XX Generally speaking, the pension insurance is a long-term personal insurance for the main purpose of obtaining pensions. It is a special form of annuity insurance, also known as pension insurance. The insured person of the commercial endowment insurance can receive the pension from a certain age after paying a certain premium. In this way, although the insured's income after retirement is reduced, he can still maintain his pre-retirement standard of living because of the help of the pension.
In addition, annuity insurance is not the same as life insurance. Since annuity insurance receives insurance premiums regularly after a specified period of time, in a sense, annuity insurance and life insurance have the opposite effect. Life insurance provides financial security for the insured's loss of income due to premature death, while annuity insurance is an economic reserve that prevents the insured from losing their income or exhausting their savings due to their longevity. If a person's life span is the same as his life expectancy, then his participation in the annuity insurance has neither benefited nor been lost; if his life span exceeds his life expectancy, he receives an additional payment. Therefore, annuity insurance is good for longevity.
The calculation of the base of pension insurance payment, through the above introduction, we have also very clear, with such an insurance, when we are old, we do not have to worry about the problem of old-age care.xx