If you have noticed, you will see the banks and financial institutions are offering loans to meet the education cost, marriage expenses, for buying a dream house; fund your dream vacation, for buying a bike or a car, et all... You name it, and you have a loan available from the bank for everything – EXCEPT FOR RETIREMENT!
Yes, nobody (individual or institution) will be ready to fund for one’s retirement life. We could say that, the most important goal of your client’s life has to be mandatorily self-funded. Of course, nowadays, banks offer an option called “Reverse Mortgaging” – but for your client to avail it, he/she should have a “debt-free” immovable property which can by hypothecated! But then, considering the Indian context, who would like to re-mortgage their ‘Dream House’ for the purpose of self-sustenance? The emotional value attached to this whole idea of “Dream House” is invaluable!
The lucky are those who get their pension in hand. Sadly, according to a 2017 OECD research report, only 12% of the workforce in India (roughly 58 million people) is covered under any one of the available pension plans/options. Yes, it’s true that the Indian Government provide for the underprivileged people by offering minimum pension for self-sustenance, but the vast majority of the population have to fend for themselves!