No. Pradhan Mantri Vaya Vandana Yojana is not an annuity plan. The scheme comes with limited term pension offer. Hence, you would be receiving the regular steady pension income only during the policy period. Once the policy term of 10 years is completed, reinvesting offer can be considered only if the plan is available at that time. Interest rate on offer may also vary. Currently, Pradhan Mantri Vaya Vandana Yojana is available for investment only up till 31st March, 2020.