China: National pension insurer’s first annuity product approved
Beijing-headquartered national pension insurer, Guomin Pension & Insurance Co, has got off on a flying start with approval from CBIRC for a product named “Guomin Good Life Pension Annuity Insurance”.
This is the first annuity insurance of plan of the start-up company that was established only in March 2022. The product was included in the catalogue of filed life insurance products on the official website of the CBIRC in mid-May.
This product, which pays benefits for the rest of the policyholder’s lifetime from the first distribution, is aimed at customer groups who hope to meet future pension needs through long-term savings accumulation.
The annuity plan provides for several premium payment periods, benefit collection methods, and withdrawal ages, to meet the needs of different groups of people for pension planning.
It is understood that Guomin is holding talks with a number of commercial banks about collaboration in product development and innovation, FinTech, and distribution. The “Good Life” annuity plan is expected to be sold via the bancassurance channel.
Guomin has a registered capital of CNY11.15bn ($1.67bn) with 17 financial institutions as its shareholders that include the wealth management units of leading banks; insurance companies; and securities firms.
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