Postponed Retirement,Longevity Risk And Tontine

In the context of the increasingly serious aging of China’s population,the gradual increase of average life expectancy and low interest rates,people are paying more and more attention to the problems of insufficient social security pension funds and the lack of financial planning ability of the elderly.Longevity risk is an important financial problem faced by retirees and even the whole society.At the same time,the delayed retirement policy is gradually advancing.In 2020,the fifth Plenary Session of the 19 th Central Committee of the COMMUNIST Party of China officially set the tone of "implementing the gradual delay of the legal retirement age",which has become an irresistible policy trend in China.Since the national legal retirement age is an important basis for insurance companies to refer to when designing commercial endowment insurance,the pension receiving age of most commercial endowment insurance products is set according to the legal retirement age.Therefore,the implementation of delayed retirement policy not only changes the social security age of employees,but also has an important impact on the age of commercial endowment insurance.Therefore,under the background of delayed retirement,this paper discusses the different age of commercial endowment insurance from the perspective of the applicant and the insurance company.Annuity type of endowment insurance,pure tang（Tontine）endowment insurance,due to conversion of tang tang of the endowment insurance and the minimum guarantee of the endowment insurance in longevity risk under the influence of cash flow yield and its present value of future losses of an insurance company,through the establishment of the corresponding pricing model,the model of cash flow and present value of future loss model and numerical simulation of the analysis:First,the increase of receiving age will greatly increase the retirement cash flow income of the policyholder,and for the insurance company,it will increase the volatility of the present value of the future loss of the insurance company,that is,the occurrence of longevity risk will have a greater impact on the insurance company;Second,the insurance company for longevity risk is expected to increase pension endowment insurance price,too high expectations will damage the interests of the policyholders,low expectations and will not be able to make up for the loss of longevity risk bring to policy-holder,the insurance company’s expectations of longevity risk for tang can almost ignore the influence of endowment insurance,because pure tang endowment insurance of the total payment amount is fixed,That is,regardless of whether the longevity risk occurs,the total payment of the insurance company will remain unchanged,and the longevity risk is entirely borne by the policyholder;Third,through the integration of annuity endowment insurance and Tangti endowment insurance,we can get tangti endowment insurance with maturity conversion and tangti endowment insurance with minimum guarantee.Compared with annuity endowment insurance,they have lower prices and higher cash flow benefits.Compared with pure Tangti endowment insurance,They give policyholders a minimum pension in old age and more stable cashflow payments,and they are more valuable for insurers to exploit.Taken together,longevity risk and delayed retirement present both opportunities and challenges for insurers.Tang to the retirement of endowment insurance for insurance companies to develop new products to provide a new train of thought,this product will longevity risk from the insurer to policy-holder,combining its endowment insurance and annuity type,longevity risk can be allocated between the applicant and the insurer,in order to adapt to different risk preference of customers.