Posted at: Dec 7 2021 4:34PM
Kolkata, Dec 07 (UNI) Max Life Insurance Company, in partnership with Karvy Insights, today launched the first edition of its ‘India Retirement Index Study’ (IRIS) that maps the retirement preparedness of consumers in India.
The retirement focused survey aims to reveal the state of urban India’s preparedness to lead a healthy, peaceful, and financially independent retirement life.
According to the study, urban India’s Retirement Index (on a scale 0 to 100) stands at 44. The study further measures retirement preparedness on the basis of 3 components – health, financial and emotional index. The degree to which Indians feel financially secure for retirement or the ‘financial preparedness index’ stands at 50 indicating concerns over financial wellbeing. The ‘emotional preparedness index’, with respect to community support including family and friends for emotional, social needs during retirement, scored high at a notable 62. The ‘health preparedness index’ ranked
the lowest at 41 emerging as a key concern.
Commenting on the launch of IRIS, Prashant Tripathy, Managing Director and CEO, Max Life Insurance said, “As life expectancy rises and health patterns shift, retirement is set to become an important priority for a sizeable part of the population. Accentuated by the pandemic, the recent economic climate witnessed lower wage growth, financial uncertainty and job losses, resulting in
further straining individual, household incomes. It is therefore important to understand the sentiment
and challenges of our consumers today as we prepare for tomorrow. Our first edition of ‘India Retirement Index Study’ in partnership with Karvy Insights, serves as a comprehensive survey that gauges urban India’s behaviour and attitude toward retirement planning, savings, and investments in a deeply relevant manner. We are certain the study will create a benchmark for life insurance and offer insights to help innovate and meet the customers’ evolving needs as they inch towards retirement planning.”
Through a self-administered digital study, 1800+ respondents were surveyed across 28 cities comprising 6 metros, 12 Tier I and 10 Tier II cities to understand urban India’s readiness to lead a healthy, secured and financially independent retirement life.
Sonia Pall, CEO, Karvy Insights, remarked, “IRIS presents us with useful insights with regards to urban India’s attitudes towards retirement savings, investments, and the overall idea of financial protection during one’s golden years. It is a compelling take on urban India’s attitudes and preparedness for future retirement which comes at a time when future financial wellbeing and health matters are on
the minds of many. We’re happy to be associated with Max Life Insurance in their endeavour to ensure urban India’s financial protection across all stages of life.”