What's the difference between commercial insurance and endowment insurance?

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Commercial endowment insurance is a kind of commercial insurance, which means that when the insured retires in old age or the insurance period expires, the insurance company pays the pension according to the contract. Social endowment insurance is a social security insurance system established to solve the basic life of workers who reach the age limit stipulated by the state or quit their jobs because of loss of working ability. Commercial endowment insurance product information

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The difference between commercial endowment insurance and social endowment insurance;

1, with different properties.

Social endowment insurance is enforced by national legislation and belongs to government behavior. Commercial insurance belongs to the nature of enterprises and is a kind of commercial behavior.

2. Different purposes

Social endowment insurance is not for profit, its starting point is to protect the basic life of workers in their later years, maintain social stability and promote economic development, while the fundamental purpose of commercial insurance is to obtain profits, on this premise, to give the insured certain economic compensation.

3. Different sources of funds

Social insurance is shared by the state, employers and individuals, and commercial insurance is entirely borne by the insured.

4. Different responsibilities

Social insurance is the basic right enjoyed by citizens, and the government bears the ultimate responsibility for social insurance, while commercial insurance will be restricted by the market competition mechanism, and the government mainly supervises commercial insurance according to law.