What are the five insurances?

"Five insurances" refers to five kinds of insurance, including endowment insurance, medical insurance, unemployment insurance, industrial injury insurance and maternity insurance.

According to the legal chart, "five insurances" refer to five kinds of insurance, including endowment insurance, medical insurance, unemployment insurance, industrial injury insurance and maternity insurance. Old-age insurance: Old-age insurance consisting of basic pension paid by social pooling fund and personal account pension is an important part of social security system and one of the five most important social insurances. It is a social insurance system established by the state and society according to certain laws and regulations to solve the basic life of workers after they reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age. Medical insurance: Medical insurance is insurance to compensate medical expenses caused by diseases. Social insurance in which employees are provided with necessary medical services or material assistance by society or enterprises due to illness, injury or childbirth. Unemployment insurance: unemployment insurance refers to a system that is enforced by the state through legislation and set up by the society to provide material help to workers who have temporarily stopped their livelihood because of unemployment. It is an important part of the social security system and one of the main items of social insurance. Work-related injury insurance: Work-related injury insurance refers to a social security system that provides medical care, living security, economic compensation, medical treatment and vocational rehabilitation for workers and their families who suffer from accidents and occupational diseases in production and work. Maternity insurance: Maternity insurance is a social insurance system that provides medical services, maternity allowance and maternity leave when pregnant and childbirth female workers temporarily stop working, and gives necessary economic compensation and medical care to maternity workers. Legal basis: Article 70 of the Labor Law The state develops social insurance, establishes social insurance system and social insurance fund, so that workers can get help and compensation in cases of old age, illness, work injury, unemployment and maternity. Article 71 The level of social insurance should be compatible with the level of social and economic development and social affordability. Article 72 The sources of social insurance funds shall be determined according to the types of insurance, and social pooling shall be gradually implemented. Employers and workers must participate in social insurance and pay social insurance premiums according to law.