Bajaj Allianz Life Insurance on Wednesday launched an insurance coverage strategy providing a assured common deferred annuity through the post-retirement life.
With life expectancy in the nation increasing to 78 years, there is worry about men and women outliving their savings. Besides, India suffers from the highest retirement fund gap and there is no social safety, so the corporation believes there is have to have for such pension goods.
According to Tarun Chugh, MD and CEO, Bajaj Allianz, the retirement fund corpus in India in FY20 was at Rs 29 lakh crore and was acquiring annuitized at 1.25%, which worked out to Rs 36,000 crore. This was estimated to go up to a retirement corpus of `58 lakh crore by 2025 and 1.5% of this annuitized worked out to a Rs 87,000-crore chance.
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Chugh stated though it had been a challenging year for the life insurance coverage sector, Bajaj Allianz Life did not de-develop in any of the quarters due to the fact of innovations and use of technologies to e-meet and close policies and could finish up the with a 15% greater leading line.