HT Bureau
GUWAHATI, Oct 28: Max Life Insurance Company Ltd. in partnership with Kantar, launched the second edition of the ‘India Retirement Index Study’ (IRIS). The study assesses urban India’s readiness to live a healthy, content, and financially independent retired life. Through a self-administered digital study, 3,220 respondents were surveyed across 28 cities comprising 6 metros, 12 Tier I, and 10 Tier II cities.
At 51, East India’s Retirement Index (on a scale of 0 to 100) tops retirement planning followed by West at 46, South at 43, and North at 41. Emotional preparedness in East India stood at 61indicating an increasing dependence on family, friends, and social support during retirement. Financial and health preparedness stood at 56 and 46, respectively.
V Viswan, deputy managing director, Max Life Insurance said, “The second edition of our retirement study reveals that while a majority look forward to retiring, they are not adequately prepared for a strong financial, emotional and healthy retirement. Despite East India showing a promising start with the majority already investing for retirement, still, a significant 22% population there believe their savings will exhaust within 5 years of their retirement life. This is an opportunity for us to drive greater efforts on the importance of early financial planning, ensuring long-term protection and security for our consumers.”
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To financially protect Indians during their retirement years, Max Life Insurance announced the launch of Max Life Pension Fund Management Limited in August. Establishing the pension fund management subsidiary is a critical lever of Max Life’s growth strategy of becoming a dominant player in the retirement space. Additionally, the life insurer plans to introduce products focused on annuity and retirement, enhancing the focus on driving opportunities in the segment.
