evidence: The Govt has now launched a similar scheme which is called as ‘Pradhan Mantri Vaya Vandana Yojana’ (PMVVY) on 4th May, 2017. Like VPBY, PMVVY is also a Pension scheme for Senior citizens who are above 60 years of age. The assured return on PMVVY would be 8%. [...] - The plan is open for subscription from 04-May-2017 to 03-May-2018. The scheme has been extended up to March 2020 (as per Budget 2018-19). - One time premium payment of around Rs 1,50,00/- fetches a monthly pension of Rs 1,000 for 10 years. (Under PMVBY, the pension was for life-long.) [...] Ceiling of maximum pension is for a family as a whole i.e. total amount of pension under all the PMVVY policies issued to a family under this plan shall not exceed the maximum pension limit. The family for this purpose will comprise of pensioner, his/her spouse and dependents.- As per Budget 2018-19, the investment limit of Rs 15 lakh is per Senior Citizen.The investment limit of Rs 7.5 lakh per family in the earlier scheme has been enhanced to Rs 15 lakh per senior citizen in the modified PMVVY, thereby providing a larger social security cover to the Senior citizens.Therefore, if your spouse is also a senior citizen, he/she can invest Rs 15 lacs in PMVVY too. Therefore, the two of you can invest a maximum of Rs 30 lacs in PMVVY scheme and can receive Rs 2.4 lakh as yearly pension (max).