About 72% employed people earnestly desire to invest in retirement plans but only 28% actually do so, according to a survey conducted by Max Life Insurance and Nielsen India. 

The key findings from a sample of nearly 1,100 respondents, seeking their opinion on retirement planning, indicated that 89% people in the north, 81% in the east, 88% in the west and only 55% in the south would like to invest in their retirement plans. But only an average 28% of them actually do so.

 “Most Indians believe that their children would take care of them in their old age. But 60% of the people surveyed were not sure if they would stay with their kids. And 40% of them “hoped” to do so,” said Anisha Motwani, Director and Chief Marketing Officer, Max Life. 

People drawing a minimum annual salary of Rs three lakh could also buy a retirement plan, something her company is targeting now. But Max Life is focussing on those in the pay bracket of Rs 5-8 lakh and in the age-group of 38 to 45 years, encouraging them to buy their own retirement and pension plans before they buy plans for their children.

 Across India, only 58% people are aware about retirement plans. About 85% of people surveyed in western zone do account for inflation when planning retirement funds and 53% are also aware of rise in medical expenses.

(This news copy has been corrected for a spelling error.)

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