P. Jaipuria, secretary general, Insurance Institute of India, S.N. Bhattacharya, Secretary General, Life Insurance Council, Sat Pal Bhanoo, CEO & MD (In-charge), Life Insurance Corporation, Inderjeet Singh, Secretary General Insurance Council, Kavita Manmohan, Director – Academics, College of Insurance at an event in Mumbai to celebrate the 70th Foundation Day of III
A CEO panel highlighted the critical role of awareness, simplification of pension products, and governmental support to ensure financial security for all, especially as India faces an aging population and shifting societal structures
Mumbai: Insurance Institute of India(III) celebrated its 70th Foundation Day on Monday.
Addressing the event Sat Pal Bhanoo, , CEO & MD (In-charge), Life Insurance Corporation(LIC ) stated that III with help of Ministry of HRD should open institutes/ training centers at city level.
“Also III can introduce subject of insurance at elementary course published by the National Council of Educational Research and Training (NCERT) so that people at grass root level made aware about the insurance,’’ he urged.
During his address P. Jaipuria gave brief idea about III’a current activities and proposed future initiatives.
He outlined that that in partnership with the industry, regulator,academic entities and international associations III will pay its role in spreading insurance awareness.
He also mentioned that with the help of Govt. of Odisha new training facility will be started at Bhubaneshwar Educational Hub.
III also conducted a seminar on the topic “Sustainable Pension Systems in India: Challenges and Reforms in the 21st Century’’ .
(L to R)- Asit Rath, MD & CEO Aviva India, Krishan Mishra, CEO, FPSB India, Anup Bagchi, MD CEO, ICICI Prudential Life Insurance, Sriram Iyer, MD & CEO, HDFC Pension Fund Management, Pranay Ranjan Dwivedi. MD &CEO, SBI Pension Funds, Sumit Rai, MD &CEO, Edelweiss Life Insurance, Venky Iyer, MD &CEO, TATA AIA Life,P.K. Saxena, chief operating officer, LIC Pension Fund
The main objective of this seminar was to deliberate on the challenges and reforms needed in the 21 st century to provide a sustainable pension system.
P.K. Saxena, chief operating officer, LIC Pension Fund, while setting the context of seminar said India’s pension landscape currently has gaps.
Indian pension assets currently stand at just 17 % of GDP, compared to 80% in developed countries. To reduce the gap, we need to move toward integrated pension governance such as Universal Pension Scheme, ensuring all citizens,formal or informal, get covered under a single regulatory and technological framework, said Saxena.
“A multi-stakeholder approach involving policymakers, industry, educators, and regulators is essential to design sustainable pension solutions that withstand demographic and economic transformations in India to ensure financial dignity and independence for all with aim to protect low-income households, encourage long-term savings, and reduce future fiscal burden on the state,’’ stated Saxena.
Further, a CEO panel highlighted the critical role of awareness, simplification of pension products, and governmental support to ensure financial security for all, especially as India faces an aging population and shifting societal structures.
Moderated by Krishan Mishra, CEO, FPSB India, the CEO panel emphasised that pension planning must consider not only accumulation but also de-accumulation phases, longevity risk, and integration with health and social care ecosystems to ensure sustainable retirement welfare.
The panel consisted of Anup Bagchi, MD CEO, ICICI Prudential Life Insurance, Venky Iyer, Managing Director & CEO, TATA AIA Life Insurance, Asit Rath, MD & CEO Aviva India, Pranay Ranjan Dwivedi. MD &CEO, SBI Pension Funds, Sriram Iyer, MD & CEO, HDFC Pension Fund Management, Sumit Rai, MD &CEO, Edelweiss Life Insurance
The panel further deliberated on how the financial literacy in India remains low, and the concepts of pension are often misunderstood.
Collaboration between policymakers, pension fund managers, educators, and the insurance sector was stressed to build sustainable pension systems that cater to diverse populations, integrating health and social support, suggested the panel.
The panellists were unanimous that there is also need for greater efforts required in education starting from schools to motivate early and disciplined retirement planning.