India's Retirement Crisis: Longer Lives, Shorter Savings

India's demographic shifts, including a rising life expectancy to approximately 71 years and a move towards nuclear families, necessitate a re-evaluation of retirement planning. A notable disparity exists between individuals' desired retirement corpus and their actual savings, creating a retirement savings gap that demands attention.

Insurance-based retirement products are emerging as vital tools to address post-retirement challenges. These solutions aim to mitigate risks such as outliving savings, unexpected health costs, and the need for consistent income streams, providing individuals with greater financial security and peace of mind.

Experts advise aligning retirement plans with personal financial needs, risk appetite, and time horizons. While guaranteed plans suit conservative investors, market-linked options may appeal to those with a higher risk tolerance, offering potential growth to counter long-term inflation.