Tax Saving Investments for Senior citizens and Retired Persons!

Hello Community Members,

Post retirement, there needs to be a steady flow of funds to manage your regular expenses as there is no monthly salary flowing in your account. So, what are the options for the elderly?

  1. Senior citizens can opt for annuity schemes, which ensure regular flow of money is your account and also lets you save on taxes. One such scheme is ‘Senior Citizen’s Saving Scheme’ offered by the government, which can be availed by those above 60 at a post office or a bank. Apart from tax benefits under Section 80C, SCSS has the advantage of premature withdrawals.

  2. Those in their golden years can otp for special annuity products offered by insurance companies like HDFC Life’s New Immediate Annuity Plan, which offers various annuity options.

  3. Unit Linked Insurance Plans (ULIPs) are a good option for fund generation for retirement as it allows exemption of up to Rs 1.5 lakh on premiums paid under Section 80C, ability to withdraw tax-free proceeds at maturity under Section 10D.

Community Manager.

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