Standard deduction

I am a senior citizen with no pension income and I have only interest income and dividend income on which I pay tax. Now as announced in the latest budget, If I invest in Pradhan Mantri Vayavandhana Yojana scheme say 15 lakhs and say I receive 60,000 pension p.a.  On receipt of this pension am I eligible to claim Standard Deduction 40,000 or not ?. Pls note that I do not get any pension from any other source. Thanks and Regards. Subbu.