CPIC unveils solutions for upcoming commercial pension trial

China Pacific Insurance (Group) Co Ltd, a major Shanghai-based insurance provider, today unveiled a package of solutions for the city’s upcoming commercial pension trial in May.

A joint statement issued by the Ministry of Finance and other departments said two weeks ago that China aims to offer tax benefits from May 1 to aging citizens in Shanghai, Fujian Province and Suzhou Industrial Park to entice them to buy commercial pension insurance.

The policy is about to usher in a new period of strategic development for personal commercial insurance, which is dubbed the “third pillar” of China's pension insurance system, said He Qing, president of the China Pacific Insurance (Group).

At the press conference, professionals from the insurer introduced their technical solutions to the attendees on how people can insure the relevant products in a more convenient way.

For example, with the help of an online calculator developed by China Pacific Insurance, customers will quickly be able to find out exactly how much they should pay for the products and how much they can get back after retirement.

The insurance company has also built platforms with enterprises, which will enable their employees to enjoy easy access to the pilot insurance solutions.

China Pacific Insurance signed a Letter of Intent with 13 corporations such as the Shanghai Pudong Development Bank, Shanghai Construction (Group) Corporation and Shanghai Foreign Service (Group) Co Ltd.

“By working with these employers, we can better promote the commercial pension insurance scheme,” said Li Chunlei, deputy director of the China Pacific Insurance’s Shanghai branch. “We are now in talks with more companies who are willing to join us.”