A Research On The Innovation Of Individual Annuity Insurance Based On Products And Tax Discount

Nowadays, commercial endowment insurance needs will absolutely increase due to increase of aging of population, little of substitute of basic endowment and the bottleneck of corporate annuity development. Therefore, individual annuity insurance will play an increasingly important role to guarantee people and families' future lives. Although the speed of individual annuity insurance development is very slow, the potentiality of development is deeply huge, individual annuity insurance will become one important part of the endowment insurance system. According to the problems in individual annuity insurance market, if the individual annuity insurance marketing wants to gradually improve; on one hand, it needs the insurance industry increase the importance of individual annuity and explore products of individual annuity. On the other hand, it must need the cooperation of related departments and make policies to help development of individual annuity insurance. The most significant method is making the favorable tax policy for individual annuity, it can encourage individuals actively buy individual annuity insurance and guarantee the economic need in future life. This issue analyzes main factors which influent the future in annuity insurance market from current situation and problems of individual annuity insurance market development. Then, the emphasis is moved on the deep researches on individual annuity insurance new products and the promotion for new tax policies of individual endowment insurance.This article is divided into five parts; the main points of each part are as follows:The first part is the introduction. It mainly discusses the background and means of this issue and gives main research methods and researches'current situation in and out of China.The second part analyzes problems and current situation of individual annuity insurance market development in China. This chapter analyzes problems and development features of individual annuity insurance market and thinks annuity insurance policies system is improving and becoming perfect, the diversity of its management main bodies is a necessary trend, business and products have partly innovation; However, the speed of development is very slow in total and it has some drawbacks in supply ability of insurance corporation, needs of individual annuity and related supporting policies and so forth.The third part is a analysis for the development potential of individual annuity insurance of China. At first, this chapter analyzes influences for individual annuity insurance development of endowment insurance systems. The author thinks it is very important and necessary to develop individual annuity insurance because the low level of basic endowment insurance and difficulties of corporation annuity development. Then, this issue analyzes other main factors influence need of individual annuity insurance from economic, society culture, population, tax policy and law systems. The conclusion is that individual annuity insurance market has huge potential in China.The fourth part is the research of individual annuity insurance products innovation. Firstly, this chapter analyzes the diversity of individual annuity insurance and features of pricing and paying. Secondly, it emphasizes drawbacks for design of individual annuity insurance products. There are many problems such as single product construction, weak ability against inflation, the defect of traditional annuity products fixed interest rate and low attraction of new annuity products. The issue gives the main direction of individual annuity products innovation. It should promote non-fixed interest annuity insurance. Besides, it provides suggestions how to promote non-fixed interest annuity insurance. In addition, this issue discusses the innovation and practicability of account type fixed annuity and equity index annuity etc.Tax institution innovation research is the last part of this article. It starts with the problems of current individual annuity tax policy; the conclusion is that TE tax model is not good for development of individual annuity insurance. Then, it analyzes four kinds of annuity insurance tax discount model on the basic of analysis of USA, UK and Japan individual annuity insurance tax policy; the author concludes China should choose the ET model. Finally, the issue provides concrete suggestions for income tax deferred annuity insurance which is built on ET model from technical design and related tax two aspects.The new and research feature of this issue is as follows:First, it proves individual annuity insurance markets must break two obstacles---products and tax policy innovation, if it wants to develop. Second, suggestions which are provided by this article has strong value for use due to it combines reality and has deep research for direction of individual annuity insurance products innovation, choice of tax discount model and technical design of income tax deferred annuity insurance.