Since the personal pension system officially landed, personal pension insurance products have been constantly introduced. The list of personal endowment insurance products published by China Bank Insurance Information Technology Management Co., Ltd. shows that the list of personal endowment insurance products has been expanded from 7 products of the first batch of 6 companies to 20 products of 12 companies.
Since the beginning of this year, personal pension insurance products have continued to expand. In terms of product types, it has covered exclusive commercial endowment insurance, annuity insurance, old-age security, universal insurance and so on.
According to the Notice on Matters Related to Personal Pension Business of Insurance Companies issued by CBRC last year, insurance companies can provide annuity insurance, old-age security and other products recognized by CBRC. Insurance companies can incorporate existing insurance products into individual endowment insurance products by applying for approval or filing changes in insurance terms and rates.
For the approved exclusive commercial endowment insurance products, the insurance company shall submit the above explanatory materials to the China Banking Regulatory Commission, without applying for approval to change the insurance terms and rates.
The CBRC supports insurance companies to base themselves on their own characteristics, enrich product supply, and effectively meet the diverse needs of the people for the aged. Choosing old-age security and annuity insurance as personal old-age insurance products will help to further enrich the product types of personal old-age insurance and provide different types of protection schemes for consumers.
It is understood that individual pension contributions are entirely borne by the insured themselves. Participants can choose to buy savings deposits, wealth management products, commercial pension insurance, Public Offering of Fund and other financial products according to their investment preferences. Commercial endowment insurance products focus on the long-term savings and accumulation of pensions, which can meet the comprehensive needs of policyholders in terms of safety, stability, long-term value-added and long-term collection.
Personal pension is a supplementary old-age insurance supported by government policies, voluntarily participated by individuals and operated by market, and it is an important institutional arrangement of multi-level old-age insurance system. The individual pension system was launched in 36 pilot cities and regions. Vice Minister Ministry of Human Resources and Social Security introduced in the State Council Office that since the implementation of the individual pension system for three months, the number of participants has reached 28 1.7 million.