It is estimated that the size of India’s elderly population aged 60 and above is expected to increase from 77 million in 2001 to 179 million in 2031and further to 301 million in 2051. Owing to declining birth rates and longer life expectancy, India’s elderly are growing annually at a rate of 3.8% as against the annual average growth rate of 1.8% of the total population. According to a FICCI-KPMG study, pension reforms held the prospect of enlarging the pension market size from Rs 56,100 crore in 2002 to about Rs 4,06,400 crore by 2025.
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