Most Indian households fall victim to optimism bias, the deep-seated belief that “things will work out” or that a future windfall will solve our problems. We prioritize the “now” over the “later,” often diverting potential retirement savings toward immediate life-stage costs like lavish weddings or a child’s foreign education.

Anurag Gupta, Director & Chief Business Officer, Partnership Channel, Axis Max Life Insurance Ltd, said, “Data from the India Retirement Index Study (IRIS) 5.0 reveals a persistent Dependency Bias, with a significant portion of Indians still viewing their children as their ultimate safety net. However, as urban migration and nuclear families become the norm, this cultural contract is fraying. Coupled with Inaction Bias, the tendency to procrastinate because the goal feels too distant to be tangible, we find ourselves in a state of “disciplined delay,” waiting for a “perfect time” to start that never actually arrives.“

Decoding the Gap – The Math of Reality

High financial literacy has not yet translated into emotional ownership. We understand an “Annuity” as a product, but not as a future lifeline. To bridge the gap, we must look at the “hidden thief” of retirement: Inflation.

Consider the cost of basic sustenance. If your monthly household expenses, groceries, fuel, and utilities, are ₹50,000 today, the compounding effect of inflation (historically around 6% for basic commodities) creates a staggering future liability:

• In 10 years: That same lifestyle will cost roughly ₹89,500.
• In 20 years: It jumps to ₹1,60,000.
• In 30 years: You will need nearly ₹2,87,000 every month just to maintain your current standard of living.

The IRIS 5.0 findings suggest that while India’s overall retirement index score has improved to 46, the “Financial” pillar continues to lag. Many Indians are saving, but they are not saving enough to counter the eroding power of inflation over a 20-to-30-year horizon.

The Health-Wealth Intersection: A striking insight from IRIS 5.0 is the rise of the Health Preparedness Index. Retirement planning is no longer just about “income replacement”; it is about medical dignity.

With healthcare costs in India rising at nearly double the rate of general inflation, financial ownership is your only shield against becoming a financial burden on your family. In Tier 2 and 3 geographies, the shift away from joint family structures means “Self-Reliance” is no longer a choice, but a geographic-neutral necessity. A medical emergency in your 70s requires immediate liquidity, not a piece of illiquid ancestral land.

The traditional Indian obsession with “Lumpy Assets”, gold and vacant land, needs a modern rethink. We often see retirees who are “asset rich but cash poor.” You cannot liquidate a small fraction of a gold biscuit or a square foot of land immediately to pay a monthly pharmacy bill or electricity charge.

This is the Liquidity Trap. IRIS 5.0 highlights that a vast majority of Indian retirement savings are locked in instruments that do not offer regular, predictable cash flow. The goal is to ensure the “kitchen fire keeps burning” every month. This requires a shift toward Annuities and pension products that provide a steady, guaranteed stream of income, ensuring your wealth is accessible exactly when you need it.

The Three-Step Ownership Roadmap

To move from being a bystander to an owner, one should follow this simplified framework:

1. The Mirror Test: Calculate what you actually spend today. This is your non-negotiable baseline.
2. The Gap Analysis: IRIS 5.0 shows that many believe employer-provided funds (EPF) are sufficient. In reality, these often cover less than 40% of the required retirement corpus. Identify your specific shortfall.
3. The Micro-Start: Ownership begins with the first premium. The magic of compounding values time more than the ticket size. Starting small today is infinitely better than starting “big” five years too late.

Perhaps the most telling data point from IRIS 5.0 is the correlation between planning and mental well-being. Early planners report significantly lower anxiety levels and higher overall life satisfaction. Retirement ownership is not just about having a bank balance tomorrow; it is about having Mental Peace today.

When you bridge the divide between knowing and doing, you reclaim control over your future. Moving from a “reader” to a “policyholder” is the single most important act of self-care you can perform. Start today, because your future self is counting on your action, not just your awareness. 

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The initiative was held as part of the Maharashtra State Insurance Awareness Plan, allocated by the Insurance Regulatory and Development Authority of India (IRDAI), with ABS LI being appointed as the lead life insurer for the State. Over several weeks, ABSLI organised awareness sessions in various Gram Panchayats across Pune district, covering blocks such as Mulshi, Ambegaon, Khed, Daund, Bhor, Junnar, Indapur, and Maval. To ensure the sessions were relatable and engaging, ABSLI introduced a gamified learning tool, a life-sized Snakes and Ladders board, to help villagers grasp insurance concepts simply and enjoyably.

Kamlesh Rao, MD & CEO, Aditya Birla Sun Life Insurance Company Limited, said, “At Aditya Birla Sun Life Insurance, we are deeply committed to driving insurance inclusion at the grassroots level. Through our efforts, we are not just spreading awareness; we are fostering a culture of financial responsibility and long-term security. We believe that every individual, regardless of where they live, deserves access to the knowledge and tools that can safeguard their family’s future.”

The event was attended by local students, teachers, and community members, who participated with great enthusiasm. Inside classrooms decorated with educational charts, students listened attentively as ABSLI representatives explained insurance concepts in a simple and relatable manner. The sessions were marked by curiosity and active engagement, reinforcing ABSLI’s commitment to supporting IRDAI’s vision of ‘Insurance for All by 2047’

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PATNA: Kavin Khanna, a 17-year-old, Dubai-based student from Jumeirah College, has partnered with KCS Foundation India to launch the Skill Leap Project—a transformative digital literacy initiative that has already empowered over 2,700 underprivileged students in rural Bihar. The project aims to bridge the digital divide and foster digital empowerment by setting up advanced computer labs and delivering a future-ready curriculum.

The first Skill Leap lab was inaugurated in September 2023 at Village Kaina, District Samastipur in Bihar, equipped with 20 state-of-the-art computers and supported by three full-time local teachers. The initiative is run in collaboration with the KCS Foundation, a community-focused non-profit registered under NITI Aayog (DARPAN). The foundation provided ground-level support in identifying the school, staffing, and sustaining the program.

Kavin, who leads the initiative remotely from Dubai, conducts weekly interactive online sessions with students and visits the Bihar center in April 2025 to engage with teachers and students through workshops and motivational sessions. His efforts have been supported by nearly $10,000 in fundraising from global contributors.

What sets Skill Leap apart is its structured, future-focused curriculum, designed by Kavin in consultation with educators and technologists. Students are trained in digital literacy, computer operations, coding, artificial intelligence (AI), and practical financial literacy. The curriculum blends foundational skills with real-world applications—preparing students not only to participate in the digital economy but to thrive in it.

Reflecting on his mission, Kavin Khanna said, “Skill Leap is more than a project—it’s a movement fueled by belief in the power of equal opportunity. Watching over 2,700 students from rural Bihar step into a digital classroom, many for the first time in their lives, has been deeply humbling. We’re not just teaching students how to use technology; we’re showing them they are part of a larger world, full of possibility. If we can spark confidence in just one child to dream bigger and pursue a different future, then every effort has been worth it. This is just the beginning—we’re building a foundation for lifelong change.”

The Skill Leap curriculum covers digital literacy, basic computer operations, coding, artificial intelligence, and financial skills, designed to equip students with the knowledge needed to succeed in today’s tech-driven world.

Pankaj Jha, Founder of KCS Foundation, added, “When a young changemaker like Kavin joins hands with a grassroots organisation like ours, real impact unfolds. His vision, energy, and unwavering commitment have helped us bring digital education to the corners of Bihar that are often forgotten. The transformation we’re witnessing is profound; children who had never touched a computer are now learning to code, explore AI, and think critically. This initiative is bridging more than just the digital divide—it’s restoring confidence and hope in these communities. We are proud to be partners in this journey of empowerment.”

With expansion plans underway, the Skill Leap Project aims to replicate its impact in other underserved regions of India. By uniting the energy of youth leadership with grassroots expertise, the project stands as a compelling model for scalable and sustainable change in education.

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The conference has been held as part of the 4th G-20 Education Working Group (EdWG) meeting being organized at Savitribai Phule University, Pune from 17th to 22nd June 2023. Sampark Foundation’s participation in the event underscores its commitment to improving foundational skills in literacy and numeracy, crucial for lifelong learning.

With a focus on promoting Foundational Literacy and Numeracy (FLN) in India, the event has provided an opportunity for experts and stakeholders to collaborate and discuss crucial aspects of educational development. Mr. Vineet Nayar, Founder Chairman of Sampark Foundation, was invited by the Ministry of Education to participate as an expert in the field of education, particularly in the domain of Foundational Literacy and Numeracy.

Speaking at the National Conference, Shri Vineet Nayar, Founder Chairman of Sampark Foundation said, “I am honored to be invited as an expert in the field of education and share my views on Foundational Literacy and Numeracy. The topic is close to our hearts for all of us at Sampark and I look forward to sharing this passion in the discussions during the event with other experts and stakeholders and contributing to the ongoing dialogue on educational development.”

Speaking during the discussions, Shri Vineet said, “To ensure lifelong learning and inclusive access to foundational education it is critical to bring about and discuss the virtues of frugal innovation. It has been our experience at Sampark that frugal innovation along with empowering teachers is a must in making a considerable impact on learning outcomes amongst schools in our government schools.  We urgently need to reskill 1 crore of teachers in our government teachers as they directly impact learning in the classroom. This reskilling should be on the right teaching process, training on using structured resources and measuring of learning and usage of resources in the classroom.”

The overall objective of the conference is to reflect on the progress in FLN initiatives with special emphasis on important themes such as Teaching Learning Approaches and Pedagogy for FLN in the context of Multilingualism Capacity building and training of teachers in Blended Mode. The conference is featuring an exhibition showcasing FLN initiatives and digital advancements, which is open for visitors from June 17th to June 22nd, 2023, at the same venue. This exhibition aims to highlight the innovative approaches and digital solutions that contribute to improving foundational learning.

Participants at the event included Principal Secretaries and Secretaries from various states and Union Territories, academicians, teachers, and stakeholders actively involved in the field of Foundational Literacy and Numeracy. Together, they engaged in comprehensive discussions exploring diverse approaches to foundational learning, particularly those aligned with the evolving educational landscape influenced by emerging technologies.

Key themes discussed during the conference centered around identifying and implementing key enablers such as policy frameworks, regulations, and technological advancements to support lifelong learning. The participants emphasized the importance of ensuring inclusivity and universal access to foundational learning for all individuals.

India’s National Education Policy (NEP) 2020 accords the highest priority to Foundational Literacy and Numeracy (FLN) i.e. to ensure that all children in the country can read with comprehension and master basic math skills by Grade 3. To put this priority into action, the National FLN Mission launch was announced in December 2020 as a part of the Prime Minister’s ‘AtmaNirbhar Bharat’ vision. 

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