financial and social security. Everyone needs to have a basic understanding of programs implemented to help out older adults. The notable schemes and programs under the Central Government of India are listed below. While some of these schemes may not apply to you, you can guide needy older adults towards them:

Senior Citizens' Welfare Fund: This welfare fund has been created for the utilisation and provision of schemes that encourage the financial security of older adults, health care and nutrition of senior citizens, the welfare of aged widows, schemes supporting Old Age Homes, etc. The Fund consists of unclaimed money from various sources like Post Office Savings Accounts, Post Office Recurring Deposits Accounts, etc. After seven years, unclaimed money from the inactive accounts of Public Provident Funds and Employees' Provident Funds is transferred to the Senior Citizens' Welfare Fund. The Fund is controlled by an Inter-Ministerial Committee involving the Department of Financial Services, Ministry of Health and Family Welfare, Ministry of Rural Development, Ministry of Housing & Urban Affairs and Ministry of Labour and Employment along with the Ministry of Social Justice and Empowerment as the Nodal Ministry for the administration of the Fund. 

FOR THOSE IN NEED

Rashtriya Vayoshri Yojana (RVY): The scheme aims to provide physical aids, assisted living devices such as walking sticks, elbow crutches, walkers/crutches, tripods/quadpods, hearing aids, wheelchairs, artificial dentures, and spectacles free of cost to older adults above 60 years suffering from age-related disabilities and belonging to the BPL category. These essential devices contribute to smoother functioning and mobility of many older adults. The scheme launched in 2017 is under the administration of the Ministry of Social Justice and Empowerment and implemented by the Artificial Limbs Manufacturing Corporation (ALIMCO). The Senior Citizen's Welfare Fund is funding the scheme.

Pradhan Mantri Vaya Vandana Yojana: The scheme's objective is to protect individuals aged 60 years and above from the potential drop in their interest earnings due to unpredictable market conditions. The scheme is also designed to provide social security during old age. It is implemented by the Life Insurance Corporation (LIC) of India and has a tenure of ten years with a guaranteed monthly income. The policy is priced according to different pension payouts such as annually, monthly, half-yearly and quarterly, with a minimum price of Rs.1,56,658 (for Rs.12,000 annual pension) to a maximum amount of Rs.14,49,086 (for Rs.1,11,000 annual pension) under the yearly pension option. In addition to a guaranteed monthly pension at a rate of 7.4%, the policy also offers a death benefit. If the pensioner passes away during the policy term, the beneficiary will receive a refund of the purchase price. You can buy the policy through a registered LIC agent or online through the official LIC website.

Post Office Monthly Income Scheme (MIS): This is a popular investment scheme where you can invest a particular sum and get an assured monthly income in the form of interest. The maximum investment limit is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account. An individual can invest a maximum of Rs 4.5 lakh in MIS (including his share in joint accounts). The interest rate is 7.3 per cent per annum. The maturity period of the scheme is five years, and it can be prematurely closed after one year. To know more, read https://www.indiapost.gov.in/Financial/Pages/Content/Post-Office-Saving-Schemes.aspx
FOR THOSE IN NEED

Pradhan Mantri Jan Arogya Yojana (PM-JAY): The Ministry of Health and Family Welfare, Government of India, launched this scheme under the flagship scheme called Ayushman Bharat, which is designed to provide health insurance cover of 5 lakh per family per year to over 12 crore of needy and vulnerable families. It covers up to 3 days of pre-hospitalisation and 15 days of post-hospitalisation expenses. There is no restriction to age or gender, and the benefits can be availed across the country. The services provided enclose 1929 procedures, including expenses such as medication, supplies, diagnostic services, physician's charges, surgeon charges, room charges, operating theatres (OT) and intensive care unit (ICU) charges, etc. 

National Programme for Healthcare of the Elderly: The programme was launched during 2010-2011 by the Ministry of Health and Family Welfare of India to address various health concerns of older people. It focuses on offering good quality long-term, comprehensive, specialised care accessible and affordable to the ageing population above 60. This comprises services at the PHC/CHC level and district hospitals in facilities such as bedded wards, human resources, machinery and equipment.

Are there schemes you are aware of? Please add them in the comment box below.