evidence: The Government of India introduced the Pradhan Mantri Vaya Vandana Yojana scheme in 2017 to provide social security to elderly Indian citizens aged 60 years and above. The pension scheme, under the Ministry of Finance, is operated solely by the Life Insurance Corporation of India (LIC) on behalf of the government. [...] The assured rate of interest under the Pradhan Mantri Vaya Vandana Yojana is paid during the overall policy term of 10 years for purchase made till March 31, 2023. [...] The interest rate of both PMVVY and Senior Citizens Savings Scheme (SCSS) are close to 8% per annum. In the latter type of pension scheme, senior citizens can earn benefit from tax exemption if the total investment for the year is below INR 1.5 lakh. The interest earned on the PMVVY scheme is subject to tax deduction at source (TDS).