Insurance conversion annuity means that the insured can choose to get lifelong congratulations equivalent to the agreed age to pay premiums as a pension fund, or can choose to convert one-time congratulations into an annuity to be received by installments.
The specific amount depends on the agreement of the product and the situation of the insured, and then the insurance company will return your converted pension fund or annuity according to the agreed number of years to provide long-term and stable protection for the elderly.
Extended data
Insurance (contractual economic relationship) Insurance (insurance or insurance for short) was originally insured for safety and reliability.
Later, it was extended to a guarantee mechanism, a tool for planning life finance, a basic means of risk management under the condition of market economy, and an important pillar of financial system and social security system.
Insurance refers to the commercial insurance behavior in which the applicant pays the insurance premium to the insurer according to the contract, and the insurer bears the responsibility of paying the insurance premium for the property losses caused by the possible accidents agreed in the contract, or when the insured dies, suffers from disability, illness or reaches the age and time limit agreed in the contract.
From the perspective of economics, insurance is a financial arrangement to share the loss of accidents; From the legal point of view, insurance is a contractual act, a contractual arrangement in which one party agrees to compensate the other party for losses.
From a social point of view, insurance is an important part of the social and economic security system and a "subtle stabilizer" for social production and social life; From the perspective of risk management, insurance is a method of risk management.
References:
Insurance-Baidu Encyclopedia