Calling the Situation Grim, the Supreme Court Takes Suo Motu Cognizance of Delays in NCLT Approvals  ||  Supreme Court: Admission of a Claim by a Resolution Professional is Not Debt Acknowledgment  ||  Supreme Court: Public Figures Must Exercise Caution as Their Words Have Consequences in Society  ||  SC: State Must Act as a Model Employer, Criticising the Union For Not Regularising ISRO Workers  ||  J&K&L High Court: Minor Minerals Have Major Environmental Impacts and Must be Regulated  ||  Del HC: Unexplained Money Received by Public Servant is Not Bribery Without Proof of Official Favour  ||  Del HC: There is No Absolute Bar on Granting Co-Convicts Parole/Furlough Together in Suitable Cases  ||  Bom HC: LARR Authority Can Examine Limitation Issues in Land Acquisition References under 2013 Act  ||  MP HC: Long-Serving Employees Cannot Be Denied Regularisation by Retrospective Statutory Amendments  ||  J&K&L HC: Routine Challenges to Lok Adalat Awards Defeat Their Purpose of Quick Dispute Resolution    

Expert committee on longevity finance recommends setting up of Longevity Hub at GIFT-IFSC- (Press Information Bureau) (13 Apr 2022)

MANU/PIBU/1861/2022

Commercial

International Finance Services Centres Authority (IFSCA) constituted Expert Committee on Longevity Finance, co-chaired by Ms. Kaku Nakhate, Country Head (India), Bank of America and Mr. Gopalan Srinivasan, Ex-CMD, New India Assurance Co. Ltd. submitted its final report to Chairperson, IFSCA on 12th April 2022.

The committee examined emerging trends in Longevity Economy globally and observed that people over 60 years are still very much a highly productive demographic group in terms of purchasing power and make up the wealthiest part of financial system with a global spending power of $15 trillion.

Highlighting the critical role of financial services sector for the growth of Longevity industry, the Committee recommended the setting up of first Global Longevity Hub (GLH) in GIFT-IFSC and suggested that the hub should focus on developing the longevity economy by offering various longevity finance solutions in coordination with leading corporates and financial institutions such as Banks, Pension Funds, Asset Management Funds, Insurance Companies, etc.

Ms. Kaku Nakhate, Co-Chair of the Expert Committee stated, "Advances in healthcare and medical technology have increased the lifespan of humans. The long-term vision of building a strong longevity finance hub at IFSC can open-up opportunities in wealth management, insurance, pension, silver entrepreneurship and medial tourism. This will help GIFT IFSC emerge as a global leader in longevity finance, immediately addressing the requirements of baby boomers, Gen X & Gen Y cohorts, and setting the path for millennials. I would encourage global banks, insurance companies, financial institutions, and fintechs & health-techs to set up shops here to create a unique longevity hub for the world."

"This is a great move and will have very positive impact on the role of silver generation," observed Mr. Gopalan Srinivasan, Co-Chair of the Expert Committee. He further stated, "It has been a pioneering effort on the part of IFSCA to establish an expert committee on Longevity Finance and recognize the importance of developing longevity finance hub in IFSC. The Hub will focus on skill development, entrepreneurial development and also address the demand of financial and insurance products for silver generation."

Chairperson, IFSCA, thanked the Expert Committee for their valuable recommendations and supported the idea of promoting Longevity Finance as one of the priorities in GIFT IFSC under the overall framework of Sustainable Finance.

The committee members comprised of leaders from the entire longevity finance ecosystem including from areas such as banking, insurance, wealth management, FinTech, legal, compliance and management consultancy.

Tags : RECOMMENDATION   SETTING UP   LONGEVITY HUB  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved