Delhi, India (PressExposure) April 14, 2009 -- According to our new research report titled âIndian Pension Fund Market Forecast to 2013â, with growing life expectancy and huge working population base, pension and annuity funds managed by life insurers are forecasted to grow at a CAGR of approx. 35% between 2008-09 and 2012-13.
Pension products contribution to the Indian life insurance industry will continue to rise in coming years as majority of the working population in India expects to have better quality of life or at least maintain the current living standards post-retirement. Moreover, most of the private companies in India do not provide pensions and employees typically depend on their provident fund for finance after retirement. In fact, provident fund financing in most of the cases remains insufficient to maintain the current living standards.
These pension plans are primarily targeted at the population in the age group of 35-45 years who has already completed saving for its protection needs and is looking for retirement plans. Young couples have also been found seeking retirement plans, but their number is relatively small and mainly noticed in metropolitan cities. However, the trend is gradually expanding to tier II and tier III cities.
Our research findings also reveal that pension plans account for close to 40% of the life insurance industry in terms of premium. Life Insurance Corporation (LIC) dominates the pension market while private life insurers are yet to take off. Private life insurers contributed just 7.5% to total pension insurance premium in 2007-08 but it is expected to rise to about 15% by 2012-13.
âIndian Pension Fund Market Forecast to 2013â is a comprehensive research report that comprises quality research and in-depth analysis on the pension market in India. It studies the emerging market trends, recent developments and their impact on the market. The report will help clients to analyze the leading-edge opportunities, prospective customer base, key players, expected future outlook and all the other factors which are critical to the success of a new entrant in the Indian Pension market.
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