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Successful companies started by senior citizens

No expert committee has been set up for extending <keyword id="19923745" type="General" weightage="20" keywordseo="health-benefits" source="keywords">health benefits</keyword> to cover citizens aged 70 and above under <keyword id="19913233" type="General" weightage="100" keywordseo="Ayushman-Bharat" source="keywords">Ayushman Bharat</keyword>, <keyword id="22556022" type="General" weightage="20" keywordseo="Union-Minister-of-State-for-Health" source="keywords">Union Minister of State for Health</keyword> Prataprao Jadhav told the Lok Sabha on Friday. He was responding to a question on whether the government proposed to cover citizens aged 70 and above by expanding Ayushman Bharat through the launch of a <keyword id="21782708" type="General" weightage="20" keywordseo="National-Health-Claims-Exchange" source="keywords">national health claims exchange</keyword> and if an expert panel had been set up to strengthen the format of the scheme for the planned expansion. Jadhav, in a written reply, said all members of eligible families, irrespective of age, were covered under Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana. The scheme provides <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> cover of Rs 5 lakh per family per year for secondary and tertiary care hospitalisation to 55 crore individuals, corresponding to 12.34 crore families, he said. "No expert committee has been set up for extending the health benefits to cover <keyword id="19894991" type="General" weightage="20" keywordseo="senior-citizens" source="keywords">senior citizens</keyword> aged 70 and above," he stated. Responding to another question, Jadhav said 34 insurers and third-party administrators were live and approximately 300 hospitals ramping up to start sending their claims on the National Health Claims Exchange (NHCX), which aims to streamline and fasten health <keyword id="35450" type="General" weightage="20" keywordseo="Insurance" source="Orion">insurance</keyword> claim processing, as on July 21. Jadhav said the government built the NHCX gateway under the Ayushman Bharat Digital Mission. It aims to streamline and standardise health insurance claim processing, enhance efficiency in the insurance industry and improve patient experience. It serves as a gateway for exchanging health claim information among insurers, third party audit, healthcare providers, beneficiaries and other relevant entities and ensures interoperability, machine-readability, auditability and verifiability, making the information exchange accurate and trustworthy, the minister said. This system will enhance efficiency and transparency in the insurance industry, benefiting policyholders and patients, he added. Supported by the Insurance Regulatory and Development Authority of India and the General Insurance Council, the NHCX will enable standardised and faster health insurance claim processing, Jadhav said.

No panel formed for extending benefits to cover citizens above 70 under Ayushman Bharat, says govt

Anticipation is steadily building for the Union Budget of 2024, which President Murmu has hinted could be “historic”. Stakeholders are optimistic about policies aimed at enhancing domestic production and fostering economic growth. Consumers, on the other hand, eagerly await the potential benefits coming their way—including ones from the upcoming <keyword id="12026484" type="General" weightage="100" keywordseo="Railway-budget" source="Orion">Railway budget</keyword>. According to reports thus far, the Union Budget of 2024 is expected to place a significant emphasis on the Railway industry—one of the three cores of the Indian economy. This time, there is a strong expectation that the Railway budget will address various consumer-centric issues, including travel safety and overall experience quality. As Finance Minister Nirmala Sitharaman prepares to present the Union Budget on July 23, here are some key expectations for the Railway industry: <cmsannotation type="cmsannotation" annotationid="Highest-ever allocation for Indian Railways budget" comment="subhead" text="Highest-ever allocation for Indian Railways budget">Highest-ever allocation for <keyword id="6355455" type="General" weightage="20" keywordseo="Indian-Railways" source="Orion">Indian Railways</keyword> budget</cmsannotation> <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> is anticipated to heavily focus on several aspects of the railway sector. In the interim budget of 2024, the <keyword id="19905911" type="General" weightage="20" keywordseo="Ministry-of-Railways" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Railways" meta.hostid="261" meta.entityid="Ministry of Railways">Ministry of Railways</keyword> was allocated Rs 2.55 lakh crore for the fiscal year 2024-25. However, the upcoming budget is expected to increase this allocation significantly, ET NOW reports. It could potentially reach Rs 3 lakh crore, marking the highest-ever allocation for this sector. <cmsannotation type="cmsannotation" annotationid="Increased focus on passenger safety and capacity" comment="subhead" text="Increased focus on passenger safety and capacity">Increased focus on passenger safety and capacity</cmsannotation> During the Lok Sabha elections, the <keyword id="6360676" type="General" weightage="20" keywordseo="railways" source="Orion">railways</keyword> ministry faced significant criticism for various safety incidents and overcrowding in general coaches. To address these issues, the ministry is expected to allocate substantial funds to prevent operational mishaps, expand rail capacity and reduce congestion, the Business Standard reports. The government is expected to focus on the implementation of Kavach, an indigenously developed Automatic Train Protection System. Experts welcome the government’s emphasis on safety upgrades, particularly the network-wide implementation of train protection systems and the mechanisation of maintenance operations. <cmsannotation type="cmsannotation" annotationid="Enhancing passenger travel experience and quality" comment="subhead" text="Enhancing passenger travel experience and quality">Enhancing passenger travel experience and quality</cmsannotation> The budget is also anticipated to focus on improving facilities for passengers, modernising amenities and enhancing the overall quality of railway travel, as per Goodreturns. Capital expenditure will likely be directed towards upgrading coaches, with an initial plan to upgrade 40,000 bogies, and improving sanitation facilities. Passenger comfort and safety will continue to be priorities as the public increasingly values comfort over cost. <cmsannotation type="cmsannotation" annotationid="Possible reinstatement of Senior Citizen Railway Concession" comment="subhead" text="Possible reinstatement of Senior Citizen Railway Concession">Possible reinstatement of <keyword id="22455972" type="General" weightage="20" keywordseo="Senior-Citizen-Railway-Concession" source="keywords">Senior Citizen Railway Concession</keyword></cmsannotation> There is growing anticipation about the potential reinstatement of the Senior Citizen Railway Concession during Budget 2024, according to Business Today. This move is seen as particularly significant ahead of the upcoming general elections later this year. In March 2020, the Indian Railways discontinued discounts on train fares for senior citizens and women, requiring them to pay full fares like other passengers. Previously, the Senior Citizen Railway Concession was available for all classes of mail and express trains. Reports and RTI inquiries have revealed that the withdrawal of these concessions led to significant additional revenue for the Railways. During the suspension period, the Indian Railways accrued Rs 5,062 crore from eight crore senior citizens, with Rs 2,242 crore resulting from the absence of concessions. <cmsannotation type="cmsannotation" annotationid="Prioritising infrastructure spending" comment="subhead" text="Prioritising infrastructure spending">Prioritising infrastructure spending</cmsannotation> The <keyword id="19935166" type="General" weightage="20" keywordseo="Union-Budget-2024" source="keywords">Union Budget 2024</keyword> is expected to prioritise infrastructure spending, the Goodreturns report adds. The focus is likely to be on rapid development and completion of tracks, rolling stock manufacturing and delivery of passenger freight services. Capital funds are likely to be allocated for expanding the metro network, NaMo Bharat corridors, Vande Bharat trains, high-speed corridors and economic corridors. Plans also include developing a high-speed rail network like the Mumbai-Ahmedabad route and allocating funds towards the Rapid Rail Transport System.

Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure

Top monthly income investment plans in India

Most of us think of India as a young country. And as home to one-fifth of the world's young population and with an average age of 29, you're right. But did you know India's elderly population is set to double from its present 153 million to a staggering 347 million, in just 30 years? Moreover, by the end of this century, the population of <keyword id="19894991" type="General" weightage="20" keywordseo="senior-citizens" source="keywords">senior citizens</keyword> in India will surpass the population of those aged under 14, as per a report by the United Nations Population Fund and the International Institute for Population Sciences. As such, with <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">budget 2024</keyword> looming on the horizon, what is it that this burgeoning section of our population wants? We take a look : <h2>Wish 1: Raise deduction threshold for <keyword id="22285655" type="General" weightage="20" keywordseo="mediclaim-premium" source="keywords">mediclaim premium</keyword></h2>At present, senior citizens (aged 60 and above) and super senior citizens (aged 80 and above) can claim a deduction of up to Rs 50,000 on health insurance premiums they pay during the year. For those aged below 60, the annual deduction limit is of Rs 25,000. But, as Tarun Mathur, CBO, Policybazaar.com notes, "There’s a need for an increase in the tax deduction limit for health insurance premiums, to raise the same to Rs 50,000 for individuals, their spouses, and dependent children, and to Rs 1 lakh for senior citizen parents". With insurance regulator <keyword id="6361421" type="General" weightage="20" keywordseo="IRDA" source="Orion">IRDA</keyword> removing the age cap (which was previously 65 years) for buying new insurance policies, health insurance for senior citizens becomes far more accessible. Given that only 20% of India's population aged 60 have any kind of health insurance, a comprehensive insurance coverage with low tax liabilities becomes a necessity for our senior citizens. At present, the government is mulling extending the <keyword id="22285657" type="General" weightage="20" keywordseo="Ayushman-Bharat-Pradhan-Yojana" source="Orion">Ayushman Bharat Pradhan Yojana</keyword> to provide crucial, free healthcare support for India's senior citizens aged above 70. But only time, and July 22nd will tell. <h2>Wish 2: Offer similar tax benefits to pension products as NPS </h2>NPS, or <keyword id="475509" type="General" weightage="20" keywordseo="National-Pension-System" source="Orion">National Pension System</keyword> is a lucrative retirement planning scheme. And it comes with many tax benefits. For instance, if you withdraw up to 60% of your accumulated pension as lumpsum once you turn 60, your withdrawal is tax free. Similarly, if any amount you receive from NPS is reinvested in the annuity plan, it remains tax exempt. However, income from annuities is taxed as per your regular income tax slab. And any early withdrawals that you make (before 60 years) will attract taxes. A standard deduction of Rs 50,000, or amount of annuity income (whichever is lower) can be claimed. But under regular annuities or pension products, senior citizens pay a 10% tax on total taxable income over Rs. 3 lakhs , Rs 20,000 + 20% over amount exceeding Rs 5 lakh, and Rs 1.2 lakh+ 30% on amount exceeding Rs 10 lakh. As Mathur notes, "Pension products like annuity plans should be given the same tax benefits as NPS, since the current taxation does not encourage investment in retirement planning. It’s also necessary to expand Section 80C deductions and add a dedicated category for term insurance because the existing limit of Rs. 1,50,000 is insufficient". Even retirement planner Sanjeev Dawar notes that income from annuities is a primary source of income for retirees. "As such, tax relief is expected since returns, although assured for life, are relatively low. Moreover, they remain fixed and have no sensitivity to inflation". Additionally, Dawar also advocates for special financial considerations for eligible individuals who are compelled to stay in old-age homes in their twilight years. It is also needed that travel concessions, that have been withdrawn, are restarted". <h2>Wish 3: Lowering lock-in periods for elderly </h2>Many schemes like national savings certificate (NSC), unit-linked insurance plans (ULIP) and senior citizen savings scheme (SCSS) are subject to tax deductions, provided they are redeemed after their specific <keyword id="20792448" type="General" weightage="20" keywordseo="lock-in-period" source="keywords">lock-in period</keyword>. For instance, tax-saver FDs, ULIPs and NSC have a lock-in period of 5 years, while equity-linked savings scheme (ELSS) have a lock-in period of 3 years. It would help senior citizens if this lock-in period is reduced, so that they have some liquidity and cash handy during medical or other such emergencies. Additionally, withdrawals should be allowed within lock-in period sans hefty penalties, as is the case right now. <h2>Wish 4: Lowering GST on health insurance premiums </h2>Currently, GST on health insurance premium is payable at 18%, which can translate into a hefty levy, especially since senior citizens end up paying significantly higher premiums to get insurance coverage. For a premium of Rs 30,000, the GST could go as high as Rs 5,400. As per Prasun Sikdar, MD &amp; CEO, Manipal Cigna Health Insurance, "lowering the GST burden on the health insurance premiums will be a huge respite for missing middle and senior citizens to get access to quality healthcare they need and help to significantly boost insurance penetration across India by driving affordability.” <h2> Wish 5: Reduce tax on <keyword id="21695681" type="General" weightage="20" keywordseo="passive-income" source="keywords">passive income</keyword> sources for aged</h2>For most senior citizens, rental income from house, pension and other such passive sources turn into a major income avenue, once they retire from active employment. As such, these should be taxed at a lower slab, and not considered as regular salary. Or else, higher exemption limits should be introduced to allow them to save more. At present, the basic exemption limit for senior citizens between 60-80 years is Rs 3 lakh, while the exemption limit for citizens above 80 years is Rs 5 lakhs. The limits should be revised, keeping in mind how expensive medical care is in current times.

Budget 2024: Here's what India's elderlies want

Best post office schemes that offer over 7% interest

<ul><li><keyword id="6362086" type="General" weightage="20" keywordseo="ulips" source="Orion">ULIPs</keyword> provide agents with higher <keyword id="52650" type="General" weightage="20" keywordseo="commissions" source="Orion">commissions</keyword> in the beginning making it attractive for them. </li><li>ULIP costs are front loaded as the majority of charges are levied in the initial five years. </li><li>Experts say that exiting from ULIPs after five years is a losing proposition. </li></ul>Kolkata-based Subimal Haldar (name changed), 75, was looking for a safe way to invest money. His <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">insurance</keyword> agent told him about Unit Linked Savings Plan (ULIPs), saying they're safe like a fixed deposit but also give good returns and insurance coverage. Haldar trusted this and thus invested a considerable sum. However, ULIPs are linked to the market and hence the returns are not guaranteed. Haldar’s <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword> was hit during the 2020 market crash and he lost a big part of his savings. Plus, he was not made aware that he could not pull out of his money once he had invested. Haldar, like many others, has been a victim of mis-selling. <keyword id="443223" type="General" weightage="20" keywordseo="misselling" source="Orion">Misselling</keyword> in investment refers to misleading or deceptive practices used by sellers or advisors when promoting financial products. It involves providing false information, not disclosing risks, or recommending unsuitable products, leading investors to make decisions which are detrimental to their financial well-being. <cmsannotation type="cmsannotation" annotationid="Why are ULIPs one of the most missold products?" comment="Subhead" text="Why are ULIPs one of the most missold products?">Why are ULIPs one of the most missold products?</cmsannotation> ULIPs provide agents with higher commissions in the beginning, encouraging them to sell new policies. In fact ULIP commissions can be as high as 40% in the first year. This leads some agents to misinform existing clients, suggesting that their current ULIP has a high net asset value (NAV), urging them to buy a new ULIP with a lower NAV. Not surprisingly, ULIPs are one of the most missold products in the market <cmsannotation type="cmsannotation" annotationid="The common ULIP sales pitches" comment="Subhead" text="The common ULIP sales pitches">The common ULIP sales pitches</cmsannotation> The agent or the intermediary who may be an individual or a bank is mostly someone you will trust. Hence it is more likely that people will fall to their sales pitch. “One of the key pitches is that ULIP is a five-year tax saving instrument as it has a lock-in period of five years. Costs in ULIP are front loaded as majority of charges are levied in initial five years making exiting from it after five years a losing proposition,” says Abhishek Kumar, founder and chief<a href="https://business.outlookindia.com/invest/investment"> </a>investment advisor at SahajMoney, a financial planning firm. Another significant selling point is that ULIPs are positioned as on par or possibly superior to bank FDs because they offer insurance coverage and higher returns. What clients aren't explicitly told is that, unlike bank FDs, ULIPs are linked to the market and do not assure guaranteed returns. <cmsannotation type="cmsannotation" annotationid="Mixing insurance with investment?" comment="Subhead" text="Mixing insurance with investment?">Mixing insurance with investment?</cmsannotation> While the lure of ULIPs lead to misselling, if one looks at it, the product basically is flawed. “When you combine insurance and investment you get the worst of both. The cost is higher. If you buy insurance and investment separately it is always cheaper, enables greater flexibility and a greater measurability of performance,” says Dhirendra Kumar, chief executive officer, Value Research, an investment research firm. When you buy an ULIP you cannot get out and have to stick to it. ULIPs ride on the mental framework that if you invest something, you need to get back something, the same way endowment plans work. ULIPs and endowment plans are similar. While in endowment plans the return is guaranteed, it happens to be a very low return. ULIPs, on the other hand, are market linked, and a little more transparent, but there are still got all the constraints of an investment where you get stuck. If you invest in a mutual fund and are not happy with the performance, you can get out of it tomorrow, but in case of an ULIP, you cannot. <cmsannotation type="cmsannotation" annotationid="Senior citizens: Be extra careful" comment="Subhead" text="Senior citizens: Be extra careful">Senior citizens: Be extra careful</cmsannotation> While the traps of mis-selling may fly thick and fast, if one follows a simple rule, it is easy to stay out of it. “One should not buy any investment policy that is linked with insurance. That is the only way not to be a victim of misseling,” says Kumar of Value Research. Not surprisingly, like Haldar, senior citizens are often the victim of mis-selling. “Senior citizens should also ask why they should buy life insurance in their post-retirement years as they are not earning any active income during retirement. Also, during retirement, retirees require regular income and ULIP doesn't offer it to them so they should ask about it as well,” says Kumar of SahajMoney. Even after all this if they buy the ULIP by mistake they can cancel it within 15 days of receipt of the policy documents. It is important to keep relations and emotions away from investment decisions. After all, it is a question of your hard-earned money.

Mis-selling trap – Why ULIPs are not for senior citizens

<ul class="summary-list"><li>The US has plans to send more soldiers to the Middle East, NBC News reported.</li><li>They will be ready to evacuate US civilians if fighting threatens them, defense officials said.</li></ul>The US is planning to send more troops to the Middle East in the coming days in case American citizens need to evacuate the region, <a target="_blank" class="" href="https://www.nbcnews.com/news/us-news/us-send-troops-ready-help-evacuate-us-citizens-lebanon-rcna172367">NBC News</a> reported, citing three defense officials.A few dozen additional soldiers will be added to the roughly 40,000 US troops already present in the region, according to the publication.It comes after Lebanon had its <a target="_blank" class="" href="https://www.businessinsider.com/israel-strikes-lebanon-hezbollah-posts-warns-civilians-move-away-2024-9">deadliest day</a> for decades on Monday after Israel ramped up strikes on the country.Pentagon press secretary Maj. Gen. Patrick Ryder commented on the development during a press <a target="_blank" class="" href="https://www.defense.gov/News/Transcripts/Transcript/Article/3914549/pentagon-press-secretary-maj-gen-pat-ryder-holds-an-off-camera-on-the-record-pr/#:~:text=MAJOR%20GENERAL%20RYDER%3A%20No%20significant,are%20already%20in%20the%20region.">briefing</a> on Monday."In light of increased tension in the Middle East and out of an abundance of caution, we are sending a small number of additional US military personnel forward to augment our forces that are already in the region," he said.He declined to comment or give more specifics, citing operational security reasons.Tensions have been simmering in the region, where clashes between Israel and Lebanon-based Hezbollah militia <a target="_blank" class="" href="https://www.businessinsider.com/israel-pushed-hezbollah-corner-may-trigger-an-all-out-war-2024-9">intensified</a> over the weekend.Israeli Defense Forces said they were intensifying <a target="_blank" class="" href="https://www.businessinsider.com/israel-strikes-lebanon-hezbollah-posts-warns-civilians-move-away-2024-9">targeted strikes</a> on Hezbollah positions and warned civilians in Lebanon to stay away from potential Hezbollah targets for their "own safety."According to an <a target="_blank" href="https://www.facebook.com/mophleb/posts/pfbid0xvrzviXNDshhMAAJoNZekGXwpamr3BFTVKcn9jTXeFWHcwc7UoRweKiDTjMfRngNl">update</a> by Lebanon's health ministry, at least 492 people were killed, and another 1,645 were injured in the south of the country on Monday.On Sunday, Naim Qassem, a leader of the Lebanon-based Hezbollah militia, said the group had entered a "battle of reckoning" with Israel.<h2 id="1ca0810b-d9c7-4772-9716-acdbc61d7130">Preventing a war</h2>Since the Hamas' October 7 terrorist attacks on Israel, the US has stepped up its military and diplomatic efforts in the region to serve as deterrence and prevent an all-out war.US officials told <a target="_blank" class="" href="https://www.militarytimes.com/news/your-military/2024/09/22/as-conflict-looms-where-are-us-forces-in-the-middle-east/">Military Times</a> that at least a dozen warships and four Air Force fighter jet squadrons were deployed across the region to protect allies and deter attacks.On Monday, the aircraft carrier USS Harry S. Truman, two Navy destroyers, and a guided-missile cruiser <a target="_blank" class="" href="https://www.usff.navy.mil/Press-Room/News-Stories/Article/3914118/">headed</a> to the Sixth Fleet area in Europe on a regularly scheduled deployment.State Secretary Antony Blinken, meanwhile, <a target="_blank" class="" href="https://il.usembassy.gov/secretary-blinken-is-on-travel-to-israel-egypt-and-qatar/">has</a> <a target="_blank" class="" href="https://www.state.gov/secretary-blinkens-travel-to-israel/">traveled</a> to the region <a target="_blank" class="" href="https://www.state.gov/secretary-blinkens-travel-to-france-egypt-israel-jordan-qatar-and-italy/">several times</a> over the last few months to help partners strike a <a target="_blank" class="" href="https://www.businessinsider.com/ceasefire-talks-ongoing-as-israel-forces-occupy-rafah-gaza-crossing-2024-5">cease-fire deal</a> between Hamas and Israel.In <a target="_blank" class="" href="https://www.defense.gov/News/Transcripts/Transcript/Article/3914549/pentagon-press-secretary-maj-gen-pat-ryder-holds-an-off-camera-on-the-record-pr/">two calls</a> with his Israeli counterpart over the weekend, Defense Secretary Lloyd Austin "stressed the importance of finding a path to a diplomatic solution that will allow residents on both sides of the border to return to their homes as quickly and safely as possible, as well as reaching a Gaza cease-fire deal that will bring all the hostages home."President Joe Biden <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2024/09/22/remarks-by-president-biden-after-marine-one-arrival-26/">said</a> on Sunday that the US is doing "everything we can" to prevent a wider war in the Middle East."And we're still pushing hard," he added.<h2 id="ac5b0456-1b3a-482c-87a8-70175890ae46">It may be too late</h2>According to experts, the deaths of dozens of people caused by the explosions of handheld radios and pagers in Lebanon last week and Israel's intensifying airstrikes make <a target="_blank" class="" href="https://www.businessinsider.com/israel-pushed-hezbollah-corner-may-trigger-an-all-out-war-2024-9">Hezbollah's retaliation</a> likely.Filippo Dionigi, a senior lecturer on international relations at the University of Bristol, told BI on Monday these attacks "make a greater reaction inevitable to the net of any self-restraining stance."Eugene Rogan, a professor of modern Middle Eastern history at the University of Oxford, said the barrage of airstrikes on Hezbollah targets in Lebanon, coupled with the dozens of people murdered and thousands injured by <a target="_blank" class="" href="https://www.businessinsider.com/israel-hezbollah-pager-walkie-talkies-explosion-supply-chain-infilitration-2024-9">detonating bombs</a> last week, "make for too many blows for Hezbollah to accept without reprisal.""Under the circumstances, the region would appear to be on the brink of all-out war in Lebanon," Rogan added.

The US is sending more troops to the Middle East to help US citizens flee as Israel-Hezbollah clashes intensify

<ul><li>The reliability of FDs is appealing to seniors as they generally have a lower risk tolerance and prioritise capital preservation over high returns. </li><li><keyword id="20566" type="General" weightage="20" keywordseo="senior-citizens" source="Orion">Senior citizens</keyword> usually get a slightly higher interest in FDs. </li><li>FDs can help senior citizens effectively manage liquidity as well as <keyword id="37018" type="General" weightage="20" keywordseo="interest-rate" source="Orion">interest rate</keyword> risk. </li></ul>Senior citizens often prefer investing in <keyword id="6377620" type="General" weightage="20" keywordseo="fixed-deposits" source="Orion">fixed deposits</keyword> (FDs) due to the safety and stability these instruments offer. FDs provide a secure investment avenue with a guaranteed return on the principal amount, making them a low-risk option, especially for retirees seeking steady income streams. The reliability of FDs is appealing to seniors as they generally have a lower risk tolerance and prioritise capital preservation over high returns. The ease of FD investment, with options for short or long-term deposits, aligns well with the financial planning needs of seniors, providing them with a sense of financial security and a dependable source of income during retirement. Between May 2022 and February 2023, the Reserve Bank of India (<keyword id="30067" type="General" weightage="20" keywordseo="rbi" source="Orion">RBI</keyword>) raised the repo rate by a cumulative 2.5%. This significant increase was a major driver of higher <keyword id="418668" type="General" weightage="20" keywordseo="fd-rates" source="Orion">FD rates</keyword> throughout 2023. Even though the RBI has maintained status quo henceforth, FD rates continue to remain on the higher side, thus making them attractive. “Senior citizens usually get 50 to 100 bps more interest than the general public by investing in fixed deposits. But the interest income is taxable at the hands of investors if the tenure is less than 5 years,” says Abhishek Kumar, founder and chief<a href="https://business.outlookindia.com/invest/investment"> </a>investment advisor at SahajMoney, a financial planning firm. Sr Citizen FD rates at a glance <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#1465c9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank Name </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#1465c9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Less than 1 year </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#1465c9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year to 5 years </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#1465c9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">More than 5 years </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% p.a. to 6.25% p.a. </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.00% p.a. to 7.50% p.a. </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.50% p.a. </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.00% p.a. to 6.75% p.a. </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.25% p.a. to 7.75% p.a. </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.30% p.a. </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% to 6.75% </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.25% p.a. to 7.75% p.a. </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.50% p.a. </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% p.a. to 6.50% p.a. </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.10% p.a. to 7.65% p.a. </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.75% p.a. </td></tr><tr><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% p.a to 6.50% p.a </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.20% p.a. to 7.60% p.a. </td><td style="border-left:solid #000000 0.68181825pt;border-right:solid #000000 0.68181825pt;border-bottom:solid #000000 0.68181825pt;border-top:solid #000000 0.68181825pt;vertical-align:top;background-color:#ffffff;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">7.75% </td></tr></tbody></table> What to keep in mind When investing in FDs, senior citizens need to take a few things into account. When the rates are good, one can lock in some of their savings into FDs. “I advise senior citizens against locking all their disposable funds into FDs particularly of just one tenor,” says Akshar Shah, Founder, Fixed Invest, a digital marketplace of banks and NBFCs. “Senior citizens can use FD laddering to effectively manage liquidity as well as interest rate risk where they divide their savings into FDs of different tenors across years,” he adds. FD laddering involves diversifying FDs into multiple accounts with varying maturity dates. Instead of investing a lump sum in a single FD, individuals distribute their funds across different FDs maturing at different intervals—short-term, medium-term, and long-term. As each FD reaches maturity, it can be reinvested or withdrawn as needed, providing regular access to funds while potentially benefiting from higher interest rates on longer-term deposits. This strategy offers liquidity, steady returns, and flexibility in managing financial goals.

Senior citizen FDs: With interest rates at a high, time to park safe

Explained: With markets volatile, should senior citizens invest in PSU bank FDs?

<ul><li>In case you can afford the <keyword id="11929654" type="General" weightage="20" keywordseo="premiums" source="Orion">premiums</keyword>, it is always recommended to go for a comprehensive cover without copay and deductibles. </li><li>If you opt for a copay of 20%, your <keyword id="6362363" type="General" weightage="20" keywordseo="health-insurance" source="Orion">health insurance</keyword> premium will come down by 20-25%. </li><li>Plans with deductibles will also have lower premiums compared to plans with no deductibles.</li></ul>Health insurance is indispensable in the modern age as it offers financial security during medical emergencies. Insurers often provide specialised health insurance policies tailored for <keyword id="20566" type="General" weightage="20" keywordseo="senior-citizens" source="Orion">senior citizens</keyword>, typically catering to individuals aged 60 years and older. These plans encompass extensive coverage for <keyword id="37551" type="General" weightage="20" keywordseo="hospitalisation" source="Orion">hospitalisation</keyword> in planned medical situations or emergencies, including pre-existing conditions and critical illnesses. However, the premiums for these policies tend to be comparatively higher, as seniors are more likely to suffer from chronic diseases and other ailments. However, there are ways in which seniors can reduce their health insurance premiums. We take a look. <cmsannotation type="cmsannotation" annotationid="Co-payment" comment="Subhead" text="Co-payment"><keyword id="1078381" type="General" weightage="20" keywordseo="co-payment" source="Orion">Co-payment</keyword></cmsannotation>: Here, the insured pays a certain percentage of the claim from his or her own pocket. “Health Insurance plans with higher co-pays tend to have lower premiums. This is because the insurer's liability is reduced, so they can charge lower premiums,” says Ajay Shah, head, distribution, Care Health Insurance. For example, let us say that an individual has made a claim request for ₹2 lakh. And the co-payment as per his/her policy is fixed as 20% (this amount is decided at the time of policy purchase). In such a case, upon claim approval, the insurer will pay a total amount of ₹1,60,00 while the insured pays the remaining ₹40,000. “In this case, your premium will come down by 20-25%,” says Bhaskar Nerurkar, head, health administration team, Bajaj Allianz General Insurance. <cmsannotation type="cmsannotation" annotationid="Deductibles" comment="Subhead" text="Deductibles">Deductibles</cmsannotation>: This is also known as self-insurance. Plans with <keyword id="3682992" type="General" weightage="20" keywordseo="deductible" source="Orion">deductible</keyword>s (where the insured pays a specific amount of the medical expense, before the insurer starts coverage) will also have lower premiums compared to plans with no deductibles. Let us say you have a health insurance plan of ₹5 lakh sum assured with a ₹1 lakh deductible. If the claim is of ₹3 lakh, you have to pay ₹1 lakh from your own pocket and the rest will be paid by the insurer. In case the claim is less than ₹80,000, the insurer will not pay anything. Deductibles have a higher impact on premiums. For deductibles premiums can go down by 40-50% depending on the quantum of the deductible. <cmsannotation type="cmsannotation" annotationid="Super top-up plans" comment="Subhead" text="Super top-up plans">Super top-up plans</cmsannotation>: Some insurers also offer super top-up plans, which have deductibles. “These plans when clubbed with the base policies provide additional coverage to the policyholder, as they get a higher coverage without having to pay the deductible amount,” says Shah. Hence it can be a smart way to reduce premiums. Let us say that Sangita has a base health insurance plan with coverage up to ₹5 lakhs. Additionally, she has opted for a super top-up plan with a total coverage of ₹10 lakhs and a deductible of ₹5 lakhs and she has two claims in a single year. “During the first claim of ₹8 lakhs, the deductible amount of ₹5 lakhs will be covered from the base plan and the remaining ₹3 lakhs from the super top-up plan. Later in the same year, if she makes a second claim of ₹4 lakhs, the insurer will cover it entirely from the super top-up plan,” says Arijit Sen, a SEBI-registered investment advisor, and co-founder of Merry Mind, a financial advisory firm. In the case of a top-up plan however, no coverage will be provided as the coverage won’t kick in due to the deductible. Super top-up plans thus come with a slightly higher premium than top-up plans. <cmsannotation type="cmsannotation" annotationid="The final word" comment="Subhead" text="The final word">The final word</cmsannotation> Copay and deductibles can reduce health insurance premiums, especially if you are a senior citizen. But it comes with an out of pocket expense. In the case of a plan with a deductible, one already has an idea of the amount one needs to pay out from one’s own pocket. However, in case of co-payment that is not the case. In case of a very high health claim, the amount one has to pay out of one’s pocket will be substantially high. “In case you can afford the premiums, it is always recommended to go for a comprehensive cover without copay and deductibles,” says Nerukar. But if you want to reduce your premiums, you should consider the various options available.

Catch 22: Senior citizens can strategize and reduce their health insurance premiums but should they?

ULIPs are not for senior citizens: Here’s how to choose the right investments to secure the golden years of your life

<ul class="summary-list"><li>Dmitry Medvedev warned freed Russian dissidents to watch their backs after the recent prisoner exchange.</li><li>Prisoners swapped in the deal with the West included Vladimir Kara-Murza and Ilya Yashin.</li></ul>Russian opposition figures and dissidents freed in Thursday's mass prisoner exchange should "adopt new names" and "disguise themselves," a senior Russian politician has said.Dmitry Medvedev, Deputy Chairman of Russia's Security Council and a former Russian president, made the thinly veiled threat in a post on <a target="_blank" class="" href="https://t.me/medvedev_telegram/520">Telegram</a> on Thursday."I would like, of course, for Russia's traitors to rot in a penitentiary or die in prison, as has often happened. But it is more useful to get out our own people, who worked for the country, for the Fatherland, for all of us," he wrote."Let the traitors now feverishly adopt new names and actively disguise themselves under the witness protection program," he added.In a follow-up <a target="_blank" class="" href="https://t.me/medvedev_telegram/521">post</a> on Sunday, Medvedev said: "Let them keep on barking, dreaming of tearing apart the body of our country.""Let them not forget about the perishability of their existence in this world. Let them burn in hell!" he said.Among those released by Russia were Vladimir Kara-Murza, a Pulitzer Prize-winning writer who was serving 25 years on a treason conviction; opposition activist Ilya Yashin, imprisoned for his criticism of the war in Ukraine; and Oleg Orlov, a human rights campaigner.Russia has a <a target="_blank" class="" href="https://www.businessinsider.com/list-of-people-putin-is-suspected-of-assassinating-2016-3">history</a> of attempting to take out critics and defectors.As Russian President in 2010, Medvedev pardoned jailed British double agent Sergei Skripal.Eight years later, a Russian hit squad traveled to Salisbury, England, and poisoned him and his daughter with a Novichok nerve agent.Despite falling critically ill, both survived the incident.In 2006, Russian defector Alexander Litvinenko died in a London hospital, killed by highly toxic radioactive polonium 210, which is thought to have been administered in a cup of tea.Litvinenko had worked as an officer in Russia's Federal Security Service (FSB), but he fled to the UK and began criticizing the Kremlin.On Sunday, Medvedev also welcomed the return of agents who had been jailed in the West, including Vadim Krasikov, a Russian hitman."There is no doubt that the returned citizens are patriots of our Fatherland, who have accomplished great feats," he wrote on Telegram.

Russia has a history of going after dissidents. One senior Kremlin official has now warned freed prisoners to 'disguise themselves.'

<ul class="summary-list"><li>My wife and I met in our late 30s, and we had our two children when we were older.</li><li>Now that I'm an older father, I worry I'm losing time with my kids. </li></ul>George Clooney has 6-year-old twins and is in his 60s. <a target="_blank" href="https://www.businessinsider.com/al-pacino-child-83-pros-cons-having-older-dad-2023-5">Al Pacino</a> recently had another child at the age of 83.Compared to these two, I'm a spring chicken, but still, being 49 years old with a 4-year-old daughter and a 2-year-old son has me feeling my age.I've come to realize I will be a senior citizen by the time my kids <a target="_blank" href="https://www.businessinsider.com/college-applications-advice-admissions-expert-apply-2023-10">graduate from high school and enter college</a>, so I'm not wasting any minute.<h2>My wife and I had our children when we were older</h2>I met my wife in our late 30s, and once we were married, we struggled to have children. Thanks only to <a target="_blank" href="https://www.businessinsider.com/woman-used-frozen-embryo-to-conceive-baby-20-years-later-2023-7">in vitro fertilization</a> and prayers were we able to be successful after years of trying.First came our daughter, Ellie, and then two years later, we had our son, Jack.Interestingly enough, even though our children are a couple of years apart in age, they're technically <a target="_blank" href="https://www.businessinsider.com/mother-of-twins-college-years-most-difficult-2023-8">fraternal twins</a> as they came from the same group of embryos. Jack just waited around in a freezer for an additional two years before he made his appearance.<h2>There are some advantages to having kids later in life</h2>Of course, one of the main advantages is that we are financially set since both my wife and I are getting up there in age. <a target="_blank" href="https://www.businessinsider.com/young-parent-having-child-early-2023-8">Young parents</a> often struggle with money, but we have both passed that stage of life. So my children already have more money put away into their savings accounts at their age than I had when I graduated from high school.Plus, my wife and I probably have more patience in dealing with tantrums and certain issues. We now have the life experience to understand everything is temporary, so there's no huge need to get bent out of shape about the little things.But it does seem for every advantage, there are two or three disadvantages that come with having kids later in life.<h2>There are downsides to being an older parent</h2>For one, my kids will not know <a target="_blank" href="https://www.businessinsider.com/grandparents-dont-always-know-whats-best-speak-up-2023-10">their grandparents</a> as much through actual interaction. Instead, it will be through stories recalling the past. My father died when Ellie was a 1-year-old.The biggest disadvantage is that we will probably have less time with our kids because of our age. It's something that weighed heavily on me when we were struggling to have children and the years seemed to be slipping by.When Ellie was 2 and Jack was just 1, I had <a target="_blank" href="https://www.businessinsider.com/jamie-foxx-provides-first-public-health-update-holding-back-tears-2023-7">several health scares</a>, and it worried me that I wouldn't be around much longer. I wondered whether they would barely have memories of me if it took a turn for the worse. They might just recall there used to be a man around who watched "Scooby-Doo" with them.<h2>I made sure my children would remember me no matter what happened</h2>At the time, I didn't seem to be getting any healthier, so I took my knowledge as a writer and educator and wrote a couple of children's books they could enjoy later in life if I was no longer around.It may sound morbid, but I wrote and published "Ellie and Jack: Third Grade Ghost Hunters" and "Ellie and Jack: Third Grade Vampire Hunters," using aspects of our lives. For example, I used my kids' love of spooky and mysterious stories.<h2>I now spend as much time with them as I can</h2>Nothing provides more happiness in your years than having children run to the door to greet you every day. I have enjoyed it so much that <a target="_blank" href="https://www.businessinsider.com/remote-workers-getting-boot-again-rto-wayfair-tech-2024-1">I work entirely from home</a> now and spend almost every waking minute with Ellie and Jack. Luckily, they average about 10 or 11 hours of sleep a day, so I still have a bit of time here and there to get my work completed and regain my sanity.But it's all worth it because I don't want to waste a minute with my kids because soon enough, I'll be a senior citizen, and they'll just be starting their lives.

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