Annuity insurance:
Annuity insurance means that the applicant or the insured pays the insurance premium in one lump sum or on schedule, and the insurer pays the insurance premium on an annual, semi-annual, quarterly or monthly basis on the condition that the insured survives until the insured dies or the insurance contract expires. It is a kind of life insurance to ensure that the insured can get economic benefits when he is old or incapacitated.
Annuity insurance is divided into three types according to the time limit for payment of insurance benefits:
(1) Life annuity insurance, also known as "pension annuity insurance" or "endowment insurance". The general applicant is a unit or group, and the insured is an on-the-job employee of the unit or group. According to the provisions of the insurance contract, the insured shall pay the insurance premium in one lump sum until the insured reaches the prescribed retirement age; The insurer will pay the insurance money to the retired insured on schedule or in one lump sum. When the insured dies or has paid all the insurance money in one lump sum, the insurance is terminated.
(2) Term annuity insurance, according to the insurance contract, the insured or the insured pays the insurance premium during the contract period, and the insurer is responsible for paying the insurance premium on the condition that the insured survives within the time limit stipulated in the contract. When the prescribed period expires or the insured dies, the insurance is terminated.
(3) Joint annuity insurance covers two or more family members. After the applicant or the insured pays the insurance premium, the insurer pays the insurance premium on the condition that the insured lives together. If one of them dies, the insurance is terminated. Another form is that when all the insured die, the insurance is terminated, which is called common last survival annuity insurance. Annuity insurance can be handled by the government through legislation, which belongs to social welfare insurance, and can also be handled by insurance companies by signing insurance contracts.
Main features:
1. Annuity insurance can have a term or no term, but the payment condition is the survival of the insured in annuity insurance. When the recipient of the payment died, the insurance company immediately stopped paying.
2. Insuring annuity insurance can ensure the economic security of old age. When people are young, they save idle funds to pay premiums, and when they are old, they can receive a fixed amount of insurance money on schedule.
3. Insuring annuity insurance is very safe and reliable for annuity buyers. Because insurance companies must draw the liability reserve according to law, and the liability reserve system between insurance companies ensures that even if the insurance companies that insure customers to buy annuities merge, the merged insurance companies will still share the annuity payment for the buyers.
4. Life insurance in which the insured's survival is the condition for payment of insurance benefits, and the survival insurance benefits are paid in installments according to the insurance contract, with the payment interval not exceeding one year (including one year).