Page 21 - Insurance Times March 2016 Sample

dents who stood first in different examinations. It is cor-
rect that not many aspirants take up insurance as a ca-
reer.
However, once they join they are extremely enthusiastic
on account of wide range of opportunities and foreign
assignments. We are endorsed by several high profile com-
panies in insurance, banking, IT and Consultancies. How-
ever, we are always on the path to set higher benchmark
which time will show.
Dr.Chattoraj - What has been the most defining
moment of your life?
Prof Grover - I may have several claims to success. But
these should come from those who are associated with the
industry. I feel my team is highly motivated by the en-
dorsement we have from our alumni, top management of
Healthcare main worry post-retirement
Some of the main worries about life after retirement are
healthcare costs and being able to meet expenses, finds a
study by DBS. Overall retirement wellness index in India
was at 69 points, with health having a slightly stronger im-
pact than social and financial aspects on successful retire-
ment. Across the three aspects, Indians are more prepared
on the health aspect.
Among the six cities in the study, respondents from Delhi
were most prepared for retirement (75 points), while those
from Kolkata were the least prepared (58 points). In terms
of gender, women showed higher levels of preparedness
(72 points) versus men (66 points), while those in the higher Retirement ready
age group of 50-60 years did better, though marginally, than
the 40-49 years group.
The survey was conducted using quantitative online inter-
views during the 7-24 November 2015 period. The sample
size was 1,004-with 538 men and 466 women; 642 respon-
dents in the 40-49 years age group and 362 in the 50-60
years age group, from Delhi, Mumbai, Bengaluru, Chennai,
Hyderabad and Kolkata.
Those with personal income of over Rs.1 lakh or assets un-
der management of Rs.30 lakh were considered affluent;
322 respondents were from this category and 682 were
from the mass or emerging affluent category.
The ability to afford their medical cost emerged as the top
insurance companies, IT, Bank and Consultancies who
picked up our students for different roles.
Some of the companies have instituted annual awards for
some students in recognition of the role of the Institution
coming to the high point.
I must acknowledge the contribution of my colleagues like
Shri K.C Sethi, Shri O.P Gupta and Mr. S.P Wadhawan who
have since left and others with us. I initiated a campaign
on human values inspired by the dedicated commitment of
our Chairperson Dr. (Mrs.) Amita Chauhan in setting up
NGO Foundation 'Amitasha', looking after girl child from
weaker sections of society.
Initially, it was a one day effort but soon turned into a
movement adopted by the university under the inspiring
leadership of Dr. Ashok K. Chauhan, Founder President.
This has indeed been a high mark of immense satisfaction.
concern among Indians when they retire. Further, 1 in 3
was not sure how to estimate health care costs during re-
tirement. Having to dip into savings to cover these costs
was also a cause of worry. Respondents were also unsure of
which type of insurance to buy to be able to cover healthcare
and medical expenses.
Those from Hyderabad and Delhi were the most confident
(78 points each) in terms of being prepared for health re-
lated issues. But respondents from Kolkata (64) and Chennai
(70) were the least prepared.
Among those who participated in the study, the average
age at which they started to plan for retirement was 40
years. And to build a corpus, they set aside 26% of their
monthly income to prepare for retirement at 61 years of
age.
Confidence levels were high but actual preparedness did
not meet the same levels. More than 70% participants said
they were confident of their ability to pursue a comfortable
retirement while another 62% are confident of ensuring
that their savings and investments are able to cover them
fully during retirement. But the estimates about how much
would be needed per month after retirement seems to be
on the lower side. (Source: Mint)
The Insurance Times, March 2016 21