Commercial insurance or social security?

Social security and commercial insurance have their own advantages and different emphases, and they are complementary. Social endowment insurance products belong to the responsibility of the government, and both enterprises and individuals need to pay social endowment insurance. As long as the social endowment insurance is paid regularly and quantitatively within the scope permitted by law, after the payment period reaches 15 years, everyone can receive the basic endowment insurance fund to ensure the stability of the old-age life. Commercial insurance is a supplement to social insurance. The purpose of its realization is also very different. The main purpose of domestic commercial insurance is to obtain higher profits, social insurance focuses on protection, and commercial insurance focuses on profit.

Legal objectivity:

Social Insurance in People's Republic of China (PRC) Article 2 The State establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to receive material assistance from the state and society in accordance with the law in case of old age, illness, industrial injury, unemployment and maternity.