Only 33% of retirees expect savings to last a decade: Axis Max Life

Even amongst those with health insurance 67% fear financial shortfall.

Insurance penetration remains uneven across two key groups shaping retirement demand in India, a Axis Max Life Insurance survey showed.

Amongst “empty nesters”, only 52% are covered by health insurance, even as they approach or enter retirement. 

Despite higher awareness, with 71% having started retirement investments, just 33% believe their savings will last more than 10 years after retirement, raising concerns about longevity risk and post-retirement medical costs.

The study also showed that life and health protection uptake is slightly stronger amongst the “sandwich generation”, who are supporting both parents and children. 

Around 78% of this group own life insurance, marginally above the national average, whilst 52% have health insurance cover. 

Even so, only 38% believe their savings will last beyond 10 years after retirement, and 76% worry about becoming financially dependent on their children.

The report also found that traditional expectations continue to shape protection gaps. 

Amongst sandwich generation respondents who have not started retirement planning, 40% expect their children to support them financially, and 37% rely on inherited wealth, limiting demand for formal insurance solutions.

Axis Max Life managing director and chief executive Sumit Madan said the findings point to a need for insurance products that address longer lifespans and rising healthcare costs, as more Indians move away from joint family support structures and rely on personal protection and savings for retirement security.