| The population aged at and over60years old accounting for10percent of the total population is an important standard to judge whether a country has entered into the "Aging Society" or not. According to this standard, China stepped into aging society in1999. At the end of2012, people aged over60in China grew to nearly193million, accounting for14.3%of the total population. In the past13years, the population of people aged over60has increased more than65million. By2050, there will have more than400million people aged over60and the aging level will be above30%according to the forecast of China National Committee On Age. And it is obvious that this aging population will bring great demand of the old-age security.The system of "Three Pillars" put forward by World Bank is the most popular old-age security system in the world. However, the biggest column in China-the first pillar of the primary social insurance has induced unsustainable fiscal burden and aroused widespread concern. The second pillar of the enterprise annuity has been affected by many factors, such as the fluctuations of the economic situations, pressures of enterprise cost, difference between enterprise systems and so on. Thus it is imminent to develop the third pillar of commercial endowment insurance.Although the state file once pointed out that "insurance has the functions of economic compensation, financing and social management. And it is a basic means for risk management under the condition of market economy ", insurance has still played a limited role in our economic development, social stability and people’s daily lives. In a market economy, the rational demand will pursue "benefit", and the consumers of endowment insurance are no exception. Only when the endowment insurance buyer gets his "benefit", can the effect of endowment insurance be realized truly and really.The purchase motives of endowment insurance include security motive, saving motive and finance motive. The security motive refers to the motive that people will buy endowment insurance to avoid the decrease of quality of their elderly lives in the future. The saving motive refers to the motive that people will buy endowment insurance to realize their optimal consumption through a longer life cycle. And the finance motive refers to the motive that people will buy endowment insurance to get the benefit of survivorship. If people buy endowment insurance, the longevity "risk" will bring "income" which means longevity security from the perspective of security, longevity payment from the perspective of saving and the benefit of survivorship from the perspective of investment.One result of the study about saving motive is to get saving fully annuitized, and that about finance motive is to pursue high return on investment from the perspective of benefit of survivorship. Obviously, there have some certain relationships between saving motive, finance motive and the allocation choice of financial assets. The theory of financial assets allocation can be divided into the Consumption Asset Allocation Theory and the Wealth Asset Allocation Theory. The former pursues for the maximization of the wealth utility, which is put forward by Markowitz in1952. And the later pursues for the maximization of the inter-temporal consumption utility, which is derived from a series of classic literatures published by Merton between1969and1973.The optimal model of endowment insurance purchase from the perspective of saving motive was founded by Yaari(1965). According to the Consumption Asset Allocation Theory, Yaari’s conclusion can be expressed as that complete annuitization of saving is people’s optimal choice of financial assets allocation. This conclusion has raised many questions and attention on the problem of "annuity puzzle", but the modeling ideas and development direction of the optimal model of endowment insurance purchase are still deeply rooted in great majority of scholars’ mind.One of the allocation standards in the Wealth Asset Allocation Theory is to maximize the utility of wealth. If regarded as a financial asset, endowment insurance can be one choice of financial assets allocation when pursuing wealth utility maximization. Based on this, this dissertation establishes an optimal wealth model of endowment insurance purchase under the finance motive.The optimal wealth model of endowment insurance purchase has a series of optimal solutions under different hypothetical scenarios:egoism or altruism, additivity of wealth or additivity of wealth utility and fair pricing or loading pricing. The result shows that even under the ideal condition of fair pricing premium and non-bequest motive, people will not necessarily choose full annuitization of their savings. However, full annuitization is not the optimal choice in other cases. And this conclusion of the optimal wealth model is closer to the practice than Yaari’s.The optimal wealth model of endowment insurance purchase also studies relationships between "three rates", policy support and the optimal endowment insurance purchase. A special conclusion about finance motive shows that mortality rate may be positively related to endowment insurance purchase. And the relationships between the expense ratio, expected interest rate, inheritance tax, income tax and endowment insurance purchase are in accordance with the previous literatures.Different from the thinking of lots of empirical research on life insurance demand, this dissertation argues that security motive, saving motive and finance motive directly affect the purchase of endowment insurance. Therefore, it is more meaningful to choose representative indexes to test the effect of three motives on the purchase of endowment insurance.This dissertation uses panel data of21countries in OECD from2007to2011to test the three motives of endowment insurance purchase. The empirical results show that the aging degree and GDP per capita have a significantly positive relationship with commercial annuity insurance premium and the population of elderly people has a significantly inverse relationship with commercial annuity insurance premium, which are consistent with the expectation.This dissertation also uses the time series data of the United States from1977to2011to examine the correlation between the three motives, tax priority and actual amount of endowment insurance purchase. The results show that the aging degree, real GDP per capita and changes of actual tax deduction have a significantly positive relationship with individual annuity’s actual premium and the life expectancy has a significantly inverse relationship with individual annuity’s actual premium, which are also exactly consistent with the expectation.The premium of China’s endowment insurance has growth from110,000to131.9billion yuan from1982to2012. However, the development of the commercial endowment insurance business is not plain sailing. According to its ups and downs, the development of commercial endowment insurance business can be divided into three stages:recovery period (1982-1992), climbing period (1993-2005) and growth period (since2006). Today, as the industry pays more attention to it, the commercial endowment insurance business has been expanding and the new management, products and ideas about it have also emerged.At present, the biggest problem faced by China’s endowment insurance practice is that its annuity products and service cannot meet the growing demand of people’s purchase. Compared with the largest life insurance market in the world-the United States market, China has a strikingly low proportion of annuity insurance products and a severe shortage of endowment insurance products. From2006to2011, the annuity products in the United States accounted for about50%life insurance products, while the proportion of China’s annuity products decreased from15.2%in2006to11.7%in2011. When comparing them further, we can find that the proportion of individual annuity products in life insurance products in the United States is significantly higher than that in China. Concretely, in2011the proportion above is10.7%in China, which is only31.1%of that in the United States during the same period.In China, the government and insurance industry need to work together to promote people to buy endowment insurance. From the government side, it necessary to put forward policies of deferred tax incentives as soon as possible. From the supply side, it necessary to accelerate the establishment of "three-multi" products and service system on endowment insurance including multi-motive, multi-service and multi-product."Multi-motive" means the development of new endowment insurance products needs to consider the motive of security, saving and finance to fully meet customers’ needs. Long-term payment, benefits for the whole life, high return and low death benefit are the characteristics of this type of annuity insurance product."Multi-service" means the insurance company can rely on the extension of industrial chain and develop endowment insurance products to provide customers with a variety of value-added or additional service. The insurance industry, as an exclusive industry participated in old-age insurance market, can extend the range of service offered by endowment insurance products. In addition to the traditional payment liability and other insurance service, the insurance industry can provide value-added service extending to other segments of the industry chain."Multi-product" means the insurance company can achieve economies of scope in operation through the establishment of retirement community with the integration of a variety of insurance products and other products. The retirement community built by insurance company can not only provide the corresponding service of underwriting business in endowment insurance, medical insurance, care insurance and other insurance products, but also improve the investment performance by providing dwelling and other service.
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