Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme initiated in 2017 specifically for senior citizens aged 60 years by the Ministry of Finance.

Key features of PMVVY-

• This is a scheme provided by India’s Life Insurance Corporation (LIC) that offers a guaranteed 10-year pension payout at a defined rate. In the context of the return of the purchase price to the nominee, it often provides a death benefit
• Depending on the sum invested in the programme, senior citizens will receive a minimum pension of 1,000 per month. The annual pension is limited to approximately 10,000 a month.
• Under the PMVVY scheme, one can spend a maximum sum of 15 lakh.
• After 3 policy years, loans up to 75 percent of the purchase price are permitted.
• The scheme is excluded from GST and aadhar has been made compulsory to benefit from the scheme.
• The minimum age for applying for PMVVY is 60 and there is no upper entry age limit.