Pension Fund Market in India 2020

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Netscribes (Research on Global Markets)

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Market Scenario

The Indian pension industry is a complex and fragmented system. However, the current demographic structure makes it one of the most feasible markets for pension fund providers. The fertility rate in the country has decreased drastically from 2.50 in 2011 to 2.22 in 2018. Further, the country’s rich demographic dividend calls for a robust social security framework. The three most crucial elements of the industry are Employee Provident Fund (EPF), National Pension Scheme (NPS) and Public Provident Fund (PPF) catering to the needs of the different segments of population. The retirement fund corpus was worth ~INR 25,078 Bn in 2018 and is expected to reach INR 62,353 Bn by 2025, expanding at a compound annual growth rate of ~14.33 % during the 2020-2025 period. The Indian government is restructuring the current pension system by promoting pension coverage among informal sector workers. The collected retirement fund corpus is invested in long-term growth projects, which accelerates the pace of economic development of the country. The country’s pension industry is highly underpenetrated as ~88% of the population does not possess any social security scheme, which indicates that the market has huge growth potential. Market segment insights: The retirement fund corpus is inclusive of contributions from Employee Provident Fund and related plans, Life Insurance and Annuity schemes, Private Pension Fund, Public Provident Fund, and the National Pension Scheme. More than 40% of the current corpus is contributed by Employee Provident Fund, the most developed segment of retirement planning for the organized sector workforce. However, contributions from Life Insurance and Annuity plans are expected to grow significantly during the forecast period. With increasing financial inclusion, the market for Public Provident Fund and National Pension Scheme would expand exponentially, especially among those employed in the unorganized sector. Impact of COVID-19: The impact of the pandemic on the Indian pension fund market is likely to intensify in the long run. The government has redesigned the interest rate, which is expected to diminish private savings and pension fund assets. Further, several policy decisions to support pension fund subscribers during the crisis period are expected to add to the problem of accounting and returns for industry players. Companies covered: • HDFC Life Insurance Company Limited • Aviva Life Insurance Company India Limited • Aditya Birla Sun Life Pension Management Limited • HDFC Pension Management Company Limited • ICICI Prudential Pension Funds Management Company Limited • LIC Pension Fund Limited • Reliance Nippon Life Insurance Company Limited • SBI Pension Funds Private Limited • Tata AIA Life Insurance Company Limited • UTI Retirement Solutions Limited

Table of Contents

Chapter 1: Executive summary Chapter 2: Socio-economic indicators Chapter 3: Introduction 3.1. Market definition and structure 3.2. Roadmap for pension reforms in India Chapter 4: Demographic trend in India 4.1. Population growth in India 4.2. Fertility rate in India 4.3. Average life expectancy in India 4.4. State-wise elderly population in India Chapter 5: India – pension pillars analysis 5.1. India – pension pillars analysis Chapter 6: Market overview 6.1. India pension fund market – overview 6.1.1. Retirement fund corpus size and growth forecast (2018-2025e) Chapter 7: Market segmentation 7.1. India retirement fund corpus share based on category 7.2. India retirement fund corpus – Employees' Provident Fund Organisation (2018-2025e) 7.3. India retirement fund corpus – Life insurance/annuity (2018 - 2025e) 7.4. India retirement fund corpus – Private Pension Fund (2018-2025e) 7.5. India retirement fund corpus – Public Provident Fund (2018-2025e) 7.6. India retirement fund corpus – National Pension Scheme (2018-2025e) Chapter 8: Impact of COVID-19 8.1. Impact of COVID-19 Chapter 9: Market influencers 9.1. Market drivers 9.2. Market challengers Chapter 10: Market trends 10.1. Market trends Chapter 11: Competitive landscape 11.1. HDFC Life Insurance Company Limited – Company information – Business description – Products/services – Key people – Financial snapshot – Key ratios – Key financial performance indicators – Key business segments – Key geographical segments Note: Similar information covered for all other public companies. Private companies' data given on best effort basis. 11.2. Aviva Life Insurance Company India Limited 11.3. Aditya Birla Sun Life Pension Management Limited 11.4. HDFC Pension Management Company Limited 11.5. ICICI Prudential Pension Funds Management Company Limited 11.6. LIC Pension Fund Limited 11.7. Reliance Nippon Life Insurance Company Limited 11.8. SBI Pension Funds Private Limited 11.9. Tata AIA Life Insurance Company Limited 11.10. UTI Retirement Solutions Limited Chapter 12: Product benchmarking 12.1. Product benchmarking Chapter 13: Potential interventions in the pension fund ecosystem 13.1. Potential interventions in the pension fund ecosystem Chapter 14: Recent developments 14.1. Recent developments Chapter 15: Appendix 15.1. Research methodology 15.2. About Netscribes 15.3. Disclaimer


This research report involves complete picture of the market with the help of in-depth secondary and primary research. This research report studies several aspects of the market and analyze vital industry influencers. Extensive secondary research has been conducted using paid as well as open access data sources in order to gather information on the market and parent market. These key findings are then analyzed and validated with the help of in-house data models and primary discussions with key industry participants and experts across the value chain


Research Tools and Models

  • Top-Down Approach and Bottom-Up Approach
  • QFD Modeling for Market Size and Share Calculation
  • Regression, Variable and Impact Analysis
  • Penetration Modeling

Qualitative Research

  • It comprises briefing about market dynamics and business opportunities and strategies.
  • Finally, all the research findings are validated through interviews with in-house industry experts, freelance consultants and key opinion leaders etc.

Quantitative Research

It involves various mathematical tools, models, projection, and sampling techniques. It involves following steps:

  • Identification of market variables and market size derivation
  • Assessment of future prospects, opportunities and market penetration rates by analyzing product commercialization, regional trends etc.
  • Evaluation historical market trends and derivation of present and future year-on-year growth trends

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