Page 30 - The Insurance Times September 2024

Pension to Elderly

Women- A step

towards dignified

grey years Dr. Seema Arora

Deputy Director
School of Insurance Studies,
National Law University, Jodhpur,

In India, joint family system was the basis to meet all the social security needs of the joint family
members, whether it was poor health, old age, financial or emotional support to the widow and
children of any deceased member of the family. With urbanization, industrialization and migration,
India witnessed a gradual disintegration of this system, which necessitated the need of a formal
social security system.

Introduction Demographic, social and economic
In India, joint family system was the basis to meet all the transition in India and its impact on
social security needs of the joint family members, whether
it was poor health, old age, financial or emotional support Indian women
to the widow and children of any deceased member of the Indian population is not only growing in numbers but also
family. With urbanization, industrialization and migration, ageing. We have been witnessing change in the structure of
India witnessed a gradual disintegration of this system, the Indian population owing to demographic transition. Due
which necessitated the need of a formal social security to increase in life expectancy and decrease in fertility levels,
system. An important aspect of social security is to provide India is witnessing an increase in the number of older persons.
pension to the elderly population. Considering the current
demographic and socio-economic indicators of India, there Population Ratio : The proportion of the Indian population
is a dire need for old age pension security for the Indian is tilted towards male population. The sex ratio of the total
women. population in India is 108.18 males per 100 females. There
are 717,100,970 or 717.10 million males and 662,903,415
This paper focuses on the demographic, social and economic or 662.90 million females in India (2020) The percentage of
changes impacting the life of women in India , the social the female population is 48.04 percent compared to 51.96
security need of the Indian women and the various options percent male population. If this ratio is seen in various age
of pension available to them viz: social pension schemes, brackets, then the number of males exceeds the number of
pensions available through employers in India , private females till the age 69 but beyond 70 years of age, there
pension schemes and the National pension scheme, the are more females than males in India. This proportion of
limitations and deterrents of these schemes and the females is increasing at more advanced ages.
desirable ramifications as to make them suitable for Indian
women. Life Expectancy : As per the economic survey 2021-2022 life

The Insurance Times September 2024 27