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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BENGALURU: UST, a leading technology and digital transformation solutions company, has announced the inauguration of a new office in Pune, Maharashtra, further strengthening its India presence. Through this expansion, UST plans to create around 3500-6000 job opportunities in the next 3-5 years in Pune.  Located in Balewadi’s EQ Smartworks establishment, this new facility spans over 80,000 sq. ft and accommodates over 1000 seats, complementing the facility at Sai Radhe Complex in Pune.

The new Pune office space was inaugurated by Krishna Sudheendra, Chief Executive Officer, of UST, in the presence of Alexander Varghese, Chief Operating Officer; Sunil Balakrishnan, Chief Values Officer; Ramprasad Santhanagopalan, President, of UST Product Engineering and Pune Center Head; Kishore Krishna, Vice President & Global Head Talent Acquisition; Smitha Suryaprakash, Vice President, Design & Experience Practice; Sheffi Anwar, General Manager; and Hari Krishnan Mohankumar, Senior Director Workplace Management & Operations, and other senior leaders and associates at UST.

With over 2000 employees, UST’s Pune Center of Excellence is focused on driving innovation and accelerating growth by leveraging deep expertise in data science, data engineering, design, product engineering, and digital applications. Serving leading global enterprises across industries such as fintech, healthcare & life sciences, retail & e-commerce, manufacturing, and automotive, the Pune center plays a key role in shaping digital transformation for UST’s global clients.

On this occasion, Alexander Varghese, Chief Operating Officer, UST, said, “We are excited to inaugurate our new office space in Pune, marking a significant milestone in our continued growth in India. Through these strategic expansions, we are planning to scale our operations significantly, aligning with business needs and market opportunities in digital transformation. Our focus is on building a strong talent base, business consulting pipeline, strategic partnerships, and expanding infrastructure to support our growing teams in AI, Design, and Engineering.”

Ramprasad Santhanagopalan, President, of UST Product Engineering and Pune Center Head, said, “Pune is a strategic and fast-growing technology hub of India, this new office represents a significant investment in UST’s growth in the region.  Our investments in AI, advanced design, and cutting-edge engineering will strengthen our capabilities, ensuring that the Pune Center remains a hub for innovation and digital excellence. With our team’s strong domain knowledge expertise, we are confident in our ability to lead large-scale digital transformation programs for our global enterprise clients and remain at the forefront of innovation.”

For the next three years, UST is dedicated to aiming to attain consistent growth in terms of both seating capacity and headcount across India offices.  The company intends to greatly expand its operations over the next three to five years, in line with business requirements and market opportunities in digital transformation and AI. UST concentrated on creating a strong pipeline for business consulting, cultivating a large talent pool, and establishing strategic alliances.

UST has consistently expanded its footprint across India, solidifying its position as a global leader in digital transformation and technology services. Last year UST opened a second office in Bengaluru along with a Design Experience Centre. The company laid the foundation for its second-owned campus in Kochi, Kerala, with plans to create 3,000 jobs over the next five years in Kochi, demonstrating its commitment to growth and investment in the region. In 2023, the company also inaugurated a state-of-the-art office at the International Tech Park in Hyderabad, dedicated to innovative research and development in emerging technologies.

The California, US-headquartered firm, UST founded in 1999 with its India headquarters in Thiruvananthapuram, has significantly expanded its footprint across the country, with offices in key locations including Bengaluru, Thiruvananthapuram, Hyderabad, Kochi, Pune, Mumbai, Chennai, Coimbatore, Delhi NCR, Ahmedabad, Hosur and employs over 20,000 employees in India.

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MUMBAI: ICICI Prudential Life Insurance today launched ‘ICICI Pru Wish’, a first-of-its-kind health product in the life insurance industry catering to women-specific critical illnesses and surgeries. This product was developed by ICICI Prudential Life Insurance in collaboration with Reinsurance Group of America, Incorporated (RGA), a leading global life and health reinsurer.

ICICI Pru Wish offers an instant payout of up to 100% of the health cover amount on diagnosis of critical illnesses like breast, cervical, uterine cancers, and heart ailments to name a few. Unlike standard plans, where the payouts are in the form of reimbursements, this product offers a fixed lump sum on diagnosis, providing flexibility to customers.

As per research findings, one of the causes of customers’ anxiety was the probability of an increase in premiums every few years. ICICI Pru Wish, with its premium guarantee for a period of 30 years, can enable customers to better plan for their premium payments providing them with peace of mind. This product also provides customers with a premium sabbatical for 12 months, anytime during the premium payment term. This feature offers customers financial flexibility, equipping them to navigate their health responsibilities.

Besides, this product also offers customers an option to cover maternity-related complications and newborn congenital illnesses.

Amit Palta, Chief Product and Distribution Officer, ICICI Prudential Life Insurance, said, “We are delighted to offer ICICI Pru Wish, the life insurance industry’s first health product addressing women-specific health ailments. This product empowers them to be financially prepared by offering a lump sum payout to cover medical exigencies.“

ICICI Pru Wish has been developed by combining our customer-focused approach and RGA India’s in-depth knowledge of the health challenges faced by Indian women. We believe the women customer segment offers a large market opportunity, and this product has been specifically designed to address the insurance needs of this segment. This product will relieve the financial distress caused to women due to the unique health risks they face.

ICICI Pru Wish offers customers a compelling proposition by providing a premium guarantee for 30 years while giving them the flexibility to make multiple claims for certain medical incidences. Importantly, it provides an additional payout which helps in covering rehabilitation expenses.”

Sunil Sharma, Chief Executive Officer, Reinsurance Group of America, India said, “We are excited to announce our collaboration with ICICI Prudential Life Insurance on ‘ICICI Pru Wish,’ a pioneering health product designed specifically to address the unique needs of Indian women in today’s world. This partnership highlights our mutual dedication to offering innovative, customer-focused solutions for changing market demands.”

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Amazon India continues to innovate to enable an ever-larger selection of fast, reliable, and convenient delivery options for customers across India. From pioneering next-day delivery in India, back in 2014, to the introduction to launching same-day delivery in 2017 for Prime members, we have continued to prioritize fast and reliable delivery across the largest selection of products. To ensure we cater to evolving customer needs, we have strengthened the selection of items available for same-day and next-day delivery. Today, Prime members get free, unlimited same-day delivery on more than 10 lakh items and next-day delivery on more than 40 lakhs items on Amazon.in.

Globally, after delivering at our fastest speeds ever in 2023, Amazon has set a new delivery speed record for Prime members, with more than 5 billion items arriving the same or the next day, so far this year (2024) In India, so far in 2024, nearly 50% of all Prime member orders across a wide selection of products from eyeliners to baby products, to garden tools, to watches, to phones, have arrived the next-day, same-day, or faster. 

Prime has grown over the years to include savings, convenience, and entertainment all in a single membership. Prime members now enjoy special deals on shopping events like Prime Day and Amazon Great Indian Festival, as well as award-winning entertainment with Prime Video, unlimited ad-free access to millions of songs and top podcasts with Amazon Music, free games with Prime Gaming, books and magazines with Prime Reading, and 5% cashback on Amazon Pay ICICI Bank credit card while shopping on Amazon. In addition, members can also earn unlimited 2% reward points on payments at 100+ Amazon Pay partner merchants and 1% reward points on all other payments, across 35 cities in India.

We’ve evolved to make customers’ lives easier by ensuring a wide selection for them to shop for things they need and love while ensuring they get it quickly. Here’s how:

• We’ve continued to strengthen our focus on delivery speeds for Prime members with the expansion of our same-day delivery network. Today, twice as many Prime members receive same-day deliveries versus the same period in 2023.

• Our fulfillment centers provide storage space to lakhs of sellers across 15 states. We have sortation centers across 19 states working with over 1,950 delivery stations operated by Amazon and local entrepreneurs, and our 28,000 third-party delivery partners to deliver smiles to customers across the country. Amazon India delivers 100% serviceable pin codes.
• With the help of AI, we’ve been able to serve customers faster at scale. We’ve leveraged the power of machine learning to expand the selection of products and recommended sellers to move the selection closer to customers for them to order and re-order consistently.
• We’re delivering at faster speeds on the widest and largest selection of products to our Prime members, while also improving the overall safety of our employees. Delivering packages faster isn’t about moving faster inside our facilities— it’s about optimizing our structure and product placement. We’ll continue to make our workplaces safer, even as we get faster.

“We’re continuously innovating to bring new levels of convenience, value, and delivery options that work best for our customers. Through operational innovations to increase same and next-day deliveries, we’ve put products that our customers need and want as close as possible to them. We’re immensely proud of our progress so far, but we know there are ‘miles to go’ and much more that we can innovate to continue delivering smiles to our customers,” said Akshay Sahi Director and Country Head, of Amazon Prime, Delivery Experience, India.

What was true when Amazon was founded remains true today: customers want a wide selection, low prices, and fast delivery. Amazon is expanding selection and delivering faster than ever and remains committed to those core customer values.

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PUNE: Bajaj Allianz Life, one of India’s leading private life insurers, announces bonuses for the 23^rd consecutive year! This is for the over 11.66 lakh policyholders who have invested in the Company’s participating products. This is the Company’s highest bonus declaration ever at Rs. 1,383 crores for FY2024.

Policyholders with traditional participating (with-profit) policies are eligible to receive this bonus, which is declared from the surplus generated under the participating (with-profits) funds. All participating policies in force as of March 31, 2024, are eligible to receive this bonus. Policyholders of participating products like Bajaj Allianz Life Flexi Income Goal, Bajaj Allianz Elite Assure, and Bajaj Allianz Life Ace, amongst others, stand to benefit from the bonus declared. The FY2024 bonus marks a 15% increase over the FY2023 bonus, which stood at Rs. 1,201 crores. 

Tarun Chugh, MD & CEO, of Bajaj Allianz Life Insurance, said, “We are happy to declare one of the highest bonuses in our history of over two decades. It’s a reflection of the focus we lay on enabling the long-term life goals of our customers in every manner. Our investment strategies that back our value-packed products are designed to ensure we bring our customers closer to their life goals each year.  This bonus declaration is one such essential step in that direction. We will continue to work tirelessly towards our customers’ life goals and acknowledge their trust and faith in us through such declarations.”

Bonuses declared in each financial year are accumulated and distributed upon policy maturity or exit. Additionally, cash bonuses will be paid out on specific policy events in accordance with policy conditions.

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This launch reflects our unwavering commitment to innovation, quality, and customer satisfaction. “We believe these products will redefine industry standards, offering our customers solutions that go beyond their expectations,” commented Mr. Neeraj Bisaria, MD & President of Premium Transmission.

“Innovation is at the heart of our journey. With Srijan 3.0, we do not only aim to meet industry needs but to anticipate and exceed them. It’s about crafting solutions that redefine what’s possible, setting new benchmarks in the power transmission industry.” – Mr. Neeraj Bisaria, MD & President, Premium Transmission

Premium Transmission, with a legacy spanning over six decades, has carved a niche in the global power transmission market. Our commitment to excellence is evident in our extensive product range, which includes worm gearboxes, helical gearboxes, planetary gearboxes, geared motors, and fluid couplings.

With a global presence across continents, we serve a diverse range of industries, from automotive to energy. Under our subsidiary, Premium Motion, we’re broadening our horizons. With a strategic focus on research and development, Premium Motion specializes in advanced solutions like slew drives and solar panel cleaning robots. Our vision is to lead the charge in creating innovative solutions that redefine industry standards.

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The NEURON platform comprises NEURON Telco Cloud and NEURON Dark NOC, which extend DevOps principles and the power of AI/ML to construct autonomous cloud-native networks for operators. NEURON Telco Cloud streamlines the lifecycle management of network elements, while NEURON Dark NOC automates network operations.

The NEURON Autonomous Network Platform has been successfully deployed globally in multiple data centers, serving millions of subscribers with 10,000+ VNFs/CNFs. It seamlessly integrates with existing IT systems, legacy systems, and Operational Support Systems/Business Support Systems (OSS/BSS) while creating secure domain-isolated networks. This multi-domain, multi-cloud transformed network is open, easy to manage, and significantly lowers operational expenditures (OPEX).

Tata Elxsi takes end-to-end program ownership, from commissioning to rollout, delivering a comprehensive solution to operators. The NEURON platform has been tailor-made to address each customer’s unique needs, pain points, and infrastructure requirements, ensuring optimal performance and efficiency across network architecture and brownfield systems.

“Our NEURON Autonomous Network Platform represents a major milestone in the telecom industry, aligning with Tata Elxsi’s vision of driving innovation and shaping the future of connectivity. It empowers operators to effectively deploy and operate the world’s largest 4G/5G networks while embracing the transformative power of automation and Artificial Intelligence (AI). By leveraging this groundbreaking solution, operators can significantly lower operational costs and deliver seamless, high-quality services at speed to their customers,” said R. Rajagopalan, CTO at Tata Elxsi.

NEURON further supports operators in Private 5G deployments, facilitating the seamless delivery of use cases across various industries, including Connected and Software Defined Vehicles, Connected Healthcare, Smart Cities, and Smart Factories.

“As NEURON evolves, we collaborate with open-source and standardization organizations to enhance the convergence of IT and networking. Partnering with leading vendors, we develop standardized testing approaches to promote innovation and seamless integration. This, coupled with our support for Gen AI and Digital Twins within NEURON, empowers operators to embrace cloud-friendly practices and explore new avenues for revenue generation,” said B. Ramesh Ramanathan, Principal Architect at Tata Elxsi and OSM TSC member ETSI Rapporteur.

The Neuron platform is showcased at the Tata Elxsi booth No. 2.80, Hall 2 at the Indian Mobile Congress (IMC) in New Delhi, India, along with tailored solutions for Private 5G across Connected Cars, Smart Factories, Connected Healthcare, and Smart Infrastructure.

Tata Elxsi is among the world’s leading design and technology services providers across industries, including Automotive, Broadcast, Communications, Healthcare, and Transportation. The company is helping customers reimagine their products and services through design thinking and applying digital technologies such as IoT (Internet of Things), Cloud, Mobility, Virtual Reality, and Artificial Intelligence.

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