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India’s young population has long been one of its greatest strengths, but the next 25 years will bring a major demographic shift. The country currently has 15 crore senior citizens, a number expected to double by 2050. By then, one in five Indians will be over 60.

Maneesh Mishra, Chief Product and Marketing Officer at Bandhan Life, says this shift presents both a challenge and an opportunity. “We are living longer, but longer lives should be a blessing, not a burden. However, retirement in India still brings an element of uncertainty,” he notes.

Despite the ‘silver economy’ being valued at Rs 73,000 crore and growing, financial security for seniors is not assured. Most elderly individuals rely on family support and personal savings, with limited access to stable income. Rising medical costs add pressure, especially since 75% of seniors suffer from at least one health related condition. Healthcare constitutes more than a quarter of indebtedness among senior urban households.

“This paradox of longer lives coupled with financial uncertainty is what we want to solve with iRetire,” says Mishra. Bandhan Life’s iRetire aims to help Indians transition into retirement with guaranteed lifelong income. “No matter how long you live, your income stays steady, removing the fear of outliving your savings,” Mishra adds.

The plan offers two options: a Life Annuity for guaranteed income throughout one’s lifetime, and a Life Annuity with Return of Premium (ROP), which returns the premium to the nominee after the policyholder’s death. With eligibility from ages 45 to 80, iRetire suits both mid-career professionals and those nearing retirement.

“India is growing older faster than ever, and enabling financial independence in our senior population is essential. Hence, iRetire aims to address one of the biggest challenges of our time,” says Mishra.

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