What's the difference between social security and Pacific insurance company!

The insurance of Pacific Insurance Company is commercial insurance.

Social security is the basic residents' insurance and the most basic social security paid by the state after retirement. After retirement, the living expenses are collected at the current level.

(1) is different in nature. The basic old-age insurance is a social insurance system implemented by the state and belongs to the government's behavior. Commercial old-age insurance is one of the supplements to social insurance and belongs to commercial behavior.

(2) The purpose is different. The basic old-age insurance is not for profit, but to protect the insured's old-age life. Commercial endowment insurance is the business behavior of enterprises, which aims at pursuing profits and focuses on economic benefits;

(3) Different sources of funds, the basic old-age insurance premium is shared by enterprises and individuals, and the commercial old-age insurance is entirely borne by the insured individuals;

(4) The government bears different responsibilities. Basic old-age insurance is a basic right enjoyed by citizens. The government bears the ultimate responsibility of endowment insurance, while commercial endowment insurance is restricted by market competition mechanism and has great risks.