Life starts at 60, better say that!

New Delhi, September 30: : Cliched notions about grannies and grandpas spend their time reading novels, playing cards and circumbulating parks, are well, wrong when it comes to many modern day senior citizens.

Right from learning difficult dance moves to searching for jobs, the elderly have now shifted gears and are found engaging themselves in activities that one could not associate them with till some time back.

Today's senior citizens, who spent their youth rebuilding their lives post-Partition, are into more productive, stimulating and entertaining activities even in the twilight of their lives.

Investment in health insurance and pension benefits schemes is a part of the metaphorical dawn. They can be seen discussing investment plans with insurance agents, browsing the Internet to seek financial concessions available for senior citizens and watching business news channels to remain updated on the fluctuating market in dices.

65-year-old Ramaswamy, who lives in an old age home in the capital, keeps abreast with the latest market developments to invest in pension benefits and other health insurance policies to safeguard his future and for the financial support it privies in the absence of a regular income.

"We are living separate from our children. I have saved some money but it is fast diminishing. If I stop earning through the market, who will take care of me and my wife. Our son has invested in health insurance but that is for his tax benefits," says Ramaswamy, who has invested in Post Office Monthly Income Scheme and Senior Citizens' Savings Schemes that gives him a 10.5 per cent return, apart from switching funds time to time in fixed deposits of different banks.

According to a report by HelpAge India, India is home to over 80 million elderly. The figure is expected to increase to 177 million by 2025. Around 89 per cent of the people over the age of 60 are not covered under any post-retirement economic security schemes, according to "old age social and income security", a project commissioned by the Indian Government in 2000.

"Arguably, this is the next market that investment companies are looking to tap. Various investment plans for those above sixty years are availably in the market currently with the most popular being fixed deposits (FDs) which give them one to one and half per cent extra rate of return. Post office savings, Unit Linked plans and reverse mortgage are others specially designed for senior citizens," says a market expert who did not want to...

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Proud to be a BITSian by Partha Sarathy on 2008-11-07 07:54:02.222858+05:30
Its great to know that Mathew Cherian CEO Helpage India who graduated from BITS Pilani which is one among the top ranking universities in India today, sacrificed a lucrative career to take up social cause. He is indeed a role model for youth of today and a torch bearer for Brand BITS Pilani.

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