“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 attitude towards retirement planning.
The most important details are that a corpus of ₹65.4 lakh is considered ideal for retirement. The findings of a study conducted by ICICI Prudential Life Insurance reveal that a growing segment of individuals are investing for retirement even before they turn 40. They invest mainly in NPS and retirement/annuity plans, besides fixed deposits, to become retirement-ready. The study also found that 65% of people surveyed expressed their intent of investing in annuity products as part of their retirement planning process, while only 32% have actually done so.
Retired individuals look for regular income devoid of market volatility, so a robust retirement plan should include this product in the portfolio. New-age annuity plans like ICICI Pru Guaranteed Pension Plan Flexi enable consumers to make regular contributions and systematically build retirement savings. Commenting on the findings of the study, Mr. Manish Dubey, Chief Marketing Officer, ICICI Prudential Life Insurance, said, “Additionally, with increasing life expectancy, a large segment of people will be looking for solutions to plan for a longer retirement.
