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Consumers Are Optimistic About Retirement: ICICI Pru Life Insurance Study
According to the study, maintaining current lifestyles, travelling to spiritual locations and purchasing property is at the top of their list of post-retirement goals
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Consumers in the country view retirement as a period of maintenance, advancement and growth, according to an ICICI Prudential Life Insurance study.
The study, titled “Is India Prepared for Retirement?” surveyed over 1,100 people across the country and discovered that consumers now have a positive outlook on life after retirement.
According to the study, maintaining current lifestyles, travelling to spiritual locations and purchasing property is at the top of their list of post-retirement goals.
The study found that 78 per cent of those polled want to visit religious sites, while 76% want to buy a home.
According to the survey, 72 per cent of respondents were interested in starting a new business after retirement.
On the other hand, they are concerned about their post-retirement plans. Almost 67 per cent are concerned that a serious diagnosis of a terminal illness will deplete their savings. Another 66 per cent are concerned that inflation will force them to reduce their current standard of living. As many as 64 per cent of respondents are concerned about their spouse's financial security in the event of their death.
According to the report, the average ideal retirement corpus for Indians is Rs 65.4 lakh. Despite this, 69 per cent of those polled believe that a sum of up to Rs 50 lakh would be sufficient to see them through their retirement years.
Only 7 per cent of respondents said they needed a retirement corpus of more than Rs 1 crore, while 24 per cent thought a sum between Rs 50 lakh and Rs 1 crore was ideal.
A sizable proportion of respondents (46 per cent) were between the ages of 45 and 50, with 44 per cent nearing retirement (51-58 years). The remaining 10 per cent were between the ages of 60 and 75.
“It is clear that many people approaching retirement today are far more confident and at ease with beginning a new chapter in their lives. They want to keep their current lifestyle, travel, make new friends and live a happy life. Taking care of one's spouse is another important goal,” ICICI Prudential Life Insurance's chief marketing officer, Manish Dubey said.