Opinions on the development of individual pension issued by the State Council: on April 21, the opinions of the general office of the State Council on promoting the development of individual pension was issued. The main contents include: 1) individual voluntary contributions and full accumulation of accounts; 2) Upper limit of payment: 12000 yuan per person per year; 3) The pension paid can be used to buy mature and standardized financial products focusing on long-term preservation, such as bank financial management, savings deposits, commercial pension insurance, public funds and so on; 4) Enjoy preferential tax policies; 5) Receiving: it cannot be received in advance. In case of reaching the basic pension receiving age, loss of work, going abroad and other situations, it can be received monthly, in batches and at one time. Once the receiving method is determined, it cannot be modified, and the account assets can be inherited after the participant dies. At present, the proportion of people aged 65 and above in China is increasing rapidly. The introduction of personal pension development opinions is intended to guide residents to make full savings for the elderly and deal with the shortage of pension funds under the increasingly serious situation of population aging. We believe that the idea of "saving for old-age support" of individual pension account is slightly different from the concept of "survival is payment" of ordinary annuity, and is similar to the popular products of increasing life in the current market.
Increased life insurance products: increased life insurance refers to the life insurance with increasing insurance amount year by year. Compared with the traditional fixed life insurance with the same insured amount for life, the increased life death insurance premium increases with the increase of the insured's age. Therefore, it is widely favored by insurance consumers under the background of the continuous improvement of per capita life expectancy. Life increment products have the characteristics of large insurable amount, fully determined income, relatively considerable long-term benefits, flexible insurance policies and so on. At present, the long-term IRR of most life-saving products in the market is more than 3%, and with the increase of the insured's age, the IRR also gradually increases, and the product IRR of some small and medium-sized insurance enterprises is infinitely close to 3.5%. With the stricter supervision and the increase of life increment investment by large listed insurance companies, we expect the market share of life increment of listed insurance companies to gradually increase in the future.
Comparison between individual pension account and increased life: according to the current policy and product form, we compare individual pension account and increased life from four aspects: payment restriction, account appreciation, account withdrawal and tax policy. In a comprehensive comparison, the payment restrictions of life increment products are more relaxed, the account value-added is more certain and considerable, and the account withdrawal is more flexible. Of course, the specific development of individual pension also depends on the subsequent policies and rules. We make a quantitative analysis on the IRR of individual pension accounts under certain assumptions, and find that: 1) the IRR of accounts ranges from 1.38% to 7.48%; 2) The higher the rate of return on account investment and the higher the income tax rate, the higher the IRR. As for the comparison between individual pension and extended life, we believe that: 1) for people with individual income tax rate of 30% or more, the IRR of individual pension account can basically exceed the IRR of extended life. Therefore, for high-income people, the return performance of individual pension account is better than extended life; 2) The individual pension account has a contribution ceiling of 12000 yuan per year. In contrast, the annual premium ceiling of increased life is more than one million and the income is completely determined. Therefore, when the pension level is high and the pension expenditure is large, you can continue to purchase increased life as a supplement after the payment of individual pension reaches the ceiling.
Risk warning: This article only compares individual pension accounts and life-saving products from the perspective of products. The products listed are only examples and do not constitute purchase suggestions for any products. If necessary, please consult professional sales personnel for details.
