Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which was available from 4th May, 2017 to 31st March, 2020.  

• The scheme is now extended up to 31st March, 2023 for a further period of three years beyond 31st March, 2020. 
• Pension is payable at the end of each period, during the policy term of 10 years, as per the frequency of monthly/ quarterly/ half-yearly/ yearly as chosen by the pensioner at the time of purchase. 

• The scheme is exempted from GST. 
• Loan up to 75% of Purchase Price shall be allowed after 3 policy years (to meet the liquidity needs).  
• Loan interest shall be recovered from the pension installments and loan to be recovered from claim proceeds. 
• On death of the pensioner during the policy term of 10 years, the Purchase Price shall be paid to the beneficiary. 

Source: The Hindu