<h1>Government Launches PMVVY for Seniors: 8% Return Over 10 Years, Managed by LIC, GST Exempt, Ends May 2018.</h1> The government introduced the Pradhan Mantri Vaya Vandana Yojana (PMVVY) to provide financial security for individuals aged 60 and above, offering an assured 8% annual return for 10 years. The Life Insurance Corporation of India manages the scheme, and the government subsidizes any shortfall. The scheme, exempt from GST, requires a minimum investment of Rs. 1,50,000 for a Rs. 1,000 monthly pension, with a maximum of Rs. 7,50,000 for Rs. 5,000 monthly. It is open until May 3, 2018. Separately, the Senior Citizens Savings Scheme offers 8.3% interest, with tax benefits under section 80C, but interest is taxable.