Retirement insurance, 2 type and the Fret-Duplicate

While the market existing products voluntary retirement insurance is provided by the DNBH life, under the management of the Ministry of finance, the Ministry of labor, invalids and Social Affairs is the Government specify the draft decree on the retirement insurance products added.

The same life insurance products at 2 above begs the question whether the overlap, leading to the difficulty encountered when implementing both parallel products.

Don’t be afraid to duplicate answer questions of DTCK at the workshop “Vietnam retirement: challenges and opportunities”, that whether the repetition of simultaneous deployment 2 retirement product or not, Ms. Tran Thi Thuy, Director of the social insurance said, at this time not yet able to confirm clear whether there is the repetition of simultaneous deployment 2 products not only most of the difference between the 2 types of insurance on retirement because in the process of the draft, not yet held opinion. However, according to the Russian Lady, assuming there are duplicates, the Government can consider the research.

In this workshop, the head of the social insurance Service has pointed out some differences between the two types of pension products.

“In addition to the same point, there are some differences between the pension insurance products, for example, each type of product to a different customer groups. Accordingly, the client object of the insurance products supplementary retirement narrowly better than the product of voluntary retirement insurance. Need I repeat, retirement insurance products is intended to supplement a pension supplement for customer target groups participated in compulsory social insurance. Whereas, with regard to the product of voluntary retirement insurance, the customer object is much broader participation, can together all the people involved, “she said of the Russian.

She also insisted Russia, product supplementary retirement insurance policy is the first to be present in the system of compulsory social insurance, currently in the drafting Committee, to take advantage of social insurance incentives, as well as the role of the State to take on the draft decree on supplementary pension insurance.

Need cooperation given the insurance solutions company In Vietnam, while the Government is the solution (on supplementary retirement insurance) then on the market, the insurance company also gave many useful investment solutions (voluntary retirement insurance), by more than ever, the future retirement are particularly interested.

According to statistics from the Institute of aging, there are 50% of respondents in China and up to 95% of people are asked in Vietnam expressed fears that worried not enough money to live in retirement. Therefore, efforts to improve individual retirement plans are being laid out. The majority of Vietnamese people are asked to agree to the Government’s new initiative to encourage or require workers to save more for their retirement. Accordingly, the safety solution effective retirement from buying insurance and asset management to get a lot of people’s attention. 25% of respondents expecting retirement income from insurance products, annuities, stocks, bonds or mutual funds.

About private insurance solutions, data from the Bureau of insurance supervision and management (Ministry of Finance) shows, 8 months, has bought product 13,118 insurance voluntary retirement of 4 insurance company (including AIA Vietnam Dai-ichi mutual, Manulife Vietnam, Vietnam and PVI Sunlife), gross sales reached 254.1 billion in fees. Currently, Prudential and life has sent finance Professional deployment profile retirement insurance.

In the above context, the opinion was unanimous from the workshop was the need for a public-private cooperation in efforts for this product type.

“To ensure retirement security for seniors, need solutions, incorporated. The field of insurance and asset management plays an important role in relieving the pressure on the Government’s budget as the population is getting older, “says Donald Kanak, President of Prudential Asia said.

In the workshop, Ms. Russia has expressed a desire to the Prudential, as COMPANIES offer private insurance solutions will support on the technical side, given the specific suggestions to help the Committee drafting the supplementary retirement insurance completed the draft decree to the Government as planned in November 2015

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