Guaranteed Pension Plan Qorus Innovation in Insurance Awards 2021

With the average life expectancy increasing and the population growth of seniors aged 60+ outpacing the overall population growth (as per UN Population Division — 2017 report, LIMRA International Research), understanding and addressing the financial concerns of this demographic becomes important. We had conducted a consumer research covering diverse demographics, covering salaried, self-employed to nearing-retirement individuals to understand if they were aware of the concept of “retirement planning” and what are their expectations from it. The research revealed that there is a need for a guaranteed lifelong income and a choice of opting from when the income should start. The need for getting a lump sum in times of medical emergencies strongly emerged out of the research. Based on these findings, we created a new product i.e., GPP (Guaranteed Pension Plan).