More in line with the needs of new industries, new formats and flexible employment
This kind of insurance makes old-age security enough (new economic orientation)
The exclusive commercial endowment insurance has gone through a pilot period of more than one year.
On June 1 last year, the China Banking and Insurance Regulatory Commission launched a pilot program of exclusive commercial endowment insurance in Zhejiang Province and Chongqing City.
In February this year, the China Banking and Insurance Regulatory Commission issued a notice stating that starting from March 1 this year, the pilot area of exclusive commercial endowment insurance will be expanded nationwide. The pilot realizes the dual expansion of the pilot area and the participating entities.
According to data from the China Banking and Insurance Regulatory Commission, as of the end of June this year, a total of 196,000 exclusive commercial endowment insurance policies had been underwritten, with a cumulative premium of 2.21 billion yuan.
Who is this exclusive commercial endowment insurance suitable for, and how will it better meet the needs of endowment after the pilot expansion?
The reporter interviewed relevant pilot areas and insurance companies.
Advantages for groups such as flexible employment
In April of this year, Ms. Lu, a yoga teacher in Chongqing, took out the insurance without much hesitation after consulting in detail about the exclusive commercial endowment insurance products sold by PICC Life Insurance. "The starting point for insurance is low, payment is flexible, and income is guaranteed. Tailor-made!"
As a freelancer, Ms. Lu's income is not very stable. Although she has paid basic social security, she is still worried that she will not be able to meet the pension needs after retirement.
"Exclusive commercial endowment insurance premiums can be paid annually or monthly, and it also supports single payment, regular additional premiums and irregular additional premiums, which are suitable for people like us with flexible employment." Ms. Lu pays 3,000 yuan in the first installment, and plans to depend on income in the future. Additional premiums are added from time to time.
During the pilot process, exclusive commercial endowment insurance was especially welcomed by employees in new industries, new formats and flexible employment.
According to data from the China Banking and Insurance Regulatory Commission, as of the end of June this year, employees in new industries and new formats such as couriers and takeaways have insured nearly 30,000 pieces.
According to the statistics of the Chongqing Banking and Insurance Regulatory Bureau, as of June 1 this year, the number of people with flexible employment in Chongqing accounted for more than 60% of the total number of people.
Why did this new product make them feel "the right way"?
According to the "Dedicated Commercial Endowment Insurance Business Plan" issued by the China Banking and Insurance Regulatory Commission, dedicated commercial endowment insurance refers to individual endowment annuity insurance products for individuals aged 60 and above for the purpose of endowment security.
Zhu Junsheng, research director of the China Insurance and Pension Research Center, PBC School of Finance, Tsinghua University, believes that the "exclusive" feature of this product is obvious: it is different from the problems of short receiving period and relatively free withdrawal during the accumulation period of current commercial old-age insurance. Endowment insurance imposes restrictive requirements on the age of collection, accumulation period, length of collection period, and surrender rules, etc., to strengthen the long-term attributes of endowment insurance products; to serve the pension needs of employees in new industries, new formats and various flexible employment, it will help To make up for the obvious shortage of old-age security for this group.
Judging from the pilot situation, this product has many advantages for exclusive pension groups such as flexible employment personnel.
"One is inclusive benefit, reducing the initial cost to the greatest extent. At present, many companies still implement the preferential policy of zero initial cost, which is more beneficial to the insured; the second is highly flexible, with a low threshold for insurance, and some products can be purchased for as little as 100 yuan. , the renewal payment is flexible, you can choose monthly payment and annual payment, or even suspend payment when the economy is tight, and the pension insurance account will not be invalid.” said the relevant person in charge of the Zhejiang Banking and Insurance Regulatory Bureau.
The relevant person in charge of the Chongqing Banking and Insurance Regulatory Bureau believes that the exclusive commercial pension insurance has the characteristics of safety, long-term and optionality: the account has the lowest guaranteed interest rate; it is clear that the long-term holding until the age of 60 enters the receiving period, and the surrender requirements are stricter; The product provides two types of accounts, "stable" and "aggressive", for policyholders to freely choose or combine configuration, and the two accounts can be switched within the validity period.
"There are also some mature insurance consumers who will research policies and products on their own and apply for insurance through the Internet. The questions they ask online customer service are detailed and in-depth, which shows that consumers attach great importance to pension planning." The relevant person in charge of China Pacific Life Insurance said.
Provide better products and services after expansion
On March 1st, Tianjin's first exclusive commercial endowment insurance pilot project was launched; on March 23rd, Qinghai Province's first exclusive commercial endowment insurance product was signed... After the pilot was officially expanded, all localities responded positively, and the exclusive commercial endowment insurance is benefiting more many people.
As of the end of February this year before the pilot expansion, the pilot company had underwritten 71,800 exclusive commercial endowment insurance policies, with a cumulative premium of 472 million yuan.
After the pilot expansion, the insured population and premiums showed rapid growth.
"Within 3 months after the expansion, the number of insured persons in Chongqing has increased from more than 3,700 to more than 10,000, an increase of nearly 2 times, which shows that the market acceptance and influence of exclusive commercial endowment insurance products have increased significantly." Chongqing Bancassurance The relevant person in charge of the Supervision Bureau said.
"The addition of pension insurance companies can make exclusive commercial pension insurance products more diverse, so as to better meet the multi-level pension security needs of residents." The relevant person in charge of China Pacific Life Insurance believes that the pilot expansion can promote healthy competition and improve market supply efficiency. .
The expansion of the pilot program also strongly promoted the business development of insurance companies.
Promoting products across the country will help dilute costs through economies of scale and enhance market momentum.
Newly joined the pilot pension insurance companies are actively preparing related products.
Ping An Pension Insurance Co., Ltd. is stepping up the planning of exclusive commercial pension insurance products.
"After the pilot expansion, pension insurance companies can join in, which not only expands the business space, but also opens up with existing businesses to provide better products and services for personal pensions." The relevant person in charge of Ping An Pension said that in the future, insurance companies will Potential third-pillar products such as annuities and exclusive commercial pension insurance can be integrated to promote the integration of the second and third pillars.
According to expert analysis, accelerating the promotion of exclusive commercial endowment insurance is of great significance to accelerating the promotion and standardization of the development of the third pillar endowment insurance, promoting the total growth and structural optimization of my country's pensions, and can provide effective support for my country's endowment system.
The "China Pension Wealth Reserve Survey Report (2021)" released by the Insurance Asset Management Association of China in February this year shows that there are still structural problems in my country's pension system.
At present, the first pillar of the old-age insurance system still accounts for the majority, accounting for more than 70%; the second pillar, consisting of enterprise annuities and occupational annuities, accounts for more than 20%; the third pillar, including commercial pension insurance, still accounts for less than 1%.
A number of pension insurance companies said that with the expansion of the pilot, the influence of the policy will also expand, promoting consumers to raise their awareness of social pensions, and helping to strengthen the third pillar.
It is also necessary to enhance the attractiveness of insurance
Expanding the pilot program of exclusive commercial endowment insurance will increase opportunities for the endowment industry, but also face some challenges.
"Exclusive commercial endowment insurance highlights the inclusiveness and maximizes the interests of customers by minimizing the cost of sales. It is difficult to stimulate the enthusiasm of various sales channels." The relevant person in charge of the Zhejiang Banking and Insurance Regulatory Bureau said that the next step is to guide insurance companies to establish and The internal management mechanism adapted to the long-term development of the exclusive commercial endowment insurance business, including the medium and long-term target management mechanism, risk management and control mechanism, etc., strengthen the training of sales personnel; at the same time, improve the development evaluation index system of the exclusive commercial endowment insurance business, and guide the company to continuously improve the coverage of insurance types , Optimize the structure of the insured population.
At the same time, the attractiveness of exclusive commercial pension insurance products also needs to be improved.
At present, the exclusive commercial endowment insurance products have two different investment styles: stable and aggressive. Both have guaranteed minimum interest rates, which can meet the risk preferences of some consumers. However, some consumers also hope to have higher guaranteed minimum interest rates during the pilot process. .
Captive commercial endowment insurance faces the pressure of comparison with other financial products such as bank wealth management products in terms of yield.
This depends on the continuous innovation of insurance companies to provide diversified products and services.
In April this year, the General Office of the State Council issued the "Opinions on Promoting the Development of Individual Pensions", and the implementation of the individual pension system has helped the third pillar pension insurance to further open up the market space.
The industry expects that the exclusive commercial pension insurance will be further connected with the new policy of the third pillar, so as to obtain the support of tax incentives such as tax deferred and enhance the attractiveness of the product.
Our reporter Zhao Zhanhui