With the intensive implementation of policy dividends, the drum for the development of the third pillar of pension is gradually tightening, which also puts forward new requirements for insurance institutions to participate in the construction of the third pillar. Looking at the current commercial pension products in the insurance market, the annuity insurance with limited payment occupies the mainstream in the market with relatively stable income and flexible payment. In addition to the traditional annuity insurance, in recent years, the policy has continued to standardize and promote the development of endowment insurance, and encouraged insurance enterprises to launch more insurance with higher security attributes, including the pilot of individual tax deferred endowment insurance and the pilot of exclusive commercial endowment insurance. Insiders said that from the personal level, because people rely too much on the protection of social basic old-age insurance, the initiative of formulating old-age planning is generally not high, and policy support and consumer education still need to further supplement the "short board". From the perspective of insurance institutions, we should further develop all kinds of policy supported and commercial old-age insurance products. Annuity insurance accounts for a relatively high proportion In recent years, the insurance industry has vigorously developed all kinds of commercial insurance with pension attribute. Endowment insurance needs to have the characteristics of long-term, security, profitability and restriction. Annuity insurance is considered to be one of the commercial insurance varieties with pension function and suitable for participating in the construction of the third pillar. At present, the vast majority of commercial pension products in the insurance market are annuity insurance with limited payment. That is, the insured pays the insurance premium on schedule and begins to receive the pension when the specified period of time expires. If the annuity recipient dies before the age of receiving the annuity, the insurance company may refund the higher of the premium and cash value paid, or pay the insurance benefits according to the specified insured amount. Some insurance companies have also further added security to annuity insurance, increasing its pension attribute. Take the pension version of Ping An Life Royal wealth insurance product plan as an example. The pension version consists of Ping An Royal wealth pension annuity insurance, Ping An jucaibao (2021) lifelong life insurance (Universal) and Ping An jucaibao (2021) pension annuity insurance (Universal). Considering the security needs of retired and temporary retirees, the upper limit of insurance age is relaxed to 75 years old, The payment period can be 3 years or 5 years, and the expiration date is 8 years. Ping An Life said that the rapid payment of pension can timely solve the pension expenses, and the incremental payment can also help maintain the stability of pension life. In recent years, pension insurance has developed rapidly. By the end of October 2021, the entrusted assets of enterprise annuity were nearly 1.5 trillion yuan. The China Banking and Insurance Regulatory Commission previously said that the income of pension and annuity insurance is stable. It is a traditional commercial insurance with pension function and will continue to promote the development of pension and annuity insurance business. The guidance on further enriching the supply of life insurance products issued by the CBRC also points out that insurance institutions should enrich the supply of products in many fields, strengthen the development of inclusive insurance, serve the construction of old-age insurance system, meet the people's health security needs, improve the security level of the elderly and children, and increase the number of employees in new industries and new formats Security for specific groups such as flexible employees. Wang Xiangnan, deputy director of the insurance and economic development research center of the Chinese Academy of Social Sciences, believes that at present, China's annuity insurance is dominated by fixed-term products, and there are relatively few pension products that can guarantee life, and there is still great development potential in the future. Zhou Jin, management consulting partner of PWC China's financial industry, said that from the demand side, with the intensification of the aging trend of China's population, consumers pay more and more attention to endowment insurance, and more and more people configure endowment insurance products and are younger and younger. From the supply side, after the insurance industry returns to the protection function, insurance companies prefer to launch long-term payment protection products. Therefore, many insurance enterprises aim their main products at annuity insurance. With the mutual promotion of supply and demand, the annuity insurance market has shown a rapid growth trend in recent years. Several exclusive endowment insurance pilot operations In addition to the traditional annuity insurance, in recent years, the policy has continuously standardized and promoted the development of endowment insurance, and encouraged insurance enterprises to launch more insurance with higher security attributes. In May 2018, the pilot of individual tax deferred pension insurance was launched, marking that China began to explore the use of tax incentives to guide individuals to carry out pension accumulation. Since the pilot, the operation has been generally stable and the process has been continuously optimized. By the end of October 2021, 23 insurance companies had participated in the pilot, with a cumulative premium income of nearly 600 million yuan and more than 50000 participants. However, industry insiders believe that for some reasons, the attraction of tax deferred pension insurance to consumers is relatively limited. Based on the pilot operation of tax extended endowment insurance, in May 2021, the CBRC issued the notice on carrying out the pilot of exclusive commercial endowment insurance, which has become a direction for the exploration of the construction of the third pillar of endowment insurance. Exclusive commercial old-age insurance is an individual old-age annuity insurance product with the purpose of old-age security and aged 60 and above. The product design is divided into two stages: accumulation period and receiving period, and the receiving period shall not be less than 10 years. The product adopts account management, and the account value calculation and fee collection are open and transparent. According to the data of China Banking and Insurance Regulatory Commission, since June 1, 2021, the pilot of exclusive commercial endowment insurance has been launched in Zhejiang Province (including Ningbo) and Chongqing, and the pilot insurance companies are encouraged to develop exclusive commercial endowment insurance products for employees in new industries, new formats and various flexible employees. By the end of October 2021, the accumulated premium income of exclusive commercial endowment insurance was about 200 million yuan, with more than 17000 insured people, including about 5600 online car Hailing drivers. Wang Xiangnan said that there is the word "insurance" in the name of endowment insurance products, indicating its strong security attribute. On the one hand, the product has a long term and can be designed to receive for life. The longer the service life, the more you receive. On the other hand, it can be designed as an indexed pension with the wage growth rate. In addition, pension insurance can also adjust the amount of pension according to the life status of family members. Market vitality still needs to be further stimulated Although the current pension insurance is paid more and more attention, and the types of issuance are gradually enriched, on the whole, the vitality of the pension insurance market is still lacking. "Because people rely too much on the protection of social basic old-age insurance, the initiative of formulating old-age planning is generally not high. At the same time, formulating old-age planning requires mastering some professional knowledge, including population structure change trend, social basic old-age insurance policy, old-age service policy, finance, finance and insurance knowledge. These contents are relatively profound, and most people learn and understand them In certain difficulties. As a result, most individual customers have not formulated their own pension plans, and a large part of those who have formulated pension plans have not really implemented them. Therefore, individual customers do not have a strong awareness of actively applying for pension insurance. " The person in charge of the personal insurance Department of PICC told reporters in an interview. In this regard, Dong Keyong, Secretary General of China pension finance 50 people forum, believes that at the policy level, some good policies benefiting the people have not been well publicized. People should understand relevant policies and clarify pension expectations. Wang Xiangnan suggested that insurance institutions, as the "main force" of the third pillar, should further develop all kinds of policy supported and commercial pension insurance products to provide pension financial security for residents. We will develop insurance products that meet the needs of residents' elderly care and medical treatment, and participate in the construction of elderly care service industry to provide residents with life security for the elderly. Promote the accumulation of pensions and improve the conversion rate from residents' savings to long-term investment. The relevant person in charge of PICC said that it would take the R & D project of commercial endowment insurance products as an opportunity to steadily promote the work related to the supply of commercial endowment insurance in stages and levels, increase the supply of commercial endowment insurance products, adhere to return to security, focus on the growing diversified demand for elderly security, innovate and develop scientific pricing, convenient insurance, steady income Various commercial endowment insurance products with diversified services provide insurance solutions for the security and financing needs of the elderly. 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