Bharti Axa Life Insurance, a joint venture between Bharti Enterprises and Axa of France, will focus on introducing retirement products. Unlike other life insurers, the company believes that retirement products are expected to receive a major boost in the years to come.
?We are planning to introduce more retirement products from the Axa?s platform, which are long term in nature and will ensure the customers a safe and secured retired life,? said V Srinivasan, chief financial officer, Bharti Axa.
Addressing a select press briefing here on Thursday, he said: ?We believe that our new products will offer a perfect retirement planning proposition to suit Indian customers? needs, much along the lines of the recent findings of Axa Life on the Indian insurance market.?
?We are looking at exploiting the Axa?s product lineup which is long-term in nature and ensures the customers to run a happy retired life without chaning their lifestyle,? he said adding ?we continue to innovate new products to suit the Indian customers? post-retirement life.?
A recent Axa Life research pointed out that Indians find life insurance the most suitable retirement planning tool, followed by bank deposits.
The Indians start planning for retirement late, but believe that their living standards will improve or at least remain the same after retirement.
Around 56% of the working population surveyed said that they have not started preparing for retirement and they cite 52 years as the expected age to start planning, he added.
?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 and this becomes necessary objective of efficient retirement planning.?
Srinivasan, who was here to announce the launch of its new retirement product – Dream Life Pension, said the product has unique accumulator feature which enables policyholders to increase their premiums with increasing income, thereby helping them build a larger kitty that beats eroding factors like inflation and allows for a good standard of living even after retirement.
