PM Vaya Vandana Yojana (PMVVY)

Designed specifically for senior citizens (60+), PMVVY provides a guaranteed pension - paid monthly, quarterly, half-yearly, or annually per the subscriber's choice - in exchange for a one-time lump-sum purchase, administered through LIC. It functions similarly in spirit to the Senior Citizen Savings Scheme (see our SCSS article) as a guaranteed-income retirement product, though the two have different structures, providers, and specific terms - worth comparing both before choosing where to place retirement savings meant to generate regular income.