Bharti AXA unveils pension product
Bharti AXA Life Insurance company on Monday unveiled a market-linked pension scheme and said it plans to launch a health insurance product in the next fiscal.
By PTI |
MUMBAI: Bharti AXA Life Insurance company on Monday unveiled a market-linked pension scheme and said it plans to launch a health insurance product in the next fiscal.
The Dream Life pension scheme enables policyholders to increase premiums with rising income, helping them build a larger kitty that beats eroding factors like inflation and allows for a good living standard after retirement, Bharti AXA’s chief executive officer, Nitin Chopra, told reporters. “By virtue of being a market-linked pension product, it offers performance over the long-term and hence encourages investing early on in life,” Mr Chopra said.
Bharti AXA is a joint venture between the Sunil Mittal-spearheaded Bharti Enterprises and French financial services firm AXA. Which has e1,315 billion in assets under management. Bharti holds 74% stake in the JV while the rest is with AXA Asia Pacific. The company also plans to launch its health insurance in the next financial year, Mr Chopra said.
AXA conducted a global research on retirement that revealed Indians find life insurance the most suitable retirement planning tool, followed by bank deposits.
Around 75% of working people and 55% of retired respondents cited life insurance as their primary retirement planning tool, he said. The research also stated that an average Indian worker saves Rs 2,184 per month for retirement, whereas a person who has now retired used to save Rs 1,627, suggesting the working population today is saving a higher amount in order to be able to lead a better life after retirement, Mr Chopra said.
The Dream Life pension scheme enables policyholders to increase premiums with rising income, helping them build a larger kitty that beats eroding factors like inflation and allows for a good living standard after retirement, Bharti AXA’s chief executive officer, Nitin Chopra, told reporters. “By virtue of being a market-linked pension product, it offers performance over the long-term and hence encourages investing early on in life,” Mr Chopra said.
Bharti AXA is a joint venture between the Sunil Mittal-spearheaded Bharti Enterprises and French financial services firm AXA. Which has e1,315 billion in assets under management. Bharti holds 74% stake in the JV while the rest is with AXA Asia Pacific. The company also plans to launch its health insurance in the next financial year, Mr Chopra said.
AXA conducted a global research on retirement that revealed Indians find life insurance the most suitable retirement planning tool, followed by bank deposits.
Around 75% of working people and 55% of retired respondents cited life insurance as their primary retirement planning tool, he said. The research also stated that an average Indian worker saves Rs 2,184 per month for retirement, whereas a person who has now retired used to save Rs 1,627, suggesting the working population today is saving a higher amount in order to be able to lead a better life after retirement, Mr Chopra said.
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