Every reporter Tu Yinghao Every editor Liao Dan
According to data from the National Bureau of Statistics, as of the end of 2021, China’s average pension replacement rate is only 42.82%. Against the backdrop of an increasingly aging population, it is expected that this figure will continue to decline in the future. Therefore, it is imperative for individual residents to deploy pension financial products in advance.
With the implementation of the personal pension system, there are various types and a large number of optional pension financial products. How to choose? Li Hui, general manager of Chuangxin Insurance Sales Jiangsu Branch, said in an interview with the reporter of “Daily Economic News” that the personal pension system formulated by the state this time is already very good, and the access is very strict. For the upper-middle level products in the market, even if you buy them with your eyes closed, you will not make a mistake. He suggested that when buying, you can consider three aspects: asset allocation, your own age, and your own tax burden.
Where is the product?
Li Hui pointed out that the personal pension system includes four types of products: funds, savings, wealth management, and insurance, all of which can play a role in wealth appreciation, but only pension annuity insurance can achieve two things: one is real pension, that is, security and life, etc. Second, the pension annuity payment is written on the policy, and the interests of the customer for the next few decades are determined when the policy is issued, providing certainty to the customer.
It is understood that the exclusive commercial pension insurance adopts the “guarantee + floating” income model during the accumulation period, and provides two different investment portfolios: aggressive and stable. The “Daily Economic News” reporter noticed that 4 of the above 7 products have been in operation for more than one year, and the actual settlement interest rates in 2021 have also exceeded their respective guaranteed interest rates.
Specifically, Taikang Zhenxiang’s “stable” and “aggressive” investment portfolios for 100 years old will have an annualized settlement rate of 6% and 6.1% respectively in 2021; The annual settlement interest rates are 5% and 5.3% respectively; the actual settlement interest rates of the two combinations of China Life Xinxiangbao are 4% and 5% respectively; the actual settlement interest rates of the two combinations of Taiping Suisuijinsheng are 4.5% and 5.35% respectively. The other three products will not be sold until 2022, and their actual settlement rates will not be announced until January 2023.
Some insiders pointed out that consumers can refer to the investment management capabilities of various insurance companies in the past to choose products. Generally speaking, the stronger the investment ability, the higher the settlement interest rate.
The person in charge of the national pension insurance believes that compared with other pension financial products, commercial pension insurance mainly has the following advantages: From the perspective of investment attributes, commercial pension insurance has high security and has the property of capital preservation. After the implementation of the new asset management regulations, pension financial products such as pension wealth management and pension target funds have broken the rigid payment. Customers may lose money, but pension insurance can ensure the safety of the principal. For example, the guaranteed interest rate of the steady return portfolio of National Common Wealth’s exclusive commercial pension insurance is 3%, and the guaranteed interest rate of the aggressive portfolio is 0%. The guaranteed interest rate is the lowest rate of return for the customer in the year to ensure the safety of the customer’s principal.
In terms of security attributes, commercial endowment insurance has the advantage of receiving lifelong benefits. The endowment insurance contract stipulates that customers can receive a pension equal to their life, ensuring the rights and interests of customers, and helping customers determine that they will receive continuous pensions in the future. Especially after customers enter the middle-aged and elderly stage, the willingness and preference for active investment will generally decline. Commercial pension insurance has a risk protection mechanism to smooth investment fluctuations, and is suitable for investors with medium and low risk preferences.
In terms of service attributes, insurance products can be supplemented with pension, medical care, nursing and other related services, which has also become a competitive point of differentiation with other pension financial products.Products with strong pension attributes are also easier to form a pension service system that suits the needs of different groups of people, and can better meet the needs ofcommon peopleDiversified elderly care service demands at different ages.
Who is suitable to buy and how to configure?
A person in charge of an insurance company’s products told every reporter that the people who are suitable for personal pension insurance products should have the following characteristics. First, they feel that the first and second pillars of pension are not enough, and they need to make some supplementary savings, and they have higher expectations for future retirement life. The second is that the investment risk preference tends to be long-term and has certain guarantees; the third is that the personal income tax rate is higher, and this group of people is more conducive to enjoying preferential tax policies.
Li Hui also said that he should consider the specific circumstances of his own tax burden to participate, “For customers whose maximum tax rate of personal income tax is higher than 3%, that is, the monthly salary before tax is higher than 8,000 yuan, it is recommended to participate in the personal pension system.”
How to configure individual pension accounts? Li Hui pointed out that risk diversification through asset allocation is an important guarantee for investment returns. In addition, asset allocation can be adjusted according to age. When you are young, you can allocate a higher proportion of high-risk products such as funds. When you are approaching retirement, it is recommended to increase the proportion of high-security products such as insurance and savings.
The reporter of “Daily Economic News” sorted out the conditions for receiving 7 types of personal pension insurance, the minimum investment threshold, and the initial cost. Many people in the industry also gave suggestions on the key points of purchase.
From the perspective of receiving conditions, none of the above-mentioned 7 types of personal pension insurance can be received before the age of 60, but the receiving method is flexible, and it can be received for life or for a fixed period. The relevant person in charge of Ping An Life Insurance pointed out that compared with bank wealth management and funds, insurance products and services have unique advantages, but due to the characteristics of insurance products such as longer guarantee period, the liquidity of funds may not be as flexible as bank wealth management, funds and other financial products .
From the perspective of the initial investment threshold, Yang Fan, general manager of Beijing Paipaiwang Insurance Agency Co., Ltd., believes that endowment insurance products have the advantages of low initial investment threshold, compulsory savings, safety and stability, and long-term value preservation and appreciation.
Yang Fan also pointed out that personal endowment insurance products adopt the income model of “guarantee + floating”, and the guaranteed interest rates of different products are different, and consumers can choose according to their own needs and risk preferences. In addition, the initial costs of different personal pension insurance products are different, which will also affect the purchase cost of consumers.
From the perspective of the initial handling fee, China Life Xinxiangbao, Taiping Shengshi Fuxiang Jinsheng and Taikang Zhenxiang Centenary Type B are “not more than 5%”; “No more than 3%”; Taiping Life Suisui Jinsheng is “no more than 2%”. However, companies currently have relevant preferential policies. National Common Wealth temporarily does not charge the initial fee; the initial fee of Taiping Life Suisui Jinsheng, Taiping Shengshifuxiang Jinsheng and other products is also temporarily 0%; China Life Xinxiangbao charges 0.5%, but the one-time insurance reaches 10,000 yuan You will be rewarded with no handling fee.
How to improve buying enthusiasm?
It is understood that from the perspective of the sales of pension financial products, the largest scale is bank pension savings products, followed by pension insurance, which is relatively insufficient in competitiveness.
In this regard, some people in the insurance industry said in an interview with the “Daily Economic News” reporter that Chinese residents have a high level of understanding of savings and investment enthusiasm; at the same time, some cumbersome procedures in the purchase of endowment insurance, such as “double recording” and so on , To a certain extent, it also restricts the investment enthusiasm of consumers. In this regard, the above-mentioned person suggested: “(Relevant departments) can continue to optimize the insurance application process and strengthen investment education and guidance in the allocation of diversified pension financial products.”
The person in charge of the national pension insurance said that the personal pension system built by the company can effectively support the research and development and business operation of personal pension products. At the same time, the company has also developed the “National Pension Planning” WeChat mini-program, relying on industry big data to support individuals and families to carry out basic pension (first pillar) and occupational pension (second pillar) calculation of the amount received after retirement with one click. Help the common people clearly understand their pension gap, and establish a scientific pension plan early.
In addition to the seven exclusive commercial endowment insurance shortlisted in the first batch, in recent years, insurance companies have also actively launched many pension annuities, endowment insurance, long-term care insurance and other products to meet the diverse needs of the people for old-age security. Some people in the insurance industry suggested that consumers can also choose to configure other commercial pension insurance according to their own needs.
“In the design of endowment insurance products, try to match the characteristics of customers’ endowment consumption as much as possible, and provide more convenience for endowment payment. For example, endowment annuities can be selected monthly or yearly, and nursing insurance pays nursing benefits on the 1st of each month. It is convenient for customers to make cohesive arrangements for pension or nursing care payment.” The relevant person in charge of Ping An Life believes that a series of insurance products covering the whole life cycle of customers’ pension can provide financial support for the realization of health care or high-quality home care life.
“First of all, insurance products have long-term and stable characteristics, and are more suitable for helping customers make long-term pension reserves under the background of population aging and longevity. We have accumulated some experience in exploring the combination of insurance products and comprehensive elderly care communities, residential elderly care and home elderly care services, and can provide customers with more comprehensive elderly care solutions.” The person in charge said.
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Responsible editor: Zhang Wen