The Product Design Of The Minimum Benefit Guarantee Variable Annuity

With the increasing aggravation of an aging population questions, people need commercial insurance as supplementary old-age insurance. Because the growth rate of life insurance premiums went down badly, lapse rates rise significantly, the dominance of the participating insurance and other characteristics, we need to introduce a new life insurance products for enriching the life insurance market in China. At present the majority of consumers wants to get income, but do not want to loss, combining with the characteristics of foreign pension insurance products, the paper hope though analyzing the product design of the minimum benefit guarantee variable annuity for promoting and developing variable annuity in china.Firstly, this thesis introduces the basic concepts of variable annuity and describes the developing status of our country and abroad; Secondly, expatiating the designing concept, essential parameters and main technical indexes about the minimum benefit guarantee variable annuity which is designed in this paper; Thirdly, using the simulating method to analyze the risk, the psychology of customer and the reason of profit, which is included in the production; Finally, based on the macroeconomic environment, the method of trial technological organizations and other aspect is given by the way of comparing with other similar production and analyzing the advantage of the production.The one hand this paper use the method of equity index to design the guaranteed minimum earnings rate and the highest earnings rate in the process of pricing for controlling risk promoting diversification of products and meeting needs of different consumer groups. On the other hand, using the method of random simulation and VaR to calculate the liability reserve, which make this paper have innovations in the aspect of controlling risk and extracting liability reserve.Through research, the thesis maintains that the production which is designed has function of managing money, defensing inflation and planning pension; The method of equity index has the advantage of operating easily and keeping the price stably; Using the method of VaR and random simulation to extract the liability reserve can suit dissimilar requirement of different insurance company. From the angle of market, psychology of customer and internal demand, minimum annuity income guarantee of the production can meet the need of market and consumer.