What is commercial insurance pension

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 pension insurance, is a supplement to social pension insurance. The participants of commercial pension insurance pay a certain amount of premiums and start to receive pension from a certain age. In this way, although the insured person's income decreases after retirement, he or she can still maintain the standard of living before retirement with the help of the pension. For commercial pension insurance, if there is no special provision, the insured pays premiums at equal intervals, the amount of premiums is equal, the interest rate remains the same throughout the period of payment, and the frequency of interest accrual is equal to the frequency of payment. Currently, the vast majority of commercial pension products in the insurance market are limited-payment annuity insurance, i.e., the insured pays premiums on time and starts to receive pension after a certain number of years. If the annuitant dies before receiving the pension, the insurance company either refunds the higher of the premiums paid and the cash value, or pays the premiums in accordance with the stipulated amount. Both annuity insurance and survival insurance are conditional on the survival of the insured during the term of the insurance. Annuity insurance is a variation of survivorship insurance, but there is a difference between the two. When the insurer survives the insurance period, the insurance company pays the insurance premiums according to the agreed period and method, and when the insured survives until the expiration of the insurance period, the insurance company pays the insurance premiums in a lump sum.

Legal basis: Article 4 of the Social Insurance Law of the People's Republic of China Article 4 of the Social Insurance Law of the People's Republic of China Employers and individuals in the territory of the People's Republic of China shall pay social insurance premiums in accordance with the law, and shall have the right to inquire into the records of payment of premiums, records of the rights and interests of individuals, and to request that the social insurance agency provide social insurance consulting and other related services. Individuals enjoy social insurance benefits in accordance with the law and have the right to supervise the payment of contributions by their own units.