On October 23, we will usher in the traditional festival Double Ninth Festival, also known as Respect for the Aged Day. Since ancient times, there have been three major customs: worshiping ancestors, climbing mountains, and appreciating chrysanthemums. It has been passed down to this day and has become an important festival for people to pay filial piety and respect the elderly.
As the aging population deepens, how to “prepare for the elderly” while “respecting the elderly” has become a long-term hot topic among the people. Elderly care has become a national strategy related to my country’s high-quality development. Policies such as the introduction of personal pension systems and the promotion of exclusive commercial pension insurance pilot businesses are frequently introduced, which is beneficial to the pension financial market. Pension insurance companies focusing on the main pension business will have great potential in this blue ocean market.
Insurance’s unique comparative advantage
In the current situation where interest rates continue to fall and the capital market fluctuates greatly, insurance products have obvious defensive attributes. Among them, pension insurance products are long-term, provide guaranteed income options, and have lifelong benefits, etc., and are increasingly recognized by consumers. Among them, certain-income products (such as traditional insurance) and guaranteed floating insurance products (such as participating insurance and universal insurance) can help consumers survive the bear market and play a role in the steady appreciation of assets, while net value floating products (such as investment-linked insurance) It can help consumers seize opportunities and obtain asset appreciation opportunities when the capital market is good.
In addition, insurance funds have long-term characteristics, so insurance companies can give full play to their advantages in elderly care services and health management, create a product + service ecosystem, organically integrate insurance protection with health management and elderly care services, and provide customers with medical treatment and nursing care. , elderly care and other full life cycle services.
Create a full-category elderly care product system
In order to support the pension needs of different customers, Ping An Pension aims to serve customers’ pension asset management in its product design, and uses customer risk preferences as the main product differentiation dimension to create “determined income type” and “determined + floating income type”. “, “floating income type” full-category product system covers customers of different ages, different risk preferences, and different pension needs, providing them with one-stop pension solutions.
In addition, exclusive commercial pension insurance products are unique among pension products because of their flexibility, safety, long-term, and people-friendly features. Since the release of the exclusive commercial pension insurance pilot policy, it has demonstrated significant promotion effects in terms of industry transformation, pension investment education, and promotion of citizens’ awareness of pension security. Faced with the opportunity of piloting exclusive commercial pension insurance, as a professional pension insurance company, Ping An Pension attaches great importance to it and actively participates in it. In 2022, it launched the “Ping An Fuminbao Exclusive Commercial Pension Insurance”.
Fuminbao products adopt double-guaranteed accounts, with flexible configuration of stable and aggressive accounts, corresponding to guaranteed interest rates of 2.5% and 0.6%, to meet the needs of people with different risk preferences. At the same time, the product payment is flexible, the initial investment threshold is low, and it supports regular/irregular additional premiums and small change for retirement. In addition, there are various ways to receive the product, including lifetime collection + four fixed-term collections. The product is settled once a year. The settlement interest rate for the stable account in 2022 is 4.3%, and the settlement interest rate for the aggressive account is 4.5%. In the environment of downward market interest rates and capital market fluctuations, it helps customers to steadily increase the value of their pension assets.
Solving pension problems with long-term planning
At present, the aging of the population is becoming increasingly serious, and the pressure on elderly care is becoming increasingly heavy. For ordinary people, it is even more important to cultivate awareness of pension reserves as early as possible, carry out pension planning as early as possible, and extend the period of pension reserves.
When you are young, you have a high risk tolerance, and you can allocate net worth funds, financial management or annuity insurance with a slightly higher proportion of risks and higher expected returns; in middle age, you should pay attention to the balance of allocation, and gradually increase with age. As risk appetite declines, gradually reduce the proportion of funds or financial management, and increase guaranteed pension savings or insurance assets; when you retire, further increase the allocation of pension annuity insurance products with functions such as guaranteed income and lifetime collection, so as to match the life cycle. pension cash flow.
In the process of communicating with customers, we found that customers often prefer insurance products with flexible forms, good liquidity, and high short-term returns. This also reflects to a certain extent that at the current stage, many customers lack long-term retirement planning. In terms of pension fund reserves, special funds have not yet been earmarked. They focus more on the short- and medium-term preservation and appreciation of funds. This is also what customers need when planning for retirement. issues of special concern.
Be prepared for a rainy day. In the future, Ping An Pension will continue to shoulder the important task of serving people’s livelihood and provide professional elderly care products and services that “save worry, time and money” to help citizens achieve the Chinese dream of “happy retirement” and help the country build a “multi-level , multi-pillar basic pension insurance system” and the “Healthy China” strategy.