Chennai, Jan 17 (UNI) Bharti Axa Life Insurance today launched ''Dream Life Pension,'' its first pension product in India.
Bharti Axa CFO V Srinivasan told reporters here AXA in its global research on retirement found Indians find life insurance the most suitable retirement planning tool, followed by bank deposits.
Seventy-five per cent of working people and 55 per cent of retired persons cited life insurance as their primary retirement planning tool.
"We believe the Dream Life Pension will offer a perfect retirement planning proposition to suit Indian customers' needs, much along the lines of the findings of the 'AXA Retirement Scope 2008: New Dynamics,' a global research study on retirement planning attitudes.
"The research indicated Indians started planning for retirement late, but believe their living standards will improve or at least remain the same after retirement.
"Fifty-six per cent of the working population have not started preparing for retirement citing 52 years as the expected age to start planning.
"This portrays the need for a retirement planning solution that not just rewards early beginners but also allows them to increase their quantum of investments with increasing income levels, thus helping them create a larger retirement kitty," he added.
Dream Life Pension, with its 'unique' 'Accumulator' feature enables policyholders to increase their premia with increasing income, thus helping them build a larger kitty that beats eroding factors like inflation and allows for a good standard of living even after retirement.
"By virtue of being a market-linked pension product, it offers better performance over the long-term and hence encourages investing early on in life," Mr Srinivasan claimed.
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