With the corporation of Life Insurance Corporation of India, Union Minister for Finance, Defence and Corporate Affairs has successfully launched Pradhan Mantri Vaya Vandana Yojana. PMVVY is an old age pension plan launched with the intent to provide steady and regular income to senior citizens. Furthermore, it also assures guaranteed interest of over 8% after the maturity of 10 years. However, this scheme is exempted from GST. This Scheme is valid till 3 May 2018.