How to give 2/more years while checking condition

It's usually easier to structure these things by ordering them in reverse order...test whether the value is > 2years first, then, if not, test the value is > than 1 year, then otherwise the value must be < 1 year.

Your requirement is:

Date < 2 years : condition will be "New" ,Date > 2years & date <5years - condition will be "refurbished", Date >5 years condition = "require testing" 

So let's test if > 5 years first, then > 2 years second, otherwise it must be < 2 years.

It's usually easier to structure these things by ordering them in reverse order...test whether the value is > 2years first, then, if not, test the value is > than 1 year, then otherwise the value must be < 1 year.

Your requirement is:

Date < 2 years : condition will be "New" ,Date > 2years & date <5years - condition will be "refurbished", Date >5 years condition = "require testing" 

So let's test if > 5 years first, then > 2 years second, otherwise it must be < 2 years.

that's what how to give 2 years as in condition 

This is how I would structure it:

if(
  ri!vfm_lastupdate>today()+1825,"Testing Required",
  if(
    ri!vfm_lastupdate>today()+730,"Refurbished",
    "New"
  )
)

You may disagree about the actual values (I've used 5 years as 365*5, but you may want to throw in a leap year value)...same as the value for 2 years (I've used 365*2) but the principle is the same.

What about fn!edate() for adding months?

if(
  ri!vfm_lastupdate>fn!edate(today(),60),"Testing Required",
  if(
    ri!vfm_lastupdate>fn!edate(today(),24),"Refurbished",
    "New"
  )
)

Edit:  Didn't notice Stefan recommended edate() earlier :)