evidence: Update till 10 June 2020. Pradhan Mantri Vaya Vandana Yojna or PMVVY is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May 2017. It was officially inaugurated by then FM Late Sh Arun Jaitley on 21/07/2017. [...] Pradhan Mantri Vaya Vandana Yojna or PMVVY is immediate pension scheme for senior citizens. You can call it annuity plan for the central government as LIC is just the medium to distribute this scheme. [...] For senior citizens, very few schemes are left with the assured return. 7 -8% for next 10 years is not bad at all. It is far better than FD which currently is around 5%-7% for senior citizens.