Just 13 per cent Indians have pension cover: Study

Just 13 per cent Indians have pension cover: StudyA recently conducted survey- 'The Future of Retirement' by HSBC Life Insurance has put light over ignorance of Indians about pension cover. As much as 58 per cent people in India, despite being residents of highest saving nation in the world, are not clears as how to fund their retirement.

It has been found that only 13 per cent of the Indian population has been covered under formal pension schemes, indicating worrisome picture of social security network. Old age people may have to face problems in coming times given to rising medical expenditures and decreasing life expectancy.

Canara HSBC Oriental Bank of Commerce Life Insurance said, "According to the survey, at present, formal pension arrangements cover only 13 per cent of the country's paid employees in India, with a total of 284 million people without pension coverage."

The research has found about 28.4 crore people without any pension cover in the country, having average age of a person at 26 years. People probably overlook pension schemes at this young age but the scenario will not remain so far ever as dependent people in India will significantly increase by 2050.