The Pradhan Mantri Vaya Vanda Yojana is a pension scheme for senior citizens. The scheme offers a 7.4% return per annum for ten years, and subscribers can choose to receive their monthly, quarterly, or yearly pensions. The maximum age for joining the scheme is 25 years. Depending on the type of plan, the subscriber may choose a monthly, quarterly, or yearly payment schedule.

In order to avail of the benefits of the scheme, the pensioner must fill up an application form and submit it to the insurance company. The form can be obtained from any branch office of LIC, or can be downloaded from the company’s website. The pensioner must also provide information about his or her risk profile and date of risk commencement. In case the individual decides to renew his or her policy or add riders, he or she must inform the insurance company of the same before the policy is issued.

The PMVVY scheme is a pension scheme that allows subscribers to withdraw money in case of a medical emergency. It allows subscribers to withdraw up to 98% of the purchase price in case of a critical illness. It also allows policyholders to invest multiple times, which means that the PMVVY plan allows them to reap benefits multiple times.

The PMVVY was introduced in 2017 as a means of providing social security and regular income for senior citizens. The scheme was initially limited to seventy thousand rupees per family, but this limit has been increased to INR 15,00,000. The PMVVY offers guaranteed returns of 8% per annum and is available in both online and offline modes.