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6 out of 10 in West India express positive sentiments towards retired life reveals Max Life study

by TLN Team November 4, 2022November 4, 2022
written by TLN Team November 4, 2022November 4, 2022
6 out of 10 in West India express positive sentiments towards retired life reveals Max Life study
  • Retirement index at 46, with financial and health preparedness at 48 and 42. Emotional preparedness high at 58
  • 42% view dependence on family during retirement
  • 29% fear savings will exhaust in five years

Max Life Insurance Company Ltd. (“Max Life”/ “Company”), in partnership with Kantar- the world’s leading marketing data and analytics company, launched the second edition of the ‘India Retirement Index Study’ (IRIS).

The study assesses urban Indias readiness to live a healthy, content, and financially independent retired life. Through a self-administered digital study 1 , 3,220 respondents were surveyed across 28 cities comprising 6 metros, 12 Tier I and 10 Tier II cities.

At 46, West India’s Retirement Index (on a scale of 0 to 100) is the second highest in retirement planning after East at 51 followed by South at 43 and North at 41.

Emotional preparedness in West stood at 58 indicating an increasing dependence on family, friends, and social support during retirement. Financial and health preparedness stood at 48 and 42, respectively.

V. Viswanand, Deputy Managing Director, Max Life Insurance said, “The second edition of our retirement study reveals that while a majority of India look forward to retiring, they are not adequately prepared for a strong financial, emotional and healthy retirement.

While over 60% in West India express a positive sentiment, there is an emerging concern among 41% who feel inflation will exhaust savings during their retirement years.

This is an opportunity for us to drive greater efforts on the importance of early financial planning, ensuring long-term financial protection of Indians.”

Outlook towards retirement

As per the study, 67% respondents in West India associated retirement with positive sentiments such as ‘more time to take care of family’, ‘tension free life’ and ‘more independence’. 33% associated it with negative sentiments, including 6% fearing they ‘might not be very fit healthy’ and 5% citing they ‘might not have enough financial savings’.

Emotional support ranked low in the order of priority when it came to retirement planning – only 9% considered ‘emotional support’ the most critical aspect during retirement, 61% considered ‘health’ important and 29% regarded ‘finances’ as the most crucial.

Significant number have started investing for retirement

62% respondents have already started investing for their retirement.

Top three reasons driving investment in financial products included ‘financial stability for children’ (36%) ‘investment giving good returns in the near future’ (36%) and ‘take care of family in medical emergency’ (35%).

Improved perception towards fitness;preventive checkups need attention

With a 4% jump, 47% in the region are hopeful of being fit and healthy in their retirement years. With a marked improvement from 33%, a strong 38% regularly participate in fitness activities.

Dependence on family increases; majority view financial independence during retirement Despite the trend of nuclear family households continuing, 42% will be dependent on family during retirement – an increase from 35% seen in IRIS 1.0.

Additionally, a significant 46% believe they will be financially independent during their retirement years.

While 47% in the region believe retirement planning is the first thing one should plan for when they start working, 86% respondents above 50 years believe they should have started investing for retirement earlier.

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.

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