The pension insurance you are referring to is the social pension insurance for urban and rural residents.

This kind of rural pension insurance is a comprehensive service provided by the state.

The benefits of pension insurance for urban and rural residents are composed of basic pension plus personal account pension insurance.

This is based on the fact that when your locality first implemented the pension insurance for urban and rural residents, if the people were over 60 years old, they did not need to pay pension insurance and directly received the basic pension insurance.

If you are under 60 years old when the system is implemented, you need to pay pension insurance premiums year by year.

If the retirement age of 60 is less than 15 years, you need to pay every year.

If the payment period exceeds 15 years, the minimum payment period is 15 years before you can only receive pension insurance benefits when you are 60 years old.