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.

Endowment insurance mainly includes the following three meanings:

1. The old-age insurance will take effect automatically only after the elderly within the legal scope have completely or basically withdrawn from social labor life. The complete feature is that workers are separated from the means of production. Basically, participation in production activities has not become the main content of social life, and legal age limit is a practical measure.

2. The purpose of endowment insurance is to ensure the basic needs of the elderly and provide them with a stable and reliable source of life;

3. Endowment insurance is based on social insurance to achieve the purpose of protection. Old-age insurance is a social security system widely implemented in all countries of the world.

The payment methods of rural social endowment insurance can be roughly divided into the following three types:

1, pay regularly, and adopt this method in areas and people with relatively stable income or relatively rich income. For example, township enterprises can pay premiums monthly and quarterly, and farmers in rich areas can pay premiums every six months or every year, and the amount of payment can be paid according to the proportion of income or a certain amount;

2. Irregular payment. In most areas, due to unstable income, people pay more in good years, less in bad years, less in bad years, pay when family income is good, and don't pay when it is bad;

3, a one-time payment, mostly older farmers, according to the level of security after their old age, a one-time payment of premiums, until the age of 60, according to the provisions of the pension.

Article 17 of the Social Insurance Law of People's Republic of China (PRC), if an individual who participates in the basic old-age insurance dies due to illness or non-work, his survivors can receive funeral subsidies and pensions; Persons who have completely lost their ability to work due to illness or non-work-related disability before reaching the statutory retirement age can receive disability allowance.

The required funds are paid from the basic old-age insurance fund.