No Cover For The Aged

Avalamma is 58 years old; she lives alone on the outskirts of Bangalore with her 62-year-old husband. Their only source of income is a two-acre rice farm and a traditional LIC (Life Insurance Corporation) policy, which matured last year.But this money is not enough at a time when food and medical expenses are going up.” Read here


A delegation of the FORUM for Health Insurance of Senior Citizens met the Chairman Insurance Regulatory & Development Authority (IRDA) Shri J. Hari Narayan today in MUMBAI and urged upon him for early implementation of K. S. Sastry committee’s recommendations for health insurance of Sr Citizens.Read More

Health Insurance Not Forthcoming for Senior Citizens

The Committee appointed by the IRDA on health insurance for senior citizens submitted its report nearly six months ago. IRDA owes it to the senior citizens to inform them of the outcome of its deliberations on the Report. Senior citizens are quite exercised about it. The long delay in taking the follow up action is all the more surprising since the Report of the Committee, in which representatives of the insurance industry were adequately represented, was unanimous.Read this Article by K S Sastry

Indian Insurance

The details regarding types of Insurance and companies offering it, Read more

Long Term Care Insurance for the Elderly

Long-term-care insurance can pay for long-term care, either in an institution (such as a nursing home) or in a residence (such as an assisted living facility) or in one’s own home. Read More


Broadly speaking, the ageing of a population has been defined as an increase in the proportion of the aged vis-à-vis a decrease in the proportion of the young. There have been major occurrences in Asia that have impacted on the situation of the elderly: the decline in fertility that will gather further momentum in the twenty first century coupled with the continuing and steady decline in mortality which has resulted in significant changes in the size and structure of Asian populations. In India, the population of the elderly is growing rapidly and is emerging as a serious area of concern for the government and the policy planners. Read More

Health insurance for senior citizens

The Committee on Health Insurance for Senior citizens has asked the IRDA (Insurance Regulatory and Development Authority) to promote standalone health insurance companies as subsidiaries of insurance companies (life and non-life) and give them separate treatment to ensure their viability. Read more

Indian Insurance Glossary

Accident and Health Insurance – Coverage for accidental injury, accidental death, and related health expenses. Benefits will pay for preventative services, medical expenses and catastrophic care, with limits. Read in detail

Elder policy in UK: Read in Detail
Community-based health insurance schemes in India: A review:

There is an increasing inclination among multinational agencies—including the World Bank, World Health Organization and International Labour Organization—to advocate community-based health insurance (CBHI) schemes as part of a comprehensive solution to improving access for healthcare services in India. This paper reviews the experience of Indian CBHI schemes, their impact on health system goals, such as access to hospitalization and protection from indebtedness, and the factors—particularly scheme design and management—that may contribute to success. Read More

Insurance in India and important Links

Till 1999, there were not any private insurance companies in Indian insurance sector. The Govt. of India, then introduced the Insurance Regulatory and Development Authority Act (IRDA) in 1999, thereby de-regulating the insurance sector and allowing private companies into the insurance. Further, foreign investment was also allowed and capped at 26% holding in the Indian insurance companies. Since then, the Indian insurance sector is considered as a booming market and almost all major global insurance companies are entering or trying to enter the market.

Currently, the largest life insurance company, and several other General Insurance companies in India are still owned by the government, Though a number of Private players are entering the fray. Read in detail

Senior citizens demand implementation of Insurance recommendations

The Forum for Health Insurance of Senior Citizens on Jan 29 2008 demanded immediate implementation of recommendations made by the Health Insurance Committee.Read More

Fact on Health Care Spending,  See this detail report
Retirement Planning and You See this Complete Guide
Investment planning for All

Investing to save tax is something that we all do. And we tend to do it the same way, year after year. After all, this is an ‘end-of-the-year’ exercise and free time is scarce. Personalfn’s experience over the years suggests that in most instances, this practice simply amounts to making the same investment mistakes, year after year.

In our view, tax-planning is a part of financial planning and therefore it is very important to customise solutions to suit one’s profile. There is no logic to investing monies in an insurance policy or a tax-saving mutual fund just because your friend did so! When you go about planning, you shouldn’t be looking out for the best plan; instead, you need a plan which is best suited for your needs and profile. And to be able to do this, you need to invest time and resources to come up with what we call a smart investment plan. Read More

An Armchair Investor’s Guide to Targeted Retirement Plans:

See the Detail table

Senior Citizens Savings Scheme

The scheme is available for citizens above 60 years of age; however a provision has been put in place for individuals who have crossed 55 years of age. Such individuals may invest subject to, Read More

Plan now to retire rich

‘DO YOU have a plan for your retirement?’ Amazing how such a simple question can get wildly different answers. Read and retire rich

Deficiency of services in Banks

This Document is about grievances and complaints with the banks and how to deal with them. I have borrowed from RBI site. I have taken here only the salient points. At this site pertinent cases and judgments are also given. Read More

Financial and legal tips

It is important for a person with dementia to organise their financial and legal affairs while they are still able to do so. This ensures that their affairs will be organised in the future in a way that they have chosen. A person with dementia may want a friend or family member to help them with this – Courtesy: Alzheimer’s Society, UK.Read More

Reverse Mortgage in India:

This paper explores the prospects for reverse mortgage (RM) products in India. Developed countries are faced with severe budgetary constraints in sustaining their current universal and liberal old age social and income security (OASIS) programmes. Developing countries are slated to face acute problems in meeting the OASIS needs of their projected population of the elderly. Read in Detail

Reverse Mortgage

What is it and its future in India, an presentation courtesy IL & FS and Dignity Foundation, Read here


Senior Citizens are an increasing component of the Indian society and dependency in old age is increasing in the country. While on the one hand, there is significant increase in longevity and low mortality, on the other hand cost of good health care facilities is spiraling and there is little social security. Senior Citizens need a regular cashflow stream for supplementing pension/other income and addressing their financial needs. Secular increase in residential house prices has created considerable “home equity “wealth. For most Senior Citizens, the house is the largest component of their wealth. Conceptually, Reverse Mortgage seeks to monetize the house as an asset and specifically the owner’s equity in the house. The scheme involves the Senior Citizen borrower(s) mortgaging the house property to a lender, who then makes periodic payments to the borrower(s) during the latter’s lifetime. Read more

Income Tax in India

Income tax is a tax paid to the central government on personal income. According to Income Tax Act 1961, every person who is an assessee [an Assessee is a person by whom any tax or any other sum of money (eg. interest, penalty, fine, etc) is payable under the Income Tax Act] and whose total income exceeds the maximum exemption limit shall be chargeable to the income tax at the rate prescribed in the Finance Act. Read More

Tax Benefit For Elderly: Post Office Investors

In a pre-budget bonanza for senior citizens and the common man, the government has decided to extend the benefit of Section 80C of the Income Tax Act to the Senior Citizens Saving Scheme and five-year Post Office Time Deposit account. This will be applicable from April 1, 2007.
In addition, the government has announced that a bonus at the rate of 5 per cent will be paid on the Post Office Monthly Income Account at the time of repayment on maturity. Together with the bonus, the effective yield will be 8.9 per cent. Read in detail

Retiring Abroad May Not Be Paradise

Many of today’s graying expatriates are heading permanently offshore to stretch their nest egg. Jon and Gretchen Nickel, formerly of Portland, Ore., settled in Panama, where they say they can live like the rich without needing a big bankroll. Lee Harrison and Julie Lowrey, from Vermont, moved to Uruguay because the lower living costs allowed them to retire years early. Other expat retirees are seeking foreign adventure, cultural experiences and exotic travel, without having to board an airplane.

But retiring to a foreign land can present a number of challenges, from opening a local bank account to avoiding being gouged for services. And while many countries, from Belize to South Africa, offer inducements to attract foreign retirees, making sure you’ve got health insurance can be a big problem. Read more

Insurance Authority Seeks Clarifications on LIC’s Health Plan

Two days after the Life Insurance Corporation of India (LIC) launched Health Plus, its unit-linked health insurance policy ( ULIP), the Insurance Regulatory and Development Authority (Irda) has asked the insurance major to clarify the income tax benefits that would accrue to holders of the policy. Read more

Committee on Insurance and Pension

Insurance Regulatory and Development Authority (Irda) will not further tighten norms for insurance companies in which foreign firms hold stakes, as the global financial turmoil is unlikely to impact them, an official at the regulatory agency said.Read various articles

Old Age : Time Bomb Ahead

India’s old-age problem is not well-understood. Perhaps because India — with an average age of 26 years — is amongst the world’s youngest countries. The presence of 15 youngsters for every old Indian, a low dependency ratio, too is a smoked mirror. However, India will not remain young for very long — the above-60-years population would double to 160 million in the next two decades.Read More

Regulator Makes Case for ‘Defined Contribution’ Pension Scheme

“A separate committee is working on inviting applications from private parties. Most of the working class in our country is in the unorganized sector. We need to reach out to them in order to make ‘defined contribution’ pension scheme a success story,” said Chief Executive Officer N R Rayalu at the Pension Fund Convention 2008 held here on Friday. Read here

Don’t Privatize Social Security

Since its inception, Social Security has elevated millions of elderly Americans out of poverty, and provided them with the basic financial guarantees after a lifetime of hard work. Twenty percent of older Americans live solely off their Social Security benefits, and 60 percent of recipients rely on it for more than half of their incomes. It is the cornerstone of this country’s social compact.Read More

Haryana Introduces New Pension Scheme

The Haryana government on Monday decided to introduce a new pension scheme for its all government servants who have joined service on or after January 1, 2006. A decision to this effect was taken in a meeting of the state Cabinet. Read More

Social cash transfers for Asia

Ensuring social protection/social pensions in old age.In the context of rapid ageing Poverty reduction in old age is an area where the past and future converge. Despite unprecedented levels of economic growth and poverty reduction, there are still over 700 million people in Asia who cannot fulfill their basic needs. Many of them are old. It is in this context that social pensions are being discussed in the region. Know More

India: The Challenge of Old Age Income Security

A report by World Bank, Read here

National old age pension, Social Assistance Programme (NSAP)

NSAP stands for National Social Assistance Programme. This came into effect from 15th August, 1995. NSAP at present comprises of Indira Gandhi National Old Age Pension Scheme(IGNOAPS), National Family Benefit Scheme(NFBS) and Annapurna Scheme.Read in Detail

Pension Reforms in India

Read 4th Global Conference of Actuaries


The Government of Tamil Nadu is implementing the following Pension schemes, through
Revenue Department, to provide social security to the old aged / destitute persons in the State
who neither have any means of subsistence nor any relative to support them.Read More

PM launches Indira Gandhi National Old Age Pension Scheme

“I am extremely happy to be here today for launching the Indira Gandhi National Old Age Pension Scheme. This Indira Gandhi Old Age Pension scheme is a scheme which fulfils an important commitment of our government towards providing a social safety net for the poor and vulnerable. I am very pleased that a number of beneficiaries are present here today and sincerely hope that this scheme in an expanded version which provides relief to a large number of citizen.Read more about PM Speech


All States were requested on 17th October 2007 to identify additional number of beneficiaries to be covered under Indira Gandhi National Old Age Pension Scheme (IGNOAPS) which was formally launched on 19th November 2007 at the hands of Hon’ble Prime Minister. Old Age Pension were earlier provided under National Old Age Pension Scheme to persons who were 65 years or higher and ‘destitute’. As per the modified eligibility criteria old age pension under IGNOAPS is now to be granted to person who is 65 years or higher and belonging to a household below the poverty line according to the criteria prescribed by the Government of India.Read in Detail

Pension Reform in India,

Read in Detail

“MICRO-PENSION” Initiative for Self Help Groups

The Micro-Pension initiative facilitated by UTI Mutual Fund and REPCO Bank aims to provide the much needed social security cover for the low income group during their old age. Under the initiative, members of the Self Help Groups associated with REPCO Foundation for micro credit, will contribute minimum amount of Rs.100 every month towards UTI-Retirement Benefit Pension Fund up to the age of 55 years so as to enable them to receive pension in the form of periodical income/cashflow after they reach the age of 58 years. Read More

Pension Plans from LIC India

Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life. Read More

World Bank Pension Presentation,

click here

Schemes for payment of Pensions to Central Government of India

Read in Detail RREWA Pension Booklet

Preparation of Will by Elders

You may think that you do not have that much property to make a Will and you have a Joint Bank Account, Fixed Deposits etc with nominations done in all cases. This is not correct as nomination does not make the nominee its owner. Nomination grants only holding rights and not ownership.Read article by M.V. Ruparelia

What is Will

Will is a legal declaration of the intention of a testator with respect to his property, which he desires to be carried into effect after his death. It includes codicil and every writing making a voluntary posthumous disposition of property. It is testamentary instrument by which a person makes disposition of his property to take effect after his death, and which, in its own nature, is ambulatory and revocable during his life. Thus, a Will can be changed by the executant as and when he so likes. It is a secret and confidential document which the executant is never ordered to produce. Read in detail

Making Wills

Advance directives are the best possible assurance that decisions regarding your future medical care will reflect your own wishes, in the event that you are unable to voice these wishes. For this reason, every person aged 18 or over should prepare a directive. Read More

Types of Wills:-

1. Simple Will
2. Short form of Will
9. Will in favor of Wife

Types of Internet Fraud

Most offline fraud incidences happen as a result of theft of your mail, sensitive information related to your bank or credit card accounts, stolen atm/debit/credit cards, forged/ stolen cheques etc. You can protect yourself from such instances by exercising caution while receiving, storing and disposing your account statements as well as your cheques, atm/debit and credit cards.
Online fraud occurs when someone poses as a legitimate company (that may or may not be in order to obtain sensitive personal data and illegally conducts transactions on your existing accounts. Read in detail

E-security knowledge, Know More


Read in detail

Various Senior Citizen Welfare Scheme in India –

know more


Click Here

Grants and Funding for Senior Citizens of UK

Grants and funding for senior citizens are a necessary factor towards financing the retirement years especially if there is little income from a personal pension. It is a fact that four in ten people in the UK leave work with only around £10,000 with which to buy an annuity, and this is why state pensions are so important for a great number of senior citizens. Read More