To enrich the supply of three-pillar pension insurance products, China Life launched China Life Xinxiangbao exclusive commercial pension insurance
According to estimates from the National Health Commission, during the “14th Five-Year Plan” period, the total number of people aged 60 and above in my country will exceed 300 million, accounting for more than 20%, and will enter the moderate aging stage. Around 2035, the elderly population aged 60 and above will exceed 400 million, accounting for more than 30% of the total population, and will enter the stage of severe aging. As the elderly population continues to increase and the degree of population aging continues to deepen, it brings challenges to the supply of public services and the sustainable development of the social security system. How to find a path with Chinese characteristics to deal with population aging? Become the focus of public attention.
China Life Insurance Company Limited (hereinafter referred to as “China Life Insurance Company”)As the “leader” in the domestic life insurance industry, its main business is closely related to pension finance. In recent years, it has continued to work hard to enrich its product supply and deeply integrate into the construction of the three-pillar pension insurance system. In November 2022, the company launched “China Life Xinxiangbao Exclusive Commercial Pension Insurance”, which was also shortlisted for the first batch of selected personal pension products. This product has a stable account settlement interest rate and various ways of receiving annuity after retirement. Recognized and trusted by customers. Recently, in accordance with the requirements of the State Administration of Financial Supervision and Administration’s “Notice on Matters Concerning Promoting the Development of Exclusive Commercial Pension Insurance”, China Life Insurance Company has iteratively upgraded this product and officially launched the “China Life Xinxiangbao Exclusive Commercial Pension Insurance” to the market. (2024 edition)”.
China Life Xinxiangbao Exclusive Commercial Pension Insurance (2024 Edition) (hereinafter referred to as “China Life Xinxiangbao (2024 Edition)”) adopts a minimum guaranteed settlement interest rate design during the product accumulation period, and adds a one-time collection method. The product has the advantages of maintaining and increasing the value of personal pensions and ensuring long-term benefits.
Worry-free value-added and diverse benefits
The product design of China Life Xinxiangbao (2024 Edition) is divided into an accumulation period and a collection period.adopted during the accumulation periodGuaranteed plus floating income modelthe premium paid by the customer will be transferred to the personal account for value accumulation after deducting the initial product fee.The product sets up a portfolio account (A) and an investment portfolio account (B).Portfolio Account (A)The minimum guaranteed interest rate is 2% per year.This account pursues long-term and stable investment returns.Portfolio Account (B)The minimum guaranteed interest rate is 0% annual interest rate,This account pursues long-term higher investment returns while effectively controlling risks. We recommend that customers determine the allocation ratio between investment portfolio accounts based on their own risk preferences when applying for insurance. For customers who pursue safe and stable returns, they may consider appropriately increasing the allocation ratio of investment portfolio account (A) based on their own circumstances. For customers with a certain risk appetite, you may consider appropriately increasing the allocation ratio of the investment portfolio account (B) based on your own circumstances.
China Life Xinxiangbao (2024 version) provides customers with a variety of collection methods during the collection period. If you buy insurance under the personal pension system, you can choose to receive a lump sum after the statutory retirement age or 60 years of age, a lifelong monthly payment (annual payment), or a fixed-term (ten, fifteen or twenty years) monthly payment (annual payment) , we recommend customers to choose the long-term payment method, which can better utilize the pension security function of the product.
Convenient insurance and flexible payment
China Life Xinxiangbao (2024 version) can be purchased online.Customers can apply for online self-service insurance through China Life Insurance APP—Personal Pension Area, “China Life Insurance Co., Ltd.” WeChat Official Account—Insurance Products, and the insurance link forwarded by China Life Insurance Company’s account manager[footnoteRef:0]. Customers can also choose China Life Xinxiangbao (2024 version) to jump to Go to the insurance application page to apply for insurance.
According to the contract, the customer can choose to pay the insurance premium in one time, pay the insurance premium in regular intervals, or pay the additional insurance premium.[footnoteRef:1]and other payment methods. In order to help customers accumulate pension supplementary reserves according to the established plan, we recommend that customers choose the method of regular payment of insurance premiums and pay renewal premiums at a fixed time every year.
Multiple guarantees and rich responsibilities
In order to encourage customers to pay their premiums normally and hold policies for a long time, China Life Xinxiangbao (2024 Edition) has set the payment corresponding date after each insurance premium has been paid for 5 years. If the company does not pay any insurance premiums and the policyholder does not terminate the contract, The company will return the initial fee (excluding interest) deducted when the insurance premium is paid in one go, and credit it to the corresponding investment portfolio account. In order to fully enjoy the preferential arrangements provided by the continuous rewards of the policy, we encourage customers to pay the premiums normally and hold the policy for a long time until the collection period.
China Life Xinxiangbao (2024 Edition)Provides pension annuity, disability care insurance and death insurance (note: only one of them is paid). If a customer encounters a major illness or other situation stipulated in the policy, they can terminate the contract with the company in advance according to special contract termination circumstances to meet their emergency financial needs. Scan the QR code to enter the insurance link to learn more about product details.
