evidence: Pradhan Mantri Vaya Vandana Yojana is an insurance policy-cum-pension scheme that provides alternative avenues of income to senior citizens of the country. Backed by the Indian government, this pension plan is provided by Life Insurance Corporation (LIC), which caters to one’s need for post-retirement financial planning. [...] PMVVY gives a guaranteed pension payout at a specified rate for 10 years. This scheme will provide an assured return of 7.4% per annum, which will be payable monthly for the entire duration of 10 years. [...] Pradhan Mantri Vaya Vandana Yojana Interest Rate - The scheme will initially provide an assured rate of return of 7.40 % per annum for the year 2023-24 and thereafter to be reset every year.