Explanation:

PMVVY is a Pension Scheme announced by the Government of India exclusively for the senior citizens aged 60 years and above which is available from 4th May, 2017 to 3rd May, 2018.
The Scheme can be purchased offline as well as online through Life Insurance Corporation (LIC) of India which has been given the sole privilege to operate this Scheme.
 Under this scheme, there will be an assured return of 8 per cent over a tenure of 10 years. If there is a shortfall between the actual return earned under the scheme and the guaranteed return of 8 per cent then the government will subsidise LIC for it.
  One can invest in the pension scheme through both online and offline mode.
  Under the scheme the investor will get the option to choose between the mode of payment - monthly, quarterly,half-yearly and yearly. There is a minimum and maximum limit on the investment amount depending on the mode of pension chosen. For example if a person choses to receive the minimum pension available under the scheme (Rs 1,000 per month), then he will have to invest Rs 1.5 lakh but if the person chooses to receive Rs 12,000 annually, then Rs 1,44,578 will have to be invested.
    Premature withdrawal from the scheme is possible in case the money is required for the treatment of terminal or critical illness of the the person or spouse. In this case, 98 per cent of the amount invested will be refunded.
   In case of the death of the pensioner during the policy term of 10 years, the purchase price will be refunded to the beneficiary.  
  On the maturity , the pensioner will get back the amount invested along with the final installment of the pension.
   One can also avail a loan of up to 75 per cent of the amount invested after three years.