Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Future Generali India Life Insurance Company Limited is now Generali Central Life Insurance Company Limited. Generali Central Life Insurance Company Limited – A joint venture between Generali – one of the world’s leading insurers and Central Bank of India, India’s finest nationalised bank.
Super Senior Citizen Tax Slab and Income Tax Benefits
2 mins
2.4KThe government has given much-needed consideration to those above 80 years of age, also termed as super seniors, by relaxing Income Tax rules for them. Here are a few ways one can save tax as a super senior in India:
1. Minimum taxable income:Super seniors generally receive income either as pension from their former employers or rent paid by tenants on a property that is owned by them. Apart from this, they also earn interest from deposits such as a savings account, fixed deposit(FD) or recurring deposit(RD) that they use as a tool to invest their savings. A significant tax benefit for super senior citizens is the revised income tax slabs with effect from the financial year 2018-19. As per the new rate, a yearly income equal to or below ₹ 5 lakhs is effectively tax-free. Income between ₹ 5lakhs to ₹10 lakhs is taxed at 20%, while a tax rate of 30% applies to income over and above ₹ 10 lakhs.
2. Increase in exemption on interest income: One can save tax as a super senior under Section 80TTB upto a maximum of ₹ 50,000 on income earned as interest from FD , RD, Post Office scheme , Senior Citizen Savings Scheme and savings account. This comes as a relief, considering most of them rely on these sources for a steady inflow of cash to fund their day to day needs. Earlier interest income for everyone, including super seniors, was calculated as per Section 80TTA , which placed them at a disadvantage.
3. Get more health coverage: The limit for health insurance premium has been increased by ₹ 20,000 to ₹50,000 under Section 80D, allowing tax benefit for super senior citizens. Health can be a significant concern for those above 80 years of age. This provision encourages them to opt for a better health cover with a comprehensive coverage by paying more and still save tax as a super senior. The tax benefits of Section 80D are also applicable to those buying health insurance for their super senior parents.
4. Medical expenses: Those suffering from a critical illness such as cancer, heart disorders, kidney ailments and several others can now claim more deduction towards their medical costs. Super senior citizens can now claim upto ₹1 lakh under Section 80DDB towards medical expenditure unlike ₹80,000 earlier. This move is aimed at reducing the financial burden of super senior citizens as well as ensuring that their health needs are taken care of.
Suggested Plans
Related Posts
We foster an inclusive workplace where diverse perspectives thrive, and every individual feels valued, respected, and empowered.
Tax Hacks
What are the special income tax benefits for women?
4 mins
18.8K
Posted on: Jul 30, 2025
Tax Hacks
What is the section 10(10D) tax benefit of Generali Central Big Dreams Plan?
2 mins
3.9K
Posted on: Jul 22, 2025
Tax Hacks
Which Generali Central Life Insurance plan can give me section 80C tax benefits?
2 mins
2.9K
Posted on: Jul 22, 2025
Get Expert Advice from Your Trusted Life Insurance Partner!
Have questions? Get help and reliable support from experts at Generali Central India Life Insurance.
Explore Knowledge Centre
From insurance basics to wealth-building strategies — everything you need, in one place.
Got Questions? We’ve Got Answers!
Here are answers to some of the questions you might have.
Life insurance is a financial safety net that supports your loved ones in your absence. If something happens to you, it provides them with funds to help cover everyday expenses, repay debts, and achieve future goals. It gives you peace of mind, knowing your family’s financial future is secure— no matter what.
The right plan depends on your needs.
Start by assessing your life stage, financial goals, and the needs of your family. Consider factors like your income, outstanding loans, future expenses and goals (like children’s education, foreign travel, study abroad), and desired coverage amount. We offer a wide range of plans that cover multiple goals and budgets. To get a better idea and make a confident choice consult with a financial advisor or call us on 1800 102 2355.
A good rule of thumb is to aim for coverage that's 10–15 times your annual income. Consider your family’s living expenses, outstanding loans, children’s education, and long-term goals. The right amount ensures your loved ones can maintain their lifestyle and meet future needs— even in your absence.
We would love to help you choose and buy the right policy for your needs. Call our toll-free number 1800 102 2355 or drop us an email at care@generalicentral.com.
Reach out to us in any way that you prefer, and our team of experts will soon get back to you!
Disclaimers
Understand your policy better with key details and insights into our Generali Central Life Insurance.
This Product is not available for online sale. Life Coverage is included in this Product. For detailed information on this plan including risk factors, exclusions, terms and conditions etc., please refer to the product brochure and consult your advisor, or, visit our website before concluding a sale. Tax benefits are as per the Income Tax Act 1961 and are subject to any amendment made thereto from time to time. If you have any request, grievance, complaint or feedback, you may reach out to us at care@generalicentral.com For further details please access the link: www.generalicentrallife.com/customer-service/grievance-redressal-procedure.
Subscribe to get our best content in your inbox
Subscribe to our newsletter and stay updated.