Gradual improvement in Indians' retirement planning says report

Indians are demonstrating gradual headway in their retirement planning efforts, despite a prevailing lack of adequate retirement funds in the country, as indicated by a Max Life Insurance survey.

The India Retirement Index Study (IRIS), in collaboration with data analytics firm KANTAR, displayed a notable rise from 44 to 47 in the index, reflecting improved retirement planning perspectives. Surveying 2,093 participants across 28 Indian cities, the study assessed views on health, finance, and emotions.

Max Life's CEO Prashant Tripathy highlighted the emerging focus on health-related concerns, including health insurance and regular check-ups, though physical well-being was often overlooked. The survey revealed 44% possessing health insurance, with 58% undergoing health evaluations within the past three years. Tripathy noted robust health awareness in the eastern region and Tier 2 cities.

Regarding financial planning, the study unveiled that 90% of respondents regretted not initiating savings earlier, and 40% estimated their savings would sustain them for a mere 10 years post-retirement. Moreover, 40% of individuals hadn't yet commenced retirement investments. Tripathy emphasized India's gradual strides in retirement planning but underscored the insufficiency of retirement funds. He noted the existence of financial preparedness gaps in the landscape.