Recently, the State Administration of Financial Regulation issued the "Notice on Promoting the Development of Exclusive Commercial Pension Insurance" (hereinafter referred to as the "Notice"), clarifying relevant business requirements, further expanding the scope of institutions operating exclusive commercial pension insurance business, and transforming commercial pension insurance from pilot business to normalized business. Exclusive commercial pension insurance is an insurance product that has long-term locked in funds and is specifically used for personal pension security. It has the characteristics of simple insurance, flexible payment, and stable returns, providing new choices for the people to accumulate "pension money" in the long term. In June 2021, the former China Banking and Insurance Regulatory Commission launched exclusive commercial pension insurance pilot projects in Zhejiang Province and Chongqing City. In March 2022, the pilot area will be expanded nationwide and pension insurance companies will be allowed to participate. According to the relevant person in charge of the State Administration of Financial Regulation, since the pilot was launched, the development of exclusive commercial pension insurance business has been generally stable, and the society has received good feedback. As of the end of September this year, there were a total of 637000 exclusive commercial pension insurance underwriting policies, with a cumulative premium of 8.16 billion yuan. Exclusive commercial pension insurance is an insurance product related to the third pillar of pension. In recent years, China has made frequent efforts in the field of the third pillar pension insurance, with products such as personal savings pension insurance, housing reverse mortgage pension insurance, personal tax deferred pension insurance, and long-term care insurance successively implemented. Relevant supporting policies and financial rules have been continuously improved and standardized. Compared with other insurance products, a major feature of exclusive commercial pension insurance is its simplicity in insurance and flexible payment. On the one hand, the minimum premium requirement is relatively low, and the age limit for insurance is relatively small; On the other hand, its payment methods are more flexible, and policyholders can adopt various premium payment methods, including single payment, regular payment, flexible payment, etc. They can also regularly and irregularly add premiums according to their own situation. These product advantages enable exclusive commercial pension insurance to target a wider range of groups and provide more diversified pension security options. In the process of promoting the pilot work, various regions and relevant departments actively encouraged innovative sales and service models, and encouraged pilot insurance companies to actively explore and serve the general public, especially to meet the elderly care needs of employees in new industries, new formats, and various flexible employment personnel. The first exclusive commercial pension insurance client in Tianjin is a migrant worker who comes to Tianjin to work in the household chores industry and has exceeded the age of social security payment. The exclusive commercial pension insurance has solved the pension problem for them. According to data released by the State Administration of Financial Regulation, as of the end of September this year, there were approximately 79000 insurance policies for employees in new industries, new formats, and flexible employment. In recent years, China has initially established a "three pillar" pension insurance system based on basic pension insurance, supplemented by enterprise (occupational) annuities, and connected with personal savings pension insurance and commercial pension insurance. However, currently, the issue of "one pillar dominating" basic pension insurance is still very prominent, and the third pillar has become a key breakthrough in building a multi-level pension insurance system. Unlike the first and second pillars, the biggest characteristic of the third pillar of elderly care is individual voluntariness. How to build a rich and comprehensive library of elderly care financial products to meet diverse elderly care security needs
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：Worker Daily
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