On November 26, China Ping An Life Insurance Co., LTD. (hereinafter referred to as “Ping An Life”) held a “Ping An Royal Enjoy Wealth — Ping An Life Royal Enjoy Wealth, Royal Enjoy Jinrui Insurance product Plan launch conference”. At this press conference, a new generation of annuity insurance products named Yuxiang Fortune and Yuxiang Jinrui insurance product plan were released, which combine “wealth + pension + inheritance”.
With the deepening of the degree of aging in China, the demand for public wealth management and quality pension is increasing day by day. Hu Jingping, Executive vice General Manager of Ping An Life, said, “Ping An Life is actively exploring the ‘insurance +’ model and continuously improving product supply to meet the diverse and different levels of wealth management needs of the general public, including the elderly. With proper wealth planning, everyone can reap the protection and security of the whole life cycle.”
Challenges and opportunities coexist with the deepening of aging
Population aging has a profound impact on the whole field of economic operation, social construction, social and cultural aspects, challenges and opportunities coexist.
Shang Jingguo, secretary general and party committee member of the Insurance Industry Association of China, said, “The pension system is the focus of people’s great concern, no matter in Europe or the US or China. In China, although we have established the basic endowment insurance system, which is the first pillar of the endowment, the accumulated amount of the basic social security pension is not large.” Shang jingguo pointed out that the number of people covered by the second pillar of pension, which consists of enterprise annuity and occupational annuity, needs to be greatly improved.
In addition to the lack of pension preparation, Liu Guangjun, director of the Finance Branch of the Chinese Gerontology Society, expressed another concern in his speech about the pension problem: society’s insufficient understanding of pension risks. The traditional Chinese concept of “raising children for old age” is under attack.
“Many empty nesters can’t enjoy the same kind of close care and affection from their children. Children and nannies can’t provide the kind of professional care that you need at an advanced age…” Online seminar, Liu Guangjun further pointed out that the core of the pension culture in the new era is “lifelong independence”, the first to achieve financial independence, that is, pension planning.
Shang jingguo also said: “Everyone should actively prepare for their future pension, take advantage of some preferential policies given by the state, especially the incentives brought by the pension system reform, to accumulate pension reserves for themselves as soon as possible. “Although aging is irreversible, accumulating more when we are young can prepare us for a higher quality of life in the future.”
From the perspective of social research, Luo Zhenyu delivered a keynote speech titled “Looking for the Certainty of Life in the Uncertain Future” at the conference, and gave his answers to the problems of pension and wealth management. He pointed out that there is a lot of uncertainty in the market from 2020 to 2021, however, by sticking to “putting people first”, certainty can be found in this uncertain era. Ping An is looking for that certainty for its customers.
Reserve + value added + inheritance Temperature insurance protects family happiness
Taking into full consideration the needs of different individuals for family wealth management planning and pension products, Ping An Life Insurance has actively played the supplementary role of commercial insurance as the third pillar of pension insurance, and created a new generation of annuity insurance products royal Enjoy Wealth and Royal Enjoy Jinrui insurance product plan.
At the conference, Yang Zheng, Secretary of the Party Committee of Ping An Life, Hu Jingping, executive vice General Manager of Ping An Life, and Wang Zaide, president of Ping An Summit in 2021 jointly announced the official release of Ping An Life Royal Enjoy Wealth and Royal Enjoy Jinrui insurance product plan.
According to ping an life insurance product development department, general manager of product marketing team Tan Mingxiu Cheng Zhixiong introduction and product expert committee members, peace life enjoy royal enjoy wealth, royal jinrui insurance products plan has realized the reserves, value-added, continuity function to two or morethings, and have continued, flexible, scientific planning of the window, it gives the customer, is not only the initiative of wealth management, but also the guarantee of quality pension.
According to the introduction, royal enjoy wealth insurance product plan innovative design of two versions, divided into the general version and pension version. General version is composed of Ping An Royal Enjoy Wealth annuity Insurance (referred to as Royal Enjoy Wealth), Ping An Jucaibao (2021) whole life insurance (universal)(referred to as Jucaibao life); The pension version is composed of Ping an Yuxiang Wealth pension annuity Insurance (referred to as Yuxiang Wealth pension), Ping an Jucaibao (2021) whole life insurance (universal), Ping an Jucaibao (2021) pension annuity Insurance (universal)(referred to as Jucaibao pension). Among them, the general version continues the advantages of the previous annuity insurance, and further upgrades, short-term investment can lock in high cash flow, and provide policy loans and other functions. The pension version takes into account the security needs of retired and retiring people, and relaxes the upper limit of the insurance age to 75 years old. The characteristics of rapid pension payment can timely solve the pension costs, while increasing the payment can also help maintain the stability of pension life.
Yuxiang Jinrui Insurance product plan is composed of Ping an Yuxiang Jinrui annuity Insurance (yuxiang Jinrui) and Ping An Jucai Bao (2021) whole life insurance (universal type). The payment period can be flexibly selected as single payment, 3 years, 5 years or 10 years. If single payment, 3 years or 5 years, the insurance period is 8 years. If the payment method is 10 years, the insurance period is 15 years. Royal Enjoy Jinrui extended the payment period and insurance period, reduce the pressure of annual payment, at the same time, through the way of long-term holding to help customers through the economic cycle fluctuations, reduce the risk of embezzlement, to cope with the future family necessary expenses.
“Focusing on the insurance needs of the elderly, Ping An Life continues to improve its product supply capacity,” Yang said. In view of the nursing needs of the elderly, long-term care insurance has been developed and launched to help the elderly achieve “elderly care”. In order to meet the pension demand, exclusive pension annuity products have been launched. In addition, combined with the current pension pain points, Ping An Life actively explores “insurance + health care”, “insurance + home care”, to provide one-stop high-quality pension life for the elderly. We hope that professionalism will make retirement more dignified.”
Ping An Life said that the launch of Royal Wealth and Royal Jinrui insurance product plan is an important measure of the company to help customers’ wealth planning and quality pension. In the future, we will continue to build a multi-level and scenario-oriented product system to give customers more value, escort customers’ wealth management and quality pension, and protect the safety of thousands of people.