What Is a Group Annuity?

Group annuity insurance is an annuity insurance that is insured in groups. The group annuity insurance contract is signed by the group and the insurer. The insured person only receives the insurance certificate. The insurance premium is jointly paid by the group and the insured or is mainly paid by the group.

Group annuity insurance

Current in our country

Group annuity insurance is mainly for the survival period of employees after retirement

Generally speaking, the calculation of group insurance annuity premiums depends on the following factors: First, the predetermined mortality rate. two is

Group annuity benefits are generally paid when they reach retirement age. The age of payment is usually the same as the age for receiving pensions as stipulated in the basic social security system, that is, the normal retirement age, but sometimes insured groups and insurance companies can agree on specific ages. The UECD defines the pension age as 60, while the United States, Sweden, and other countries set the age as 65. In addition, in some countries, there are differences in the age requirements for pensions of different genders. Generally, the age limit for women is lower than that for men, usually 3 to 5 years.

Group annuity insurance includes two payment methods: one-off payment and installment payment. The one-time payment means that when the employee-ren retires, the insurance company pays his pension once. Instalment payment means that employees receive their pensions in installments after retirement, usually monthly, quarterly or half-yearly, until the death of the retired employee.