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.)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.