| Insurance products are fundamental elements of insurance industry and reflection of insurance services, whose development has great significance to advance of life insurance industry. Based on two basic functions, protection and investment, insurance products can be divided into two categories: protection-oriented and investment-oriented. In the path of life insurance evolution, these two types of products have been developing a mutual relationship. Correctly dealing with this, is the key of scientific development of insurance industry.This paper aims to study products mix and development trend of China life insurance, especially from the two angles, protection and investment, emphasizing the products mix. Mainly includes: the meaning and relationship of the protection-oriented and investment-oriented life products; the mechanics of life products mix, development of industry and companies; the connection among life products mix, economic development, social security, financial market, traditional culture, spending habits and risk awareness; suggestion on protection-oriented life products development and so on.The paper can be divided into three parts which consists of ten chapters.The first part is divided into three chapters including the introduction, the basic theory and life products categories. The introduction generally describes the background, significance and methodology of this study. Chapter I the basic theory, analyzes the essential theory, supply and demand theory and the scientific development theory of life insurance. After general classification method analysis, Chapter II life products categories, introduces the special standard of this paper to differentiate between the protection-oriented and investment-oriented products and explicitly explains the significance of dominance of protection-oriented products. Part one lays a theoretical basis for the following analysis in this paper.The second part consists of five chapters from Chapter III to Chapter VII. Based on the development practice in China life insurance products, part three analyzes and brings the existing problems associated with the phenomenon of "the leading position of investment-oriented products" in current industry. It also has in-depth analysis of the connection between life products development with economic development, social security, financial markets, traditional culture, spending habits and risk awareness. Based on the above analysis, it suggests a developing trend of China life products, which is "the leading position of protection-oriented products". Chapter III brings out the phenomenon of "the leading position of investment-oriented products", which leads to the inequality between supply and demand and seriously undermined the sustainability of insurance industry development. Chapter IV analyzes the economic development in China and its impact on the life products development, and states that life, pension and health insurance products which are protection-oriented should be dominant products. Chapter V analyzes the situation of social security and its impact on the life products development. Social pension insurance provides huge space for pension insurance development, while the "low level" principal of social medical insurance provides huge space for commercial health insurance development. The lack of social security also creates favorable conditions for development of protection-oriented products in rural areas. Chapter VI analyzes the financial market development and its impact on life products, which appears unsuitable to over develop investment-oriented products in China market. Chapter VII analyzes the impact of traditional culture, spending habits and risk awareness on life products development, which is also unfavorable to investment-oriented products.The third part consists of three chapters from Chapter VIII to Chapter X. This section, using empirical analysis, mainly analyzes important and difficult businesses with urban pension insurance, urban health insurance and rural small-scale protection-oriented life products and provides suggestions on their developments. Rural small-scale protection-oriented life products are the future development trend, of which it creatively presents the development mode and product design proposals.The main conclusions of this paper are as follows:1. In terms of both theory and national conditions, protection-oriented life products should be in leading position, which means priority should be given to protection-oriented products, assisting with development of investment-oriented products.2. However, current situation in domestic market is that investment-oriented products dominant and with the trend of further expansion, which has already generated series of problems. This situation resulted in that supply doesn't match with demand and serious harm to the sustainability of insurance development.3. Current irrational product mix should be changed, and protection-oriented products should be prioritized, followed by investment-oriented products.
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