Important Indian Scheme · Senior Citizens
PM Vaya Vandana Yojana (PMVVY)
A pension scheme for senior citizens offering an assured return, operated through LIC.
Overview
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme for senior citizens launched in 2017 and operated by the Life Insurance Corporation of India (LIC). It provides social security during old age by offering an assured pension based on a guaranteed rate of return on the amount invested. Senior citizens aged 60 years and above can subscribe to the scheme, choosing to receive pension on a monthly, quarterly, half-yearly or yearly basis. The scheme protects elderly persons against a future fall in interest rates and provides a regular, stable income, making it a key old-age income-security measure.
Quick Snapshot
Launched2017
Operated ByLIC of India
Eligibility60 years & above
TypePension Scheme
Key Features & Objectives
1
Provides an assured pension to senior citizens based on a guaranteed return.
2
Available to citizens aged 60 years and above.
3
Pension payable monthly, quarterly, half-yearly or yearly as chosen by the subscriber.
4
Operated and managed by the Life Insurance Corporation of India (LIC).
5
Protects the elderly from market fluctuations and falling interest rates.
Key Facts at a Glance
Exam Focus: Remember PMVVY is a pension scheme (2017) for those aged 60+, operated by LIC, offering an assured return.
Practice MCQs
Q1. PM Vaya Vandana Yojana (PMVVY) is meant for which group?
A. Farmers
B. Senior citizens (60+) ✔
C. Students
D. Women entrepreneurs
Q2. PMVVY is operated by which institution?
A. SBI
B. LIC of India ✔
C. RBI
D. NABARD
Q3. PMVVY is primarily a:
A. Health insurance scheme
B. Pension scheme ✔
C. Housing scheme
D. Education loan scheme
Q4. In which year was PMVVY launched?
A. 2015
B. 2016
C. 2017 ✔
D. 2018
Q5. The minimum eligibility age for PMVVY is:
A. 55 years
B. 58 years
C. 60 years ✔
D. 65 years