It is reported that this pilot expansion is reflected in two aspects. On the one hand, the pilot area has been expanded from Zhejiang Province (including Ningbo City) and Chongqing City to the whole country; on the other hand, the number of pilot insurance companies has increased, and pension insurance companies can also participate.
With the deepening of my country’s aging, commercial endowment insurance plays an increasingly important role.
According to the “Notice on Expanding the Pilot Scope of Exclusive Commercial Endowment Insurance” (hereinafter referred to as the “Notice”) previously issued by the China Banking and Insurance Regulatory Commission, starting from March 1, the pilot area of the exclusive commercial endowment insurance will be expanded nationwide; On the basis of 6 pilot companies, pension insurance companies are allowed to participate in the pilot program.
Compared with ordinary commercial endowment insurance, exclusive commercial endowment insurance has a lower threshold and is more inclusive, and can provide more flexible endowment insurance services for employees in new industries, new formats and various flexible employment.
As of the end of January 2022, the pilot company has underwritten nearly 50,000 insurance policies, with a cumulative premium of 400 million yuan. Among them, nearly 10,000 employees in new industries and new formats such as couriers and online car-hailing drivers have insured.
Pilot expansion of exclusive commercial endowment insurance nationwide 15Home insurance companies can participate
This round of exclusive commercial endowment insurance pilots will be launched in Zhejiang Province (including Ningbo City) and Chongqing City from June 1, 2021. Insurance companies participating in the pilot include PICC Life, China Life, Taiping Life, CPIC Life, Taikang Life, Xinhua Insurance and other 6 insurance companies.
During the 8-month pilot program, the pilot companies have underwritten nearly 50,000 insurance policies and the accumulated premiums have reached 400 million yuan. How is this score? It can be compared with tax-deferred pension insurance. Public reports show that in the case of many participating insurance companies, the accumulated premiums for the 10-month pilot program are still less than 100 million yuan. It can be seen that exclusive commercial pension insurance may be more able to impress consumers.
It is reported that this pilot expansion is reflected in two aspects. On the one hand, the pilot area has been expanded from Zhejiang Province (including Ningbo City) and Chongqing City to the whole country; on the other hand, the number of pilot insurance companies has increased, and pension insurance companies can also participate.
According to public information, there are 9 pension insurance companies in my country, including Ping An Pension and Dajia Pension. Therefore, the number of insurance companies participating in the pilot program will be expanded to 15.
A pension insurance industry insider told Shell Finance reporters that pension insurance companies have many advantages in participating in exclusive commercial pension insurance. For example, pension insurance companies participated in the previous pilot of tax-deferred pension insurance. Rich experience has been accumulated in system support, and exclusive commercial pension insurance is similar to personal tax-deferred pension insurance; secondly, the exclusive commercial pension insurance that has been launched focuses on solving pension problems for unconventional employment groups, such as takeaways, couriers In cooperation with the Internet and the same platform, pension insurance companies, as traditional group pension insurance companies, have the advantages of product actuarial and marketing.
The settlement interest rate is around 5% and can range from 60Year to life
So, what is the difference between exclusive commercial endowment insurance and ordinary commercial endowment insurance? Yang Zeyun, a teacher from the Department of Finance, School of Management, Beijing Union University, told Shell Finance reporter that the biggest difference between the two is that the former can only be received after the age of 60 (in very special cases, such as serious illness, it can be received in advance), which is different from the current statutory retirement in my country. The age is connected, and it can be used for special purposes.
In addition, the payment method of exclusive commercial endowment insurance is more flexible. For example, for employees in new industries, new forms of business and various types of flexible employment, relevant enterprises and institutions are allowed to insure the above-mentioned employees in an appropriate manner and in compliance with laws and regulations. Commercial endowment insurance provides payment support; secondly, surrender of insurance is more stringent, such as stipulating that “in the first 5 policy years, the cash value of surrender shall not be higher than the accumulated premiums paid”, etc., to guide individuals to purchase insurance for a long time.
In addition, the exclusive commercial endowment insurance also has the characteristics of a more flexible income model. The accumulation period adopts the “guarantee + floating” income model, which can meet the risk preferences of different consumers.
Recently, six pilot companies have successively disclosed the first settlement interest rates of exclusive commercial endowment insurance products. Among them, the annualized settlement interest rate for stable accounts in 2021 will be between 4% and 6%, and the settlement interest rate of aggressive accounts will be 5%- Between 6.1%, the performance is not bad.
Take Taiping Life’s “Taiping Sui Sui Jinsheng Exclusive Commercial Endowment Insurance” as an example. A 29-year-old female user insures 1,000 yuan per month to an aggressive account for 20 years. According to the demo, from the age of 60, he will receive about 3,307 yuan per month. , for life.
It is worth mentioning that, compared with the 2%-3% initial management fee and at least 10% commission charged by ordinary commercial pension insurance, the exclusive insurance products launched by participating pilot companies directly set the initial management fee and commission ratio to 0. In other words, exclusive commercial endowment insurance does have advantages in endowment planning, and it is suitable for employees in new formats and industries to insure.
Expansion will help activate competition to meet the pension security needs of more people
What does the pilot expansion of the exclusive commercial endowment insurance mean?
The China Banking and Insurance Regulatory Commission stated that expanding the scope of the pilot program will enable more consumers to access exclusive commercial pension insurance products with strong pension functions, and further guide and cultivate the concept of pension financial consumption.
Yang Zeyun told reporters that the pilot data of exclusive commercial pension insurance shows that there is a market demand for such products, and the expansion of the pilot can further meet the pension insurance needs of more people and ease the pension fund problem for more people. At the same time, it can also stimulate competition by expanding product supply and inspire insurance companies to launch more exclusive commercial pension insurance products that are popular with consumers.
Wang Xiaokang, deputy general manager, chief actuary and chief risk officer of Dajia Pension Insurance, said that in the context of the aging trend, pension has become the primary topic of concern to the public, and the expansion of the pilot program of exclusive commercial pension insurance will inevitably promote more citizens Understand commercial endowment insurance and enrich endowment payment plans by means of the third pillar.
Ping An Pension said that on the one hand, the company actively applies for products, and at the same time, according to exclusive requirements, it focuses on key customer groups such as unconventional employment groups, and creates relevant provisions scientifically and flexibly; on the other hand, the overall plan is to pilot exclusive commercial pension insurance. Incorporated into the category of welcoming the implementation of the third pillar policy, and rationally allocated resources.
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