Government benefits · Senior Citizen
PMVVY (PM Vaya Vandana): deferred annuity from LIC for 60+
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Facts
PMVVY was a govt-backed LIC annuity scheme offering guaranteed 7.4% return for 10 years for senior citizens. As of 2023, PMVVY's new subscription period closed, but existing policyholders continue to earn returns.
Provisions and law
- LIC Scheme | Ministry of Finance | Guaranteed return annuity
Analysis
If you have an existing PMVVY policy: Returns continue until the 10-year term. Pension is taxable as income in your hands. The security is government-backed, no counterparty risk. For new senior citizen investors in 2026: SCSS + FRSB combination is now the recommended route since PMVVY is closed for new subscriptions. LIC's other annuity products (Jeevan Shanti, New Jeevan Nidhi) are alternatives at lower guaranteed rates.
Conclusion
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