Country Profile - India: Pension Reforms and the Emerging Annuity Market in India
Source: Asia Insurance Review | Jan 2009
India is a young country with the average age of its population being 26 years. But this may not continue for long as the growth rate of an elderly population (those above 60 years of age) is 3.8%, higher than the general population growth of 1.8%. Dr H Sadhak, CEO of LIC Pension Funds tells Asia Insurance Review that with the average life expectancy increasing and there being no universal social security in India, the New Pension System is seen as a welcome solution as it requires mandatory annuitisation at withdrawal. He also examines if India has a vibrant annuity market to support this mandatory requirement.
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