Lifetime Care Annuity Product Design and Pricing Study
The existing commercial long-term care insurance in China is still in its exploratory stage,with problems such as high product price and weak protection function,which can't really meet the needs of the elderly group in risk transfer.Practical experience in foreign countries shows that lifetime care annuity is a kind of linked insurance product that combines annuity insurance and long-term care insurance,fully integrating the advantages and features of the two,and is able to effectively expand the scope of insurance and reduce the premium rate,thus alleviating the potential risks of old age and disability faced by the elderly.Based on the experience of foreign insurance product innovation,we designed a lifetime care annuity product that meets China's national conditions,and utilized the China Health and Retirement Longitudinal Study(CHARLS)database to price and calculate single premiums.The results of the study show that the cost of purchasing a lifetime care annuity alone is lower than the cost of purchasing a combination of annuity insurance and long-term care insur-ance products with the same insurance liability,which verifies that lifetime care annuities are effective in expanding the scope of coverage and lowering premiums;The cost of purchasing a lifetime care annuity for women is higher than that for men.Therefore,the construction of an industry database should be accelerated,suitable commercial long-term care insurance products should be customized,and risk-sharing compensation for insurance companies should be implemented to promote the healthy development of the commercial long-term care in-surance market.
lifetime care annuitylong-term care insuranceproduct pricing
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NSTL
万方数据
