Social endowment insurance, the full name of social endowment insurance, consists of basic pension paid by social pooling fund and personal account pension. It is an important part of the social security system and one of the five most important social insurances. It is a social insurance system established by the state and society according to certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state or quit their jobs because of old age.

Old-age insurance will take effect automatically after the elderly within the legal scope completely or basically withdraw from social labor life. The "complete" here is characterized by the separation of workers from the means of production; The so-called "basic" means that participation in production activities has not become the main content of social life. It should be emphasized that the legal age limit (different countries have different standards) is a practical measure.

The main features of social endowment insurance are as follows:

It is legislated and enforced by the state, and all enterprises, units and individuals must participate. Those who meet the conditions for receiving a pension can receive a pension from the social insurance department; The sources of social endowment insurance funds are generally shared by the state, units and individuals, or by units and individuals to achieve extensive social mutual assistance; Because of its strong sociality, great influence, large number of people enjoying it for a long time and huge cost, it is necessary to set up special institutions to implement unified planning and management of modernization, specialization and socialization.