Page 47 - Insurance Times February 2023

Dr. Manoj Anand, Whole Time Member of
PFRDA, discussed the transition from defined
benefit to defined contribution pension systems.

"The goal of any pension scheme is to provide
elderly income security as well as a consistent
level of expenditure over time, particularly
relevant given the rising old age dependency
ratio (projected to reach 23% by 2035) and life
expectancy rate (18.9 in 2030). With defined
benefit pension plans increasingly becoming
unfeasible for employers, there is a global shift
toward defined contribution plans, fully funded
by individuals," he stated.

Dr Anand also highlighted that the personal
pension system consists of two pillars: the
financial, which includes the voluntary National Pension
offering protection to every segment of society," he pointed
Scheme (NPS) for both government and non-government
out.
sectors, Public Provident Fund, Atal Pension Yojana, mutual
Shri Debashish Panda also stated the Indian financial service in
fund retirement schemes, and retirement plans from
the last decade has been phenomenal with some game
insurance companies; and the nonfinancial, which
changers reforms like UPI, Aadhar, Jan Dhan Yojana etc . "We
encompasses family support, access to healthcare and
have achieved remarkable progress in terms of financial
housing.
inclusion and have built a large and engaged user base, vibrant
"Pension coverage has dramatically increased across both
startup ecosystem, and developed infrastructure and energy
the organized and unorganized sectors, with a number of
capabilities. To actualize our vision for a democratic India, we
government schemes, such as the Atal Pension Yojana,
must ensure that every person is insured," he added.
Pradhan Mantri Shram Jyoti Maldhan Yojana, and Pradhan
He also emphasized that investors should take advantage
Mantri Kisan Maldhan Yojana, being implemented to
of the growth of India's insurance industry.
provide pension to those in the unorganised sector," he said.
He also stated that the investors should also look at the
At the event, CII and KPMG jointly presented the report
insurance growth journey of India. Through CII, I would like
titled 'Enabling 'Insurance For All': Presentation and
to reach out to conglomerates in the country, individual
Transformation'.
investors who are interested to invest the money. " The top
Mr. Tapan Singhel, Chairman of CII National Committee on
5 insurance companies demonstrate an impressive return
Insurance & Pensions and Managing Director & CEO of Bajaj
on equity of about 20%, on average 16% for non- life and
Allianz General Insurance Co. Ltd., provided the closing
14% for life. Now is the time to redirect investment capital
remarks.
into this sector to benefit from these solid returns."
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42 January 2023 The Insurance Times