Commercial life insurance refers to the insurance system in which the insured is compensated by the commercial life insurance company according to the contract when he is old or the insurance period expires. This has some similarities with the savings pension insurance system adopted by many countries in the world. As a supplement to the old-age insurance, commercial life insurance promotes each other, and there are both connections and differences. (1) has different properties. The endowment insurance system is compulsory, indemnificatory and social, and it is a kind of government behavior. Commercial life insurance is voluntary, compensatory and reciprocal, and it is a contract or contractual relationship. (2) The objects are different. The object of endowment insurance is legal workers, and some countries are all citizens; The object of commercial life insurance is the voluntary insured. (3) The degree of equivalence between rights and obligations is different. Old-age insurance, workers have the right to enjoy old-age insurance benefits as long as they pay fees in accordance with state regulations and reach a certain number of years, which is not completely equivalent to obligations; The rights and obligations of commercial life insurance are completely equal, and the relationship between the insurer and the insured is mutually beneficial. (4) The level of protection is different. Endowment insurance should guarantee the basic life of retirees, which is generally determined according to a certain proportion at work; The guarantee level of commercial life insurance is related to the insured amount. More investment means more insurance, and no investment means no insurance. (5) The realization basis is different. The implementation of endowment insurance is generally mandatory according to the national endowment insurance law; Commercial life insurance is based on the principle of voluntariness and can only be established on the premise of mutual voluntariness. (6) The purpose of insurance is different. The purpose of endowment insurance is to protect the basic life of the elderly and maintain social stability, not for profit; The business subject of commercial life insurance is a commercial insurance company, which pursues profits, otherwise no one will operate it.

Legal objectivity:

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 problems existing in the operation of commercial endowment insurance are, firstly, the lack of commercial endowment insurance products, the high degree of homogeneity and the lack of real endowment insurance products. In recent years, in order to meet customers' financial needs, insurance companies pay great attention to short-term investment and quick cash back in product development, ignoring customers' pension needs. According to the statistics of China Insurance Regulatory Commission, the per capita holding of long-term life insurance policies in China is only 0. 1, far below the level of developed countries 1.5 or above. According to the statistics of World Social Security Research Center of China Academy of Social Sciences, over the years, 80% of life insurance assets in China belong to wealth management products, and only 20% belong to traditional endowment insurance. In addition, due to past policies and market environment factors, there are only seven professional pension insurance companies in China, mainly focusing on the second pillar of enterprise annuity and pension security entrusted management business. The scale of personal pension commercial insurance products related to the third pillar is limited, which leads to insufficient effective supply of commercial pension insurance and is difficult to meet diversified market demand. Secondly, the tax-deferred pension insurance has a complicated taxation method and low social recognition. In the way of taxation, the personal income tax in China is mainly withheld and remitted by the unit, and the operation of personal direct tax payment is relatively complicated. Compared with tax-excellent health insurance, tax-deferred pension insurance is more complicated. Tax deferral is tax-free in the current period and taxed at the time of collection. The operation process is complex and the business lasts for a long time. Moreover, the unit has no compulsory obligation to cooperate with employees to insure. Therefore, it will objectively affect the individual's willingness to buy. At the same time, there are also difficulties in social recognition and willingness to buy. Tax-deferred pension insurance is a new thing, and the pension insurance funds need to be locked for a long time. At present, due to the deep-rooted public awareness of traditional savings and low awareness of insurance, the recognition of tax-deferred old-age insurance is low, and the public fully accepts the need process. Thirdly, tax-deferred pension insurance lacks supporting laws and regulations. At present, the tax preference in personal tax deferred pension insurance conflicts with the current income tax system in China, which does not raise the policy to the level of legal protection, and limits the development of the third pillar personal pension plan to some extent. Finally, the pension pressure is highly concentrated in the first pillar-the public pension system, which weakens the pension responsibility of enterprises and individuals. In recent years, with the gradual improvement of the basic old-age insurance system and the continuous improvement of the treatment level, people have gradually formed a dependence on the first pillar basic old-age insurance, and their enthusiasm for voluntarily participating in individual old-age insurance is not high. In view of the existing problems, the author suggests: First, give full play to the role of market mechanism in the pension system. In the reform of pension system and policy adjustment, we should fully consider the interactive relationship between commercial pension insurance and basic pension insurance as the third pillar. It is necessary to effectively reduce the proportion of basic old-age insurance contributions, reduce the burden of payment by enterprises and residents, and provide room for the development of commercial old-age insurance. The second is to improve the supply efficiency of commercial endowment insurance. Insurance companies, especially the life insurance industry, should change their development concepts, combine risk management with wealth management on the basis of safeguarding functions, and promote the transformation and upgrading of the industry. It is an important part of the pension system to take pension insurance as the leading business and develop with the support of preferential tax policies to create value for customers and society. Life insurance companies should strengthen product innovation to meet and adapt to diversified old-age security needs. At the same time, market-oriented, broaden the channels for the use of insurance assets, improve asset management capabilities and efficiency, and enhance the competitiveness of commercial endowment insurance. Third, when designing commercial endowment insurance, especially tax-deferred endowment insurance products, insurance companies should adhere to the industry foundation of insurance protection and give full play to the advantages of insurance risk protection. In terms of specific ideas, we must first adhere to the design principles of "income guarantee, long-term lock-in, lifelong collection and mutual assistance". Among them, ensuring the safety of funds is the bottom line of product design, and it is necessary to ensure the preservation and reasonable return of ordinary people's pension funds. The fourth is to implement the relevant policies in the Opinions to support commercial endowment insurance, and ensure that the pilot of personal tax deferred commercial endowment insurance will be launched before the end of the year. Relevant state departments should formulate supporting policies and measures around the requirements of the Opinions, further support commercial endowment insurance institutions to participate in the investment management of basic endowment insurance funds in an orderly manner, and provide green channels and priority support for commercial endowment insurance funds to participate in major national projects and people's livelihood projects. At the same time, strengthen supervision, urge insurance institutions to improve service quality, safeguard the legitimate rights and interests of consumers, and effectively prevent and control risks. 1. What is annuity insurance? Annuity insurance refers to the insurance that the insurer pays the insured's insurance money regularly and in a fixed amount within the agreed time limit in accordance with the amount and method agreed in the contract during the life of the insured. Annuity insurance is also a kind of life insurance with the survival of the insured as the payment condition, but the payment of survival insurance usually takes the form of paying a certain amount according to the annual cycle, so it is called annuity insurance. 2. What is dividend endowment insurance? The insured can share the insurance products of the operating results of the insurance company, and the insured has the right to receive the dividend distribution based on the operating results of the insurance company every year, that is, share the dividend and enjoy the operating results of the company. 3. What is the difference between the payment methods of commercial endowment insurance and social endowment insurance? The cost of commercial endowment insurance is directly paid by the insured himself to the insured insurance company, and the money is given to the commercial insurance company; Social endowment insurance premiums are generally withheld and remitted by the insured units, part of which is turned over to the state and part of which is deposited in personal accounts. 4. Is it better to insure commercial endowment insurance as much as possible? Theoretically speaking, the more commercial endowment insurance, the better, but the premium of endowment insurance is relatively high, which needs to be supported by certain economic income. The key to choosing endowment insurance is to live within our means. Generally speaking, it is reasonable for insurance expenses to account for 10% ~ 20% of family annual income, and it is appropriate for commercial pension to account for 20% ~ 40% of old-age security. 5. When can annuity insurance products receive annuities? When choosing annuity insurance products, we should pay attention to the collection time. Usually, annuity products are set at a certain age, such as 50, 55 and 60. There are also some spot products, such as China People's Life Insurance's "Enjoy Life" annuity insurance (dividend type), which can receive the first-year annuity at the same time when the policy takes effect.