By 2050, the senior population in India is predicted to total 30 crores. The aged must be seen as drivers of the development phase. Therefore, program and policy design at all levels must consider a goal to enhance their welfare.

Government Schemes for Senior Citizens

Here’s a brief of the latest schemes in India 2022:

Top 10 old-age schemes 2022:

  1. Indira Gandhi National Old Age Pension Scheme (IGNOAPS): Specifically created for elderly persons over 60 in mind who live in poverty in mind. The IGNOAPS provides financial assistance to those over 60.
  2. Pradhan Mantri Vaya Vandana Scheme: One of the most well-liked senior citizen pension plans in India is this one. The policy duration of this Prime Minister Old Age Scheme is ten years and is intended for seniors over the age of 60 years. The pensioner has the option of receiving payments monthly, quarterly, half-yearly, or annually. With this programme, you can accumulate 8% annual interest.
  3. Varishtha Pension Bima Yojana: For seniors over 60, the Ministry of Finance has created this pension programme. The right to run this programme belongs to the LIC of India. It offers guaranteed pensions with an average interest rate of 8% for up to ten years.
  4. Rashtriya Vayoshri Yojana: For older persons over 60 who fall under the BPL category, this programme offers medical help and facilitated tools. The Central Government provides all funding for this Central Sector Scheme.
  5. Varishta Mediclaim Policy: The cost of medications, plasma, emergency transportation, and other diagnosis-related expenses are all covered by this programme, which benefits older citizens. This aids in covering elderly adults' health-related expenses and is designed for seniors between the ages of 60 and 80.
  6. National Programme for the Healthcare of the Elderly (NPHCE):This programme, which was launched in 2010, focuses on both preventive and promotional care to maintain general health. The State Health Society is responsible for providing regional hospitals, community health centres, and sub-centre levels with specialised medical services.
  7. Pradhan Mantri Jan Arogya Yojana: The Ministry of Health and Family Welfare introduced this programme in 2018 to provide coverage for up to 10 crore members of low-income and vulnerable families. This programme offers coverage for up to Rs. Five lakhs for each hospitalisation for a family.
  8. Reverse Mortgage Scheme: The Ministry of Finance introduced this programme in 2007 to help the senior public. Their residential property may be mortgaged in exchange for a loan with a minimum term of 10 years and an amount equal to 60% of the home's worth.
  9. Vayoshreshtha Samman: This programme focuses on the elderly who have made noteworthy contributions to their fields and honours their work.
  10. Senior Citizens' Welfare Funds: This fund, established by the Ministry of Social Justice and Empowerment, contains unclaimed funds from savings accounts and small savings accounts under Central government programmes.


The issue of older persons is one that the Indian government is aware of. The government has created certain programmes to address their financial issues and assist people in maintaining their financial stability because the lower revenue flow also contributes to the problem. There are numerous health insurance options available to senior adults, as well as government programmes for this demographic.

Disclaimer: This article is for general information and should not be construed as investment advice. You should separately obtain independent advice when making decisions in these areas.