Directs the Administrator of Veterans' Affairs to pay a pension to each veteran who served in the active military, naval, or air service at any time during World War I and who is not eligible for other pension benefits. Defines World War I as meaning the period beginning on April 5, 1917, and ending on July 2, 1921. Provides for a schedule of pension payments under this Act. Provides that if the veteran is married and living with or reasonably contributing to the support of his spouse, or has a child or children, the monthly rate of pension under this Act shall be $150. Provides that if the veteran is unmarried (or married but not living with or reasonably contributing to the support of his spouse) and has no child, the monthly rate of pension shall be $135. Provides that if the veteran has a disability by reason of which he is permanently housebound, the monthly rate hereunder shall be increased by $50. Provides that veterans in need of regular aid and attendance shall have their monthly rates increased by $125. Directs the Administrator to pay to widows of veterans, receiving benefits under this Act at time of death, pension benefits as prescribed in this Act.