At a recent meeting of the Political Bureau of the Communist Party of China Central Committee, members stressed the importance of implementing policy measures that actively address the aging of the population during the 14th Five-Year Plan (2021-25) period.

The country's retirement pension system is based on state-run social security programs, commercial pension insurance programs and private deposit insurance programs. However, the commercial pension insurance program has not been given full play.

Developing insurance products focusing on the elderly has been a key strategy of commercial insurance institutions in recent years. This comes in response to an increasing demand amid increasing social development, encouraging commercial insurance institutions to explore the blue ocean.

Doing so requires institutions to design insurance products from the perspective of economic and social development. Authorities should pay attention to this field with a long-term vision.

(Printed Edition Title: Commercial Endowment Insurance)

This is an edited excerpt of an article originally published in Economic Daily on July 7