Personal contribution reduction and exemption of endowment insurance

Endowment insurance premiums cannot be reduced, except for force majeure factors.

Endowment insurance is a part of social insurance, which belongs to national compulsory social insurance. It includes general account and personal account. The employer's contributions are included in the overall account, the individual contributions are included in the personal account, and 8% of the individual contributions of individual industrial and commercial households and flexible employees are included in the personal account. According to "Social Insurance Law" and "Provisional Regulations on Collection and Payment of Social Insurance Fees" of the State Council, old-age insurance, whether included in individual accounts or overall accounts, cannot be reduced or exempted except for force majeure and legal reasons.

Social insurance law

Article 60 The employing unit shall declare on its own and pay social insurance premiums in full and on time. Except for legal reasons such as force majeure, the payment shall not be postponed or reduced. The social insurance premiums that employees should pay shall be withheld and remitted by the employer, and the employer shall inform me of the details of paying social insurance premiums on a monthly basis.

Individual industrial and commercial households without employees, part-time employees who have not participated in social insurance in the employing units and other flexible employees can pay social insurance premiums directly to the social insurance premium collection agencies.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.