The report also shows that residents have a high recognition of the basic functions of life insurance-protection and savings. In contrast, the investment function of derivatives has a certain influence on life insurance purchase, but it is not their primary purpose of buying insurance. However, we should also see that people's understanding of the most essential guarantee function of life insurance is not enough.
Data show that by the end of 20 10, the number of elderly people over 60 in China has reached1870,000, with an annual growth rate of over 3%. Now, more and more people choose to buy commercial insurance to supplement the old-age security. Not long ago, a survey of residents' investment intentions in Chongqing, Tianjin and other places showed that at least 60% of residents had plans to buy commercial endowment insurance.
Insurance companies have seen the huge business opportunities of endowment insurance, and the competition continues to heat up, whether it is products or channels.
market
The market potential of individual endowment insurance is huge.
In recent years, China's social security system has undergone profound changes, and a single traditional old-age security system is rapidly changing to multi-level and multi-source old-age security. Coupled with the miniaturization of family structure, aging population and rising medical expenses, people are paying more and more attention to the issue of providing for the aged.
At present, the ways of providing for the aged in China are mainly composed of family pension, social pension and financial pension. From the social point of view, under the existing conditions, it is urgent to establish a pension structure consisting of social insurance, enterprise annuity and personal commercial pension insurance; Personally speaking, a relatively perfect old-age security should be composed of 30% social old-age insurance, 30% enterprise annuity and 40% personal financial pension, that is to say, the quality of life of the elderly is closely related to how individuals plan their old-age care during their work.
The huge potential of the individual pension insurance market has long triggered fierce competition among insurance institutions. According to the latest data, endowment insurance has accounted for more than 40% of China's life insurance market, but the development space of endowment insurance is far from exhausted. The increase of per capita disposable income in urban and rural areas, the arrival of an aging society in China and the government's support for the development of the old-age insurance market are all conducive to the further development of the old-age insurance market. Some insiders estimate that the scale of China's endowment insurance market is expected to reach several hundred billion yuan in the future.
The CIRC has been vigorously promoting this market. The conclusion of the regulatory authorities is that commercial endowment insurance and enterprise annuity are important components of the social security system, and the insurance industry should actively participate in and actively develop enterprise annuity.
product
Endowment insurance products turn to multi-function
This year's pension insurance market is still lively. According to incomplete statistics, since July, pure annuity products have been nearly 10. For example, Taikang Life Insurance's "Happy Life" life annuity insurance, Xinhua Life Insurance's "Enjoy Life", and China Life Insurance's new pension annuity insurance product-"Fulu Mantang" and so on.
This year's personal pension products are not only rich in variety, but also have new characteristics. Compared with the traditional simple old-age insurance products, the new annuity products launched by various insurance companies have more diversified functions, that is, they integrate multiple functions. Take Ping An, China, which first launched this product, as an example. Ping An Insurance's "love for life" integrates multiple functions of dividend-paying pension and critical illness protection, and is called an innovation of single-type pension insurance in the market. Great Wall Insurance's "Hongsheng 360 Comprehensive Protection Plan" realizes the comprehensive protection of old-age care, serious illness and children's education through product portfolio, and provides all-round care for families.
Another feature is that the financial management features in endowment insurance products are obvious. For example, the "Hong Xin Life Financial Plan" of Pacific Life Insurance not only has some basic features such as "quick return" of financial dividend insurance in the market at present, but also specially designs functions such as premium exemption for major diseases and double payment of annuities.
In addition to ensuring content innovation, insurance companies also compete in channels. The most obvious is the bancassurance channel. The traditional form of bancassurance products is relatively simple. Personal endowment insurance, a complex product, is generally carried out through personal agent channels to facilitate customers to understand the product. Recently, however, Xinhua Life Insurance took the lead in consulting financial management through bank channels, and launched a high-value life insurance financial management product with both old-age security and flexible financial management-"Enjoy Life", in order to deeply explore the growth point of the old-age insurance market in the value of bancassurance business.
Whether it is a multi-functional product or an upgrade of the bancassurance channel, the competition basically belongs to the original level. However, once the regulatory authorities let go of variable annuity, products equivalent to investment-linked insurance, annuity and open-end fund portfolio will be available on the market at present, and the competition for endowment insurance will be more intense.
reform
Insurance company Life is obsessed with product innovation.
Different from the popular trend of multi-functional old-age insurance products, China Life's innovation and upgrading of old-age insurance seems to adhere to another stable style, that is, it is more faithful to the simple old-age function and more consumer-oriented retirement life.
In this regard, according to the results of market research, consumers have requirements for commercial old-age insurance in terms of coverage, return time, fixed interest, maturity time, principal security, convenient collection, etc., especially for old-age insurance products with high dividends and full protection. At present, there are many financial products in the life insurance market with the function of balancing present and future cash flows, and there are relatively few professional endowment insurance products focusing on retirement. Therefore, China Life decided to focus on more pure professional pension products.
How to tailor endowment insurance products for consumers? China Life recently launched a new type of endowment insurance product "Fulu Mantang". Compared with other endowment insurance products, this product does not return the annuity at the initial stage of protection, and can be used for special purposes for consumers. After the insurance annuity begins to be collected, the amount will be higher. This design also ensures that the insurance company's capital operation cycle is longer, avoiding business risks steadily and effectively, maintaining the company's competitiveness in the pension market, and ultimately benefiting consumers.
In order to highlight the characteristics of old-age care, "Fulu Mantang" has also been designed as an incremental annuity. On the basis of the amount received by the customer in the first year, it will increase by 5% every year until the agreed collection period expires. At the same time, from the effective date of the policy to the expiration of the insurance period, customers enjoy dividends, and unpaid pensions and dividends can accumulate interest, maintaining and increasing the value. In addition, for risks such as illness and accidental death, "Fulmantang" also considered the refund of the cash value of the policy.
"In order to meet the needs of consumers for old-age products to the greatest extent, we have accurately positioned the development of' Fulmantang' products. The key point is that it can be earmarked for special purposes, safe and secure, taking into account security, and the amount received and dividend income are more prominent. " Obviously, this product design idea also makes China Life's upgraded products different.