A Study Of Development Of Chinese Personal Commercial Pension Insurance

With the improvement of health standards and living standards as well as the popularity of healthy lifestyle, the problem of aging population is increasingly prominent.One the one hand, Chinese elderly population aged 65 and above are increasing on not only the quantity but also proportion in recent years. On the other hand, the increment speed on quantity and proportion of Chinese elderly population aged 65 and above has always been extremely high. By the end of 2014, the population of 65 years old or older is about 138 million, accounting for 10.1% of the total Chinese population. That means the proportion of the elderly population has exceeded the international standard line 7%. If the problem was not solved betimes, Chinese society would develop into the depth of an aging society. Along with the aging society, there is the problem of "not rich but old". As currently Chinese population dependency ratio increased year by year, as well as the longevity risk resulted from the expectancy of population's average life, Chinese pension issue has become a big issue which is affecting nation life.Chinese pension system is composed of three aspects, including basic pension insurance, companies' supplementary pension insurance and Commercial Pension Insurance. The three aspects are called "three pillars" in Chinese pension system. While in terms of the pension replacement rate and coverage of the basic pension insurance and companies' supplementary pension insurance, both the development of the situation are not perfect Based on past international experience, to enable the elderly to maintain the existing pre-retirement standard of living, pension replacement rate after retirement must be higher than the level of 70%. But according to related statistics, presently the replacement rate of Chinese basic pension insurance is around 40%. The date shows that the replacement rate of basic pension insurance can't provide sufficient protection for the life of the elderly population. Therefore, we must accelerate the process of development of Commercial Pension Insurance to deal with the urgent Chinese pension problem.According to the difference of the subject of insurance, Commercial Pension Insurance can be divided into Group Commercial Pension Insurance and Personal Commercial Pension Insurance. In this paper, I take Personal Commercial Pension Insurance as the research object, starting from the development background (including the aging population, longevity risk and low level replacement rate of basic pension insurance) of Chinese Commercial Pension Insurance, advocating to promote the supply as a starting point, based on the perspective of family wealth management, studying on how to stimulate the individual needs of the Chinese Commercial Pension Insurance. This paper summarizes the literatures of the domestic and international Commercial Pension Insurance and family wealth management Then on the basis of state of the connotation, the extension and the mutual relation of the Commercial Pension Insurance and family wealth management, it analyzes the development of Chinese Commercial Pension Insurance, including the supply subject, product types, consumption and other aspects, as well as it raises some reflections for these elements to the development of Commercial Pension Insurance. Then this paper analyzes the advantages of the United States in the development policy of the Commercial Pension Insurance policy, the supply level, the family financial asset allocation and the enlightenment. Finally, on the basis of absorbing foreign development experience, in view of the problems and deficiencies in the development of Commercial Pension Insurance in China and how to improve the allocation of household financial assets, the reasonable suggestions are put forward.This paper is divided into five chapters.The first chapter is the introduction part Firstly, the research background and significance are described. And then it summarizes the literature of the domestic and foreign Commercial Pension Insurance and family wealth management. Finally, it illustrates the research ideas, content, methods, possible innovations and deficiencies.The second chapter is the old-age security in family wealth management This chapter expounds the connotation, extension and mutual relationship of the Commercial Pension Insurance and family wealth management. It points out that pension plan is an important content and goal of family wealth management plan. The function of the Commercial Pension Insurance in the family wealth management is analyzed emphatically.The third chapter is the development of Chinese Commercial Pension Insurance and the purchase of the residents'Pension Insurance. This chapter elaborates the general situation of the development of Chinese Commercial Pension Insurance. It lists the supply of pension products and product types in Chinese insurance companies. On the basis of analysis of the policy level, the subject of supply, the product structure, the financial assets of households and the purchase of pension products, it put forward some thoughts on the development of Chinese Commercial Pension Insurance.The forth chapter is the general situation of the development American Commercial Pension Insurance and its enlightenment. This chapter analyzes the policy pushing, the supervision and control system improving, the advantages and experience of supply subjects and household financial asset allocation structure in the process of the development of America Commercial Pension Insurance, so as to the Chinese Commercial Pension Insurance gets some inspiration.The fifth chapter is developing Personal Commercial Pension Insurance, improving the structure of household wealth. This chapter from the perspective of policy and regulatory side, the supply side and how to stimulate demand for the continued healthy development of Chinese Commercial Pension Insurance, improve the structure of the family financial assets to put forward the feasibility of rationalization proposals.This paper is based on the perspective of family wealth management. In the basis of analysis of Commercial Pension Insurance providing family wealth management to achieve the corresponding planning for a reliable protection, it pointed out that the problem and shortcoming of the current development of Chinese Commercial Pension Insurance in policy dynamics, product supply, consumption and other aspects. By drawing on the advanced experience of the development of American Commercial Pension Insurance, this is feasible proposal for the sustainable and healthy development of our country in the future. This paper adopts literature research, case analysis and data analysis methods, to make the views more convincing. The recommendations made on this basis are also more practical.