What is Senior Citizen Plan?

Senior Citizen Plan is a government-sponsored savings instrument for individuals above the age of 60. The Government of India introduced this scheme in 2004 intending to provide senior citizens with a steady and secure source of income for their post-retirement phase.

Why should you invest in Senior Citizen Plan?

Senior Citizen Plan is a good opportunity for senior citizens above 60 years to make money. This is an effective and long-term saving option which offers security and added features that are usually associated with any government-sponsored savings or investment scheme. These schemes are available through certified banks and post offices across India.

Eligibility for Senior Citizen Plan

The following people/groups are eligible to opt for Senior Citizen Plan:

  1. Senior citizens of India aged 60 years or above.
  2. Retirees who have opted for the Voluntary Retirement Scheme (VRS) or Superannuation in the age bracket 55-60. Here the investment has to be done within a month of receiving the retirement benefits.
  3. Retired defense personnel with a minimum age of 50 years.

Benefits of Senior Citizen Plan

Plan Benefits

  • In-Patient Hospitalization – Covers medical expenses for hospitalization for more than 24 hrs.
  • Pre-Hospitalization – The medical expenses that you incur due to illness during 30 days immediately before you are hospitalized.
  • Post-Hospitalization – The medical expenses you incur in the 60 days immediately after you are discharged from hospital.
  • Day-Care Procedures – The medical expenses for enlisted 140 day-care procedures, which do not require 24 hours hospitalization due to technological advancement, are covered.
  • Domiciliary Treatment – The treatment expenses involved in getting a treatment done at home which otherwise would need hospitalization.
  • Organ Donor – Treatment expenses for the organ donor at the time of organ transplant.
  • Emergency Ambulance – Expenses incurred if ambulance service is used on the way to hospital for hospitalization (up to Rs. 2000).

Others Benefits

  • Cumulative Bonus – You get a Cumulative Bonus (CB) of 5% for every claim-free policy year provided policy is renewed with us without a break.
  • Cashless Service – You need to obtain a pre-authorization for all planned admissions at least 48 hours prior to actual admission or regularize any emergency admission within 24 hours post the admission. The details of the process and the documentation requirements are given in the guide-book sent along with the policy.
  • Portability – If you are insured with some other company’s health insurance and you want to shift to us on renewal, you can. Our portability policy is customer friendly and aims to achieve the transfer of most of the accrued benefits and makes due allowances for waiting periods etc.
  • Tax Benefits – With Optima Senior Plan, you can presently avail tax benefits for the premium amount under Section 80D of the Income Tax Act. (Tax benefits are subject to changes in Tax Laws)