PM Vaya Vandana Yojana

By Imran Khan20 May 2026

Last Updated

July 2026 Fact Checked By: Schemewala Editorial Team

Quick Summary

Detail	Information
Scheme Name	Pradhan Mantri Vaya Vandana Yojana (PMVVY)
Operator	LIC of India
Current Status	CLOSED for new investments (as of March 31, 2023)
Best Alternative	Senior Citizen Savings Scheme (SCSS)

About the Scheme (2026 Reality Check)

The PMVVY was a highly popular pension scheme exclusively for senior citizens (aged 60 and above), operated by LIC, which provided an assured return (pension) for 10 years. The Current Reality: If an agent is trying to sell you a "new PMVVY policy" in 2026, it is a mis-selling tactic. The Government of India officially closed this scheme for new subscriptions on March 31, 2023, and it has not been extended.

What happens to Existing Policyholders?

If you invested in PMVVY before the 2023 deadline, you have nothing to worry about.

Locked-in Returns: Your policy remains active, and you will continue to receive your guaranteed pension (at the exact interest rate promised when you signed up) for the entire 10-year tenure of your policy.
Management: You can manage your policy, change bank details, or surrender it prematurely (only for critical illness) through your local LIC branch or the LIC digital portal.

Actionable Advice: The Best Alternatives in 2026

Since PMVVY is closed, where should a senior citizen invest their retirement corpus for safe, guaranteed returns?

Senior Citizen Savings Scheme (SCSS): This is the direct government replacement for safe returns. Available at banks and post offices, it offers a high interest rate, paid out quarterly, with a maximum investment limit of ₹30 Lakh.
Post Office Monthly Income Scheme (POMIS): Provides a steady monthly income, guaranteed by the sovereign.
LIC Saral Pension Plan: A standard immediate annuity plan where you pay a lump sum once and get a guaranteed pension for life.