Product Design Of Endowment Insurance For Families Who Lost Their Families In Urban China

In recent years,“shidu” family as a new term for parents who have lost their only child has been continuously reported by the media.The“shidu”family is a special product of the China’s family planning policy in special period.The urban “shidu” family,which is a family with special difficulties under family planning policy,is a huge group in China.It is estimated that as of 2010,there are 1,003,000 families in the country who have lost their children,and they continue to increase by about 76,000 per year.China’s population aging problem is also very serious.According to statistics,in 2018,the population of 65 years old and above was 166.58 million,accounting for 11.9% of the total population.The aging rate is accelerating,and the problem of old-age care for Chinese residents has become a focus of widespread concern and the problem of old-age care for “shidu” families is more prominent.The burden of supporting the elderly in the family has been increasing,the condition of lacking financial support resources is serious,and the social security system is imperfect.The disadvantages of life support and endowment of the “shidu” families have become more prominent.Therefore,as one of the three pillars of the pension system,the commercial endowment insurance system needs to make up for the vacancy,and it is of great significance to develop insurance products which are suitable for the endowment of urban “shidu” families.First of all,this paper defines the concept of the family that has lost the only child,expounds the pension dilemma of the Chinese urban “shidu” families,and on this basis,carries out the feasibility analysis of the design and application of the endowment insurance for urban “shidu” families.Secondly,following the basic principles of product design,using the knowledge of insurance and combining the elder care requirements for the old-age needs of urban “shidu” families to design insurance clauses such as the insured and its identification,the insurer and its selection,the insurance premium and its payment method,the insurance policy insurance policy,the policy management,the claims process and the method.Finally,using the pricing principle of commercial endowment insurance,based on the theory of break-even theory,the pricing model for calculating the endowment insurance products of urban “shidu” families is derived,which is mainly the actuarial present value of various life annuities.According to the mortality rate in the《China Life Insurance Industry Life Table(2010-2013)Pension Business Table》Calculation interest rate 2.5% and premium rate 10% to price insurance products.This paper has designed two sets of six annual payment of fixed-month pensions and annual payment of variable annual pensions for different genders,different age ranges,and different payment periods,and assumes that 20% of the annual premiums are paid by the government and 80% are paid by individuals.As a supplement to the social endowment insurance system,urban “shidu” family endowment insurance products can effectively improve the plight of urban “shidu” families and alleviate the pressure of population aging.Besides,it is beneficial to maintaining social peace and stability.At the same time,it will bring new opportunities to the life insurance market.