Nonetheless, the savings in absolute terms depends on the class in which the person is traveling and the total distance being traveled.

Also railways classify women as senior citizens at the age of 45 only but this categorization is just to get the ease in traveling. The concession in the rates can only be availed once the person completes 60 years and provides his/her senior citizen card while booking the ticket.

Savings Scheme

There are special savings schemes for senior citizens that enable them to earn an interest rate of 9% per annum. The minimum age to enter these savings schemes is also 60 years but the government has made a provision for individuals who have crossed 55 years of age. Such individuals may invest in these schemes subject to the following conditions:

• The person has retired under a voluntary retirement scheme or a special voluntary retirement scheme on the date of making the investment.
• The investment is made within three months of the date of retirement.
• A certificate from the employer, indicating the fact of retirement, retirement benefits, along with period of such employment with the employer, is attached with the application form.

The investor can make investments up to a maximum limit of Rs 15 lakh. The scheme has a term of 5 years with a clause to extend the tenure for an additional period of 3 years.

Insurance Schemes

Now when it comes to insurance schemes especially those related to life or health, insurers do not provide adequate cover for senior citizens or for people above 55 years of age. This is because the risk of claim increases with age. However there are companies that offer medical insurance policies to senior citizens but they charge a very high price. So it is better to take the medical insurance right now and avoid running from company to company at the older age.

If you are aware about these facts before you enter your retirement age, you will be able to claim the benefits without any hassle.