Budget 2017: FM proposes guaranteed pension product from LIC

Finance Minister Arun Jaitley offered Aadhar based Smart cards containing health details to the senior citizens. A scheme offering 8% guaranteed pension by LIC is the only other thing that the senior citizens could take home in Union Budget 2017. The details of the scheme will be announced by LIC soon. The senior citizens had high hopes from the Union Budget 2017. However most expectations did not materialise. There was a hope of a hike in health insurance tax benefit to Rs 50,000 for senior citizen. There was also expectation of tax sops under Section 80C of the Income Tax Act.Senior citizens however got some solace in the form of no tax if they have income up to Rs 3 lakh. If a senior citizen has income up to Rs 4.5 lakh and he avails of the tax benefit under Section 80C, he need not pay any tax. There was a hope that the finance minister will further announce more investments in healthcare for the senior citizens. However no such investments were announced by finance minister barring the pilot project of smart health cards for senior citizens.