Oriental Insurance Company entered into an agreement with Oriental Bank of ...
The result of the analysis on retirement investment plan, carried out by Max Life Insurance and Neilsen India revealed that 78% of the total employed population would opt for retirement plans. The study also disclosed that only 28% of the above 78% people actually take retirement plans.
This analysis was carried on a sample population of 1,100 respondents asking for their feedback on retirement planning. Geographical distribution wise of this survey showed that 89% in the north, 81% in east, 88% in west and 55% in south would like to invest in retirement plans.
Mrs. Anisha Motwani, Director and Chief Marketing Officer of Max Life Insurance said that most of the Indians traditionally believe that their children will take care of them during their later stage of the life. Survey result disclosed that 60% of the population is not sure of staying with their children during their retirement life and remaining 40% would like to stay.
The study also disclosed the fact that out of the total surveyed population in West zone only 85% people take in consideration inflation factor while planning retirement plan and 53% take into account rise in medical expenses.
With regard to the retirement plans, the company (Max Life Insurance) is targeting the customers with income bracket ranging from Rs. 5 – 8 lakhs and age between 38 – 45 years. It is encouraging people to buy retirement benefit and pension plan for them first before buying child plan. Mrs. Motwani further said that though the company is targeting customers in salary bracket of Rs. 5 – 8 lakhs, person having salary of Rs. 3 lakhs annually can also buy this type of plans from the company.