The average age of Indians is on the rise mostly because of the better economic status and healthcare facilities that have emerged over the years.
Life expectancy in years; Source: Unicef
The gender gap
(No. of men and women over 60 years in India)
Rates of relevance for seniors
|Taxable Income (Rs)||Tax Liability (Rs)|
|After full benefit of Section 80C and Section 80D; Tax liability includes surcharge and education cess and has been calculated for the financial year 2008-9.|
|Total Income (Rs)||Senior Citizens|
|Up to Rs 2.25 lakh||Nil|
|Rs 2.25 lakh to Rs 3 lakh||10|
|Rs 3 lakh to Rs 5 lakh||20|
|Above Rs 5 lakh||30|
|• A surcharge of 10% is applicable if the total income exceeds Rs 10 lakh.|
|• Education cess of 3% is payable on the amount of income tax (including surcharge) for all income levels.|
A look at the premium rates for various mediclaim policies for senior citizens across insurance companies.
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