Pension Fund Market Is Booming Worldwide : HDFC Life Insurance, LIC Pension Fund, Aviva Life Insurance
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Summary
The Indian pension industry is a complex and fragmented system. However, the current demographic structure makes it one of the most feasible markets for pension fund providers. The fertility rate in the country has decreased drastically from 2.50 in 2011 to 2.22 in 2018. Further, the country's rich demographic dividend calls for a robust social security framework. The three most crucial elements of the industry are
The retirement fund corpus was worth ~INR 25,078 Bn in 2018 and is expected to reach INR 62,353 Bn by 2025, expanding at a compound annual growth rate of ~14.33 % during the 2020-2025 period.
The Indian government is restructuring the current pension system by promoting pension coverage among informal sector workers. The collected retirement fund corpus is invested in long-term growth projects, which accelerates the pace of economic development of the country.
The country's pension industry is highly underpenetrated as ~88% of the population does not possess any social security scheme, which indicates that the market has huge growth potential.
Market segment insights:
The retirement fund corpus is inclusive of contributions from
More than 40% of the current corpus is contributed by
Impact of COVID-19:
The impact of the pandemic on the Indian pension fund market is likely to intensify in the long run. The government has redesigned the interest rate, which is expected to diminish private savings and pension fund assets. Further, several policy decisions to support pension fund subscribers during the crisis period are expected to add to the problem of accounting and returns for industry players.
Companies covered:
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Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Roadmap for pension reforms in
Chapter 4: Demographic trend in
4.1. Population growth in
4.2. Fertility rate in
4.3. Average life expectancy in
4.4. State-wise elderly population in
Chapter 5:
5.1.
....Continued
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