What is commercial endowment insurance?

Legal analysis: Commercial pension insurance is a long-term life insurance with the main purpose of obtaining pension. It is a special form of annuity insurance, also known as endowment insurance, and a supplement to social endowment insurance. After paying a certain premium, the insured of commercial endowment insurance can start to receive pension from a certain age. In this way, although the income of the insured is reduced after retirement, he can still maintain his pre-retirement living standard with the help of the pension. Commercial old-age insurance, if there is no special provision, the time interval for the insured to pay the insurance premium is equal, the amount of the insurance premium is equal, the interest rate remains unchanged throughout the payment period, and the number of interest-bearing times is equal to the number of payment times. At present, the vast majority of commercial pension products in the insurance market are annuity insurance with limited payment, that is, the insured begins to receive pension when he pays the insurance premium on schedule to a certain number of years. If the annuity recipient dies before the age of collection, the insurance company will either refund the premium paid or the higher cash value, or pay the insurance premium according to the specified amount. Both annuity insurance and survival insurance are based on the premise that the insured survives during the insurance period. Annuity insurance is a variant of survival insurance, but there are still some differences between them. The former is paid by the insurance company in accordance with the agreed period and method when the insured survives during the insurance period, while the latter is paid by the insurance company in one lump sum when the insured survives until the insurance period expires.

Legal basis: Article 4 of People's Republic of China (PRC) Social Insurance Law. Employers and individuals in People's Republic of China (PRC) pay social insurance premiums according to law, and have the right to inquire about payment records and personal rights records, and require social insurance agencies to provide social insurance consultation and other related services. Individuals enjoy social insurance benefits according to law and have the right to supervise the payment of their own units.