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ball10.gif (123 bytes) Retirement Homes
ball10.gif (123 bytes) Concessions & Benefits
ball10.gif (123 bytes) Planning for the Future
ball10.gif (123 bytes) Making Your Will
ball10.gif (123 bytes) Old Age Social & Income Security- A Report
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Planning Your Future

Other than ensuring good health what are the things that elders must ensure while planning for the future?
The three most important things that one must remember while planning for the future are: 1) to invest one's money safely, 2)insure oneself for medical benefits and 3)Write a Will.
What are the schemes being offered to Senior Citizens regarding investment and insurance? has given below some links to learn about a few schemes offered to Senior Citizens.
  • LIC Policy NavPrabhat - A Special Plan for Senior Citizens
  • Senior Citizens' Unit Plan (SCUP) from Unit Trust of India
LIC's "NAV PRABHAT" :  (Courtesy LIC of India)
Old age may bring in its wake, not only wisdom but also problems. Some people may be faced with financial problems, others may have health problems and yet others may have relatives dependent on them. To take care of some of the problems of old age, LIC has, in the 'Year of Senior citizens', come out with "Nav Prabhat". It provides for risk cover at a comparatively low cost and relief for disability due to accident or illness and an option for a life pension after the maturity of the policy. It is a plan that not only takes care of old age needs but also provides for dependants.
Disability Benefit : This is the only plan which offers benefits on total permanent disability due to sickness and even on partial permanent disability due to accident. The benefits will be in the form of waiver of further premiums and regular payments of 5 to 10% of the Sum Assured every year during the term of the policy subject to certain conditions.
(a) Maturity Benefit: On the life assured surviving the maturity date, a sum equal to the total amount of premiums paid during the term of the contract (excluding all extra premiums, if any) together with Loyalty Addition, if any, will become payable. The policyholder will have an option to have the maturity benefit in the form of an immediate life pension at the rates prevailing at the time of maturity. 
(b) Payment on Death : On death during the term of the policy, the basic Sum Assured together with Loyalty Addition, if any, will be payble.
(c) Accident Benefit : Accident Benefit is available subject to certain conditions.
(d) Loyalty Addition : Likelihood of Loyalty Addition subject to certain conditions.   


a. Minimum age at entry 50 years nearest birthday
b. Maximum age at entry 70 years nearest birthday
c. Minimum age at Maturity 60 years nearest birhtday 
d. Maximum age Maturity 75 years nearest birthday
e. Minimum policy term 5 years
f. Sum Assured Mimimum of Rs. 50,000 and  in multiples of
Rs. 50,000  thereafter up to a Maximum of  Rs.20,000
g. Modes of Premium Yly, Hly, Qly, Single Premium
LIC Policy NavPrabhat - A Special Plan for Senior Citizens
LIC's Other policies
Unit Trust of India's "Senior Citizens' Unit Plan" (SCUP)
Senior Citizens' Unit Plan is a hospitalisation insurance scheme which helps you to save for hospitalisation costs for you and your spouse up  to Rs. 5 lakhs after the age of 58 years, at the best private hospitals in the country. At present UTI has tied up with 184 hospitals in 55 cities  and towns across the country for this purpose. Apart from the hospitalisation cover the investor will also be receiving a regular annuity from the age of 58. Further, the investor can also have a lumpsum savings - referred to as the residual amount which could be withdrawn after 61. Hospitalisation cover however, will continue for lifetime of both the member and his/her spouse. 
1. Date of introduction : 03/05/1993. 
2. A medical insurance Scheme which provides hospitalisation cover. 
3. The cover includes the investor and his spouse.
4. Tie up with 184 hospitals in 55 cities and towns across the country. 
5. After completing 54 years of age, the investor will be issued an identity card and a log book for both the investor and his/her spouse.
6. The investor or his/ her spouse can produce the identity card and log book at any of the 184 empanelled hospitals and avail of treatment  without having to settle the bills. Bills will be settled by M/s New India  Assurance Co. Ltd. 
7. After the investor completes 58 years of age he/she and his / her spouse gets a hospitalisation cover of Rs.2.5 lakhs, which is later enhanced to Rs.5 lakhs on the investor completing 61 years. After the  investor becomes entitled for hospitalisation cover, for every claim free year, the hospitalisation cover is enhanced by 5 % (subject to ceiling of 10 such enhancements). 
8. There is an expense limit of Rs.1.5 lakhs for every illness(defined as a continuous period of treatment for a period of 45 days or relapse within 45 days).  
9. Name of the Registrar : M/s UTI Investors Services Ltd.
How to apply  
i. The units are sold at par i.e. Rs.10/-.
ii. Any individual who is between 18-54 years of age can join the Plan.
ii. Amount to be invested depends on the age (See Table).


Amount to be
Invested (Rs.)

20 2,500
25 2,800
30 4,200
35 6,300
40 9,800
45 15,300
50 24,500
Senior Citizens' Unit Plan (SCUP) from Unit Trust of India
Estimating Retirement Income - (in $)







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Looking for a second career? Your age and experience are great assets
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State Bank of India launches "Senior Citizens Deposit Scheme"
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It is better to invest a portion of your earnings in safe investments even if they promise lower returns
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We will be happy to receive mail regarding
tax benefits & safe investment schemes for Senior Citizens

Apollo Hospital Group unveils insurance plan for senior citizens