What's the difference between endowment insurance and social security?

Legal analysis: First, the two concepts are different: Old-age insurance refers to a kind of social insurance established by the state and society according to laws and regulations to solve the basic livelihood of workers after they reach the working age limit stipulated by the state and terminate their labor obligations or quit their jobs because of old age. Social security is the abbreviation of social insurance, which refers to five kinds of insurance: endowment insurance, medical insurance, maternity insurance, unemployment insurance and industrial injury insurance.

Second, the contents of the two are different: social insurance includes endowment insurance, but it is not limited to endowment insurance, which is only one of the five types of social insurance. Usually we buy social insurance including old-age insurance, but we buy a single old-age insurance, excluding medical insurance and so on.

Third, the purpose of the two is different: the main purpose of buying old-age insurance is to protect the basic life after old age. Buying social security can not only guarantee the basic life after old age, but also guarantee the basic medical service and the basic life during unemployment and work-related injuries.

Fourth, the payment method is different: social security is generally paid through companies, and personal purchase is not supported at present. Endowment insurance, generally speaking, refers to the endowment insurance in social security, which is included in social security. But endowment insurance supports individuals to buy separately.

Fifth, enjoy different welfare benefits: paying social security can enjoy medical reimbursement, maternity reimbursement and unemployment benefits, but paying old-age insurance alone cannot enjoy these. Paying endowment insurance alone may be urban and rural residents' insurance. The old-age insurance for urban and rural residents is paid annually, and the annual payment is several hundred yuan to several thousand yuan. Social security is paid monthly, and retirement pension is higher than urban and rural residents' pension insurance.

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

Article 2 The state establishes social insurance systems such as basic old-age insurance, basic medical insurance, industrial injury insurance, unemployment insurance and maternity insurance, so as to guarantee citizens' right to receive material assistance from the state and society in accordance with the law in case of old age, illness, industrial injury, unemployment and maternity.

Article 3 The social insurance system adheres to the principles of wide coverage, basic protection, multi-level and sustainability, and the level of social insurance should be compatible with the level of economic and social development.