Pay as you go, fund type. The financing modes of endowment insurance in the world are divided into pay-as-you-go mode and fund mode. Old-age insurance, the full name of social basic old-age insurance, is a social insurance system established by the state and society in accordance with certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age.