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Securing Lifelong Retirement IncomeGlobal Annuity Markets and Policy$
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Olivia S. Mitchell, John Piggott, and Noriyuki Takayama

Print publication date: 2011

Print ISBN-13: 9780199594849

Published to Oxford Scholarship Online: September 2011

DOI: 10.1093/acprof:oso/9780199594849.001.0001

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Market Structure and Challenges for Annuities in India

Market Structure and Challenges for Annuities in India

(p.32) Chapter 3 Market Structure and Challenges for Annuities in India
Securing Lifelong Retirement Income

Mukul G. Asher

Deepa Vasudevan

Oxford University Press

India will need to develop a robust annuity market if it is to enable its rapidly aging population to address longevity risk. As the fraction of the aged triples by 2050, driving a huge potential demand for annuity-type products will need to be matched by responses from annuity providers. Developing a deeper and broader market for annuities will require disaggregated morbidity and mortality databases for better price discovery, supply of financial instruments enabling better matching of assets and long-term liabilities, innovations in annuity products and distribution channels, greater financial literacy, and more robust regulation.

Keywords:   India, longevity risk, mortality, morbidity, annuitization, defined benefit, defined contribution, pensions, annuity markets, financial literacy

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