Is endowment insurance the same as social security? What is the difference?

Social security is different from endowment insurance. Social security is a plan organized by the government, which is a form of fund formed by forcing part of the income of a certain group as social insurance premium. Endowment insurance is one of the five major social insurances, mainly to prevent people from living in poverty after retirement. There is a big gap between the two in scope, subject and characteristics.

1, different ranges

Social security includes many aspects, including five types of insurance, namely endowment insurance, medical insurance, unemployment insurance, work injury insurance and maternity insurance. Workers must fulfill their statutory payment obligations in order to enjoy the corresponding social security benefits. Different from endowment insurance, it includes commercial endowment insurance and enterprise endowment insurance. But generally speaking, it refers to the endowment insurance in social security. Not many people buy commercial old-age insurance now. For the general public, their insurance is social security, and there is no other commercial nature.

2. Different treatment topics

Social security payment is stipulated according to the proportion of employers, part of which needs to be withheld from wages and part of which needs to be paid by employers. The withholding is mainly for pension, medical care and unemployment, and the unit helps to pay for maternity and work-related injuries. The endowment insurance is different, its main body is commercial, and we can freely choose to buy it according to our living conditions and wishes. If you have money, you can consider buying more. You can choose not to buy if you don't like it. Many rich people have commercial insurance, and ordinary people rarely buy it on purpose.

There are many differences in characteristics.

Social security is guaranteed, compulsory, welfare and mutual assistance, mainly for people's consideration, but its nature is mandatory. Commercial pension insurance is different. It is based on the proportion of payment. The more you buy, the more you get. There is no such thing as coercion, it is all on one's own will. For those who resist insurance, they will not buy commercial endowment insurance.