Max Life Insurance Company Ltd. (“Max Life”/ “Company”) has unveiled the findings of the third edition of its retirement survey, India Retirement Index Study (IRIS), conducted in partnership with KANTAR, the world’s leading marketing data and analytics company. The survey assesses urban India’s preparedness to live a healthy, peaceful, and financially secure retired life. For the digital study*, 2,093 respondents were surveyed across 28 cities in India.
Urban India’s retirement index has risen from 44 to 47, attributed to a 3 point increase in health awareness from 41 in IRIS 2.0 to 44 in IRIS 3.0. Urban Indians are increasingly recognizing retirement as a stress-free life, with a higher retirement sentiment (73%) than IRIS 2.0.
They associate it with positive emotions like family time, independence, and luxury travel, while others associate it with negative feelings like unhealthy lifestyles, reduced savings, and lack of purpose. However, 2 out of 5 urban Indians worry about their savings depleting within five years of retirement. Prashant Tripathy, Managing Director & CEO, Max Life said, “Our study provides insight on the barriers to being retirement-ready amongst urban Indians, as well as the advancements made by them in ensuring preparedness.”