Research On Design Optimization Of Individual Tax Deferred Commercial Endowment Insurance Products

The aging trend of Chinese society is now evident,and the pension issue is becoming more and more dire due to the lack of a balanced pension system.The emergence of third-tier commercial pension insurance has become the main focus of public attention,with personal income tax delay commercial pension insurance being the first trial.The results of the pilot have indicated that the market response is positive.And the market is flooded with a large number of homogenized products.At first,the current state of tax-deferred pension insurance products is examined,and it is determined that the present tax-deferred commercial pension insurance market exhibits a high concentration and polarization of insurance companies.Further through the comparison with other commercial pension insurance in the market.Secondly,in view of the existing problems,the product is innovatively designed from three aspects: basic clause,insurance liability clause and account benefit clause,including setting more flexible insurance surrender rules,increasing total disability insurance benefit conversion annuity rights,increasing various payment methods.Thirdly,Constructing a Markov chain cross-period effect model before and after product optimization to estimate the impact of optimized products on consumer utility,the profit rate of tax-deferred pension insurance is then calculated by combining the time value adjustment factor of money,the initial population state proportion,Markov state transition matrix,and cost matrix.Finally,Proposals are advanced from three perspectives: standardizing and professionalizing sales links,safeguarding consumers’ rightful rights and interests,and fortifying insurance companies’ risk management.Sales links should create a unified sales code of conduct,and augment the professionalism of sales personnel.