A bill to reduce by 50 percent the premiums for U.S. Government Life Insurance or National Service Life Insurance charge to persons who have attained age 65 and whose annual incomes do not exceed $10,000.

Reduces by 50 percent the premiums for United States Government Life Insurance or National Service Life Insurance charged to persons who have attained age 65 and whose annual income does not exceed $10,000. Excludes from the determination of such insured's annual income 100 percent of the amount of payments to such insured under public or private retirement, annuity, endowment, or similar plans or programs.