How to pay old-age insurance for parents

How to pay old-age insurance for parents;

1, pay rural endowment insurance. Parents who are registered in rural areas can pay rural social endowment insurance for their parents and receive pensions after reaching the age of 60;

2. Pay urban endowment insurance. Parents whose household registration is in this city can buy urban endowment insurance for their parents, and they can receive pensions after they reach the age of 60;

3. Commercial endowment insurance. Commercial old-age insurance is not divided into hukou, and the insurance amount is relatively high. You can buy a financial annuity insurance for your parents.

Old-age insurance, the full name of social basic old-age insurance, is a social insurance system established by the state and society in accordance with certain laws and regulations to solve the basic life of workers who reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age. Endowment insurance is an important part of social security system and one of the five most important social insurances. The purpose of endowment insurance is to protect the basic needs of the elderly and provide them with a stable and reliable source of life.

The main features of endowment insurance:

1, mandatory by national legislation, all enterprises, units and individuals must participate, and those who meet the conditions for receiving pensions can receive pensions from the social insurance department;

2. The source of endowment insurance expenses is generally shared by the state, units and individuals, or shared by units and individuals to achieve extensive social mutual assistance;

3. Endowment insurance is social, with great influence, large number of people enjoying it for a long time and huge cost. Therefore, it is necessary to set up specialized agencies to implement unified planning and management of modernization, specialization and socialization.

Importance and benefits of buying old-age insurance for parents

It is of great significance for parents to buy endowment insurance. First of all, endowment insurance can provide stable economic support for their retirement and ensure that they can continue to enjoy their basic needs after retirement. Secondly, old-age insurance can also provide medical security for parents and help them cope with the increasing medical expenses. In addition, endowment insurance can also provide parents with a certain degree of risk protection, such as providing financial assistance in case of accidents or major diseases. Buying endowment insurance can also help parents maintain their independence and dignity and reduce the financial burden of their children. Therefore, it is an important and responsible behavior to buy old-age insurance for parents, which helps to ensure the quality and happiness of their retirement life.

Legal basis:

People's Republic of China (PRC) (China) Social Insurance Law:

Chapter II Basic Endowment Insurance

Seventeenth individuals who participate in the basic old-age insurance, due to illness or non-work-related death, their survivors can receive funeral grants and pensions; Persons who have completely lost their ability to work due to illness or non-work-related disability before reaching the statutory retirement age can receive disability allowance. The required funds are paid from the basic old-age insurance fund.