The connection and difference between social insurance and commercial insurance

Legal analysis: there are seven connections and differences between social insurance and commercial insurance: 1, which are different in nature: social insurance is guaranteed and not for profit; Commercial insurance is operational and aims at pursuing economic benefits. 2. The foundation is different: social insurance is based on labor relations. As long as labor relations are formed, employers must handle social insurance for employees; Commercial insurance is voluntary insurance, and the rights and obligations of both parties are established in the form of contracts. 3. Different management systems: social insurance is managed by government functional departments; Commercial insurance is operated by an insurance company of enterprise nature. 4. Different objects: the object of participating in social insurance is workers, and its scope is stipulated by law and limited by qualifications. 5. The scope of protection is different: social insurance solves the living security of the vast majority of workers; Commercial insurance only solves some problems of the insured. 6. Different sources of funds: social insurance is shared by the state, enterprises and individuals; Commercial insurance has only a single source of premium for the insured. 7. The treatment plan is different.

Legal basis: Article 16 of the Social Insurance Law of People's Republic of China (PRC) stipulates that individuals who have participated in the basic old-age insurance will receive the basic old-age pension on a monthly basis if they have accumulated contributions for fifteen years when they reach the statutory retirement age. Individuals who participate in the basic old-age insurance and pay less than fifteen years when they reach the statutory retirement age can pay for fifteen years and receive the basic pension on a monthly basis; Can also be transferred to the new rural social endowment insurance or urban residents' social endowment insurance, enjoy the corresponding pension insurance benefits in accordance with the provisions of the State Council.