It is a priority of the Government to work towards enabling social security protection for citizens, especially from the economically weaker and vulnerable sections. In accordance with this priority, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), the Pradhan Mantri Suraksha Bima Yojna (PMSBY) and Atal Pension Yojna (APY) were recently launched to address the areas of life and accident risk, and old age income security. The Rashtriya Swastha Bima Yojana (RSBY) is also operational to provide health insurance cover to persons living below the poverty line etc. The Government would continue to work towards the furtherance of these objectives.

 Further, the Public Sector General Insurance Companies (PSGICs) have specially designed policies for senior citizens at the entry level in the age bracket of 60 to 80 years namely “Varishtha Bima Yojana” by National Insurance Company Ltd., “Health of Privileged Elderly (HOPE)” by the New Oriental Insurance Company Ltd. and “Senior Citizens Mediclaim Policy” by the New India Assurance Company Ltd and United India Insurance Company Ltd. As in the case of regular Mediclaim insurance policies, there is no age limit for renewals of these policies and can be continued throughout the life-time of the insured.

 In Budget Announcement, 2015 Hon’ble Finance Minister had proposed the creation of a Senior Citizen Welfare Fund through use of certain unclaimed amounts under various specified schemes.

 The Senior Citizens Welfare Fund Act has been passed along with the Finance Act, 2015. The scheme Rules for Senior Citizen Welfare Fund are under preparation.

 This was stated by Shri Jayant Sinha, Minister of State in Ministry of Finance in written reply to a question in the Lok Sabha today.

Senior Citizens Welfare Fund Act creates a dedicated fund for elderly welfare with rules currently under preparation. Public Sector General Insurance Companies offer senior specific policies such as Varishtha Bima Yojana, HOPE and Senior Citizens Mediclaim Policy for entry ages 60-80 with renewals available for life; the Senior Citizens Welfare Fund Act was enacted alongside the Finance Act and scheme rules are under preparation to operationalise a dedicated welfare fund from certain unclaimed amounts.