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Tuesday, March 21, 2023

ICICI Study Finds That Consumers Look Forward To Life After Retirement

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HT Bureau 

GUWAHATI, March 15: “Retirement is a pause and not a stop,” is the current attitude of Indians towards one of the most important milestones in their lives. This was revealed in an ICICI Prudential Life Insurance study titled “Is India prepared for retirement?” to understand people’s attitudes toward retirement planning. The findings show that retirement is viewed positively as a time full of possibilities. It is seen as a time when one can make a fresh start and live life the way one wants to. Continuing with the current lifestyle into their retirement is the topmost priority, as indicated by 83% of respondents. Currently, 11% of total income is channeled towards retirement-specific savings. Further, the survey reveals that the respondents consider an average corpus of ₹ 65.4 lacks as ideal for retirement.

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Interestingly, the findings reveal the emergence of a second front, i.e. a set of individuals who are well prepared to lead a financially independent retired life. They start investing for retirement even before they turn 40 and put aside an average of 17% of their income towards retirement. They invest mainly in NPS and retirement/annuity plans, besides fixed deposits, to become retirement-ready.

Commenting on the findings of the study, Manish Dubey, Chief Marketing Officer, ICICI Prudential Life Insurance, said, “India’s retirement population is growing rapidly and is projected to show a 41% increase by 2031. Additionally, with increasing life expectancy, a large segment of people will be looking for solutions to plan for a longer retirement. In our research, we found that more individuals are now viewing retirement as an opportunity to explore their interests, follow their passions, and spend time with family and friends. As per the findings of the study, 65% of people surveyed expressed their intention of investing in annuity products as part of their retirement planning process. In contrast, only 32% of respondents have invested in annuity products, highlighting the gap in retirement planning.”

“As one of the country’s largest pension and annuity providers, we endeavor to develop products keeping in mind the varied needs of customers. Through this study, we understood customers’ approach to retirement planning and have developed products that suitably address their retirement needs. These include guaranteed income for life, healthcare benefits, and flexibility to pay regular premiums. This also aligns with our vision of building an enduring institution that serves the protection and long-term saving needs of customers with sensitivity,” he added.

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The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur.
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