On December 21, 2023, China Banking and Insurance News published a special feature on PICC Life's "Personal Pension" - "PICC Life Insurance, Facing the Long Years with You", reporting that PICC Life Insurance takes the people's needs as the traction, optimizes the supply of pension services, focuses on the business model of "insurance + pension health services + technology", follows the principles of long-term investment, steady investment and value investment, and helps customers realize the safe and standardized operation of pension fund accounts, long-term stable income, and do a good job in "inclusive finance" with practical actions Pension Finance" big article.
Pension finance has once again become a hot word.
The first financial work conference held a few days ago proposed to do a good job in "science and technology finance, green finance, inclusive finance, pension finance, and digital finance". China's aging population is large, deep and fast, in order to reduce the burden of financial pension, to achieve the elderly have support, the old have to rely on, the development and construction of the pension financial market is urgent.
The data is very intuitive, and the "2022 Statistical Bulletin on the Development of Civil Affairs" shows that by the end of 2022, China's elderly population aged 60 and above reached 2800 million, accounting for 19 percent of the total population8%。
The reality is more straightforward, with reduced income but increased illnesses after retirement, strained medical resources, a shortage of elderly care services and beds, and the reality of children being busy with work and tired of taking care of their parents.
More than seventy percent of the post-90s have begun to consider the issue of pension", "the first batch of post-90s have gone to inspect nursing homes" and other information has been hotly discussed, how to provide for the elderly with dignity and live a dignified life for the elderly, has become an important topic for many middle-aged and elderly people and even young people. In view of the pain points of the current situation of pension and related "anxiety", today we will start from the following aspects**
1.Institutional level: the state pushes, the bank "rushes", where is the personal pension?
2.Market level: personal pension products are expanding, how to choose?
3.Program level: Pension, is only money really enough?What to do?
Promoted by the state, banks are "crazy robbed", where is the charm of personal pensions?
The development of personal pension business is not only the country's reference, but also the people's livelihood.
At present, in China's multi-level and multi-pillar pension insurance system, the first pillar is the basic pension insurance, including the basic pension insurance for employees and the basic pension insurance for urban and rural residents, which are paid on a monthly basis after reaching the statutory retirement age. As of the end of September 2023, the number of people participating in the national basic pension insurance has reached 10600 million people. The main product covers a wide range of people, and it is actually a bit "inadequate" to deal with the elderly, and there is an increasingly tight contradiction between supply and demand. The second pillar is the enterprise annuity and occupational annuity, which are jointly paid by the unit and the employee, and the state gives policy support. As of the end of 2022, there were 1280,000 enterprises have established enterprise annuities, and about 30.1 million employees participate. The third pillar is personal savings endowment insurance and commercial endowment insurance, which is currently the shortcoming of China's multi-level endowment insurance system.
As the national and market demand becomes more and more urgent, in April 2022, the "Opinions on Promoting the Development of Personal Pensions" issued by the state clearly proposes to promote the development of a personal pension system suitable for China's national conditions, first-class policy support, individual voluntary participation, and market-oriented operation. On November 25, 2022, the personal pension system was officially launched and implemented in 36 pilot cities (regions), and personal pension products were officially "put on the shelves". Subsequently, there has even been a phenomenon of major banks "staking ground" to compete for personal pension accounts.
So, what's so good about personal pensions?
To put it simply, a personal pension is to save a sum of money, as a supplement to the basic pension insurance, and when you retire, there is an additional pension**, the payment is borne by the individual, and the account income belongs to the individual.
The benefits are obvious: first, tax incentives, the upper limit of the annual purchase amount is 12,000 yuan deduction, no tax;The investment income of the personal pension fund account is not taxed for the time beingThe personal pension received by the individual was increased by the original 75% is reduced to 3% tax.
The second is long-term income, the establishment of a pension reserve plan, the accumulation of small amounts, the long-term flow, do a good job in the pension wealth reserve, to avoid "people are alive, money is gone". The third is to further improve the standard of living after retirement, so that the quality of life of the elderly is more quality and more secure.
The threshold is not high: workers who voluntarily participate in the basic endowment insurance can buy it, and they have the final say on when and what to buy. When moving across provinces and regions, the rights and interests of individuals are not affected.
The receipt is also flexible: after the participant meets the conditions for receiving it, he or she can receive a personal pension on a monthly, installment or one-time basis. Moreover, personal pensions can be inherited.
Personal pension products are expanding, how to choose?
Personal pension accounts can purchase financial products such as savings deposits, wealth management products, commercial pension insurance, and public offerings. For the elderly, it is very important to have a safe, sustainable and stable growth of cash flow and also have a guarantee function. As of December 14, the list of personal pension insurance products published by the national social insurance public service platform has been expanded to 99. In the face of a dazzling array of products, how to choose?
Taking PICC Life Insurance's newly listed "Xinxiangjia Pension Insurance" (hereinafter referred to as "Xinxiangjia") as an example, let's take a look at the advantages of personal pension insurance products.
"Xin Xiangjia" is an old-age insurance, which takes into account the security function and the flexible characteristics of pension timeOn the one hand, the insurance period of "Xinxiangjia" is as long as 106 years old, which is in line with the trend of longevity of Chinese peopleOn the other hand, the starting age and method of receiving the pension are more flexible, and can be received annually and monthly, which meets the needs of different groups of people. Expand on:
1.Flexible premium payment and pension payment.
Taking into account the payment needs of different groups of people, "Xin Xiangjia" not only supports single payment, but also provides a variety of payment methods, the longest payment period is 30 years, and the payment can be paid annually and monthly, which carefully takes into account the young people who have just entered the workplace but want to plan for the elderly in advance or do not want to bear too much payment pressure, which is also in line with the current view that the pension plan should be early.
In terms of receiving age settings, male insureds can choose 60 years old, 65 years old and 70 years old, and female insureds can choose 55 years old, 60 years old, 65 years old and 70 years old to start receiving Xinxiang pension to take care of the retirement life characteristics of different groups of people. In terms of receiving methods, pensions (including Xinxiang pension and longevity pension) can be received on an annual or monthly basis.
2.Guaranteed to receive, multiple pensions and abundant cash flow for the elderly.
In addition to providing Xinxiang pension, longevity pension, and the first death insurance three basic responsibilities, "Xinxiangjia" also sets up two optional responsibilities for longevity pension and second death insurance, which consumers can flexibly match according to their own needs.
In terms of basic responsibilities, it is worth mentioning that Xinxiang Pension provides a guaranteed payment period until the insured reaches the age of 80 or 85;The birthday pension is 50% of the amount of the pension received by Xinxiang after the expiration of the guaranteed payment period of XinxiangIf you die before Xinxiang pension is received, you can receive the first death benefit.
Note: Please refer to the contract for product protection benefits. 3.The company has strong qualifications, standardized operation, and a variety of products have been shortlisted.
The regulation stipulates the basic requirements for insurance companies to carry out personal pension business, and makes it clear that companies with strong capital strength and more standardized operations are mainly selected to participate. As one of the companies shortlisted for the first batch of personal pension insurance products, PICC Life Insurance has been closely following the progress of policies, accelerating the layout, and continuously enriching the personal pension product system.
As of November 21, in addition to the 3 tax extension pension insurance, PICC Life Insurance has 3 products included in the national personal pension insurance product list, in addition to the above-mentioned "Xin Xiangjia", there are also Huimin characteristics of "Fu Shou Nian Nian Exclusive Commercial Pension Insurance" (hereinafter referred to as "Fu Shou Nian Nian") and "Jinyu Pension Insurance (Universal)" (hereinafter referred to as "Jinyu Pension"). The three products are distributed in different channels, and the differentiated services can enable more people to enjoy the protection brought by the pension insurance, which also reflects the strength of PICC Life Insurance.
Specifically, "Fu Shou Nian" is an endowment insurance product, which adopts the account income model of "guaranteed + floating", and the minimum guaranteed interest rate is written into the contract. The insurance range is wide, people under the age of 85 can be purchased, the age of receiving is set at 60 years old, and the installment is received, the receiving period is not less than 10 years, in line with the characteristics of the pension lifeFlexible payment, support single payment, regular premium premium and irregular premium payment, regular premium payment support annual or monthly payment;The type of pension is guaranteed to return the account value for life, and a fixed period of 10 (or) yearsExclusive personal account management, account security and transparency, and according to the needs of the pension to switch the required robust account management and aggressive account management. According to PICC Life Insurance, in 2022, the actual settlement interest rate of the "Fu Shou Nian" stable account will be 48%, and the effective settlement rate of the aggressive account reaches 51%, in 2022, when the market environment is sluggish, it has delivered a dazzling answer.
In addition to the pension, "Fu Shou Nian" also provides severe disability insurance and death insurance protection, which reflects care for the elderly and inherits the continuation of wealth. Once launched, it was widely recognized by customers.
"Jinyu Yiyang" is a universal insurance product, and the minimum guaranteed interest rate is written into the contract. In terms of protection liability, total disability is included in the protection responsibility, and multiple protections are more humane for maturity insurance and death total disability insurance. In terms of payment methods, in addition to single payment, you can also add premiums from time to time and in an irregular amount, which is more flexible. In terms of investment income, the allocation of fixed income and equity assets is dynamically adjusted to ensure guaranteed returns, which is in line with residents' pursuit of stability.
As a personal pension product, the above three products also have tax incentives, with a maximum annual tax saving of 5,400 yuan.
Rich ≠ decent, PICC Life Insurance creates a comprehensive plan
Pension is a cruel and warm thing, no money can't work, only money is not enough. As we age, our physical health declines, and we need more time to take care of them, so it's important to have a health care package. According to the "2022 Statistical Bulletin on the Development of Civil Affairs" released on October 13, 2023, by the end of 2022, the total number of elderly care service beds in China was 82940,000, including 518 beds in nursing institutions30,000 beds, 311 beds in community elderly care service institutions10,000 sheets. At present, the population over 65 years old in China is nearly 2From the perspective of 100 million people, an average of 25 people "squeeze" less than a bed, and the gap between supply and demand is obvious.
A sound retirement plan is the key to a decent old age. In order to allow more elderly people to live a quality retirement life, it has become the preferred choice of insurance companies to cut into health care by means of "insurance + service". PICC Life gives full play to the advantages of insurance products and insurance funds, integrates high-quality medical and health care resources, and creates a "warm heart and joy" health care brand.
Specifically, based on the needs of Chinese residents for the elderly and the characteristics of family composition, the sub-brands of "Warm Heart Suiyue" "Warm Heart Companion", "Warm Heart Home", "Warm Heart Doctor", "Warm Heart Care" and "Warm Heart Tour" cover the five major sectors of institutional pension, home care, panoramic medical care, health care, and sojourn pension, and support the family as a unit, one person can cover the diversified and personalized needs of the whole family's three generations of pension services. Among them, the service docking products of "Warm Heart Companion" currently include 3 personal pension products, including "Xin Xiangjia", "Fu Shou Niannian" and "Jinyu Yiyang", including pension, whole life insurance, and both insurance, a total of 40 flagship products. This means that the two-way integration scenario of "insurance + service" has been achieved.
Relying on a strong ecosystem, since its official release in 2022, "Warm Heart Suiyue" has deployed 23 mid-to-high-end elderly care institutions in 15 cities in 10 provinces, including Beijing, Jiangsu, Zhejiang (including Ningbo), Shandong (including Qingdao), Henan, Ningxia, Hainan, Liaoning, Hebei and Chongqing, to meet more people's needs. From insurance products to health care services, this kind of innovation to promote the pension model around customer needs is also a profile of PICC Life's response to the needs of the country and the wishes of people's livelihood.
When there is time and ability, weave "a beautiful twilight" for retirement life, let the elderly become happy, and "let everyone enjoy old age, there is a professional companion", which is not only one of people's pursuit of old age, but also the vision of PICC Life Insurance. In the future, PICC Life Insurance will implement the spirit of the first-class financial work conference, continue to actively implement the decision-making and deployment of the construction of a healthy China, optimize the supply of pension services based on the needs of the people, and continue to explore and integrate high-quality resources around the business model of "insurance + pension and health services + technology", create a pension service ecosystem, and protect the people's better life with high-quality services.
Tips: This article is only for publicity purposes, about the disclaimer clause, insurance liability, hesitation period content and other major matters of the contract, it is recommended that you browse the company**www.picclife.com to check the full terms, please refer to the product contract for the product protection and interests in the article.