evidence: How Can Seniors Benefit From Pradhan Mantri Vaya Vandana Yojana? Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme providing senior citizens with monthly pensions for up to 10 years. Learn more about its features and benefits. [...] The Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government-supported pension policy for senior citizens. This PMVVY plan is provided by the Life Insurance Corporation (LIC) of India for post-retirement financial planning. The plan offers 7.40 per cent annual interest on investments under the policy and is available to those over 60. The plan provides a monthly pension for a maximum of 10 years, allowing senior citizens to live a peaceful retirement life.