Before the retirement age, there is no money to spend on hand. You can withdraw the money from endowment insurance for one use. Pension is divided into overall pension and individual account pension. Individual account pension cannot be withdrawn in advance. So endowment insurance can't be taken out in advance. It can only be taken out after retirement.
Can endowment insurance be withdrawn
Pension insurance cannot be taken out before retirement. According to the provisions of articles 14 and 16 of the social insurance law of the people's Republic of China, the individual account cannot be withdrawn in advance. The individual who has participated in the basic endowment insurance and has reached the legal retirement age and paid for 15 years in total can receive the basic pension on a monthly basis.
However, if you purchase a commercial endowment insurance, you can withdraw cash from the insurance midway, but you will lose the principal, so you need to return the cash value according to the terms of the insurance company you purchased.
The basic pension consists of an overall pension and an individual account pension.
Article 14 of the social insurance law stipulates that: individual accounts shall not be withdrawn in advance, and the bookkeeping interest rate shall not be lower than the bank's fixed deposit interest rate, which shall be exempt from interest tax. If an individual dies, the balance of the individual account may be inherited.
Article 16 of the social insurance law stipulates that individuals who have participated in the basic endowment insurance shall receive the basic pension on a monthly basis if they have paid for 15 years accumulatively when they reach the legal retirement age.
Individuals participating in the basic endowment insurance who have paid less than 15 years accumulatively when they reach the legal retirement age may pay up to 15 years and receive the basic pension on a monthly basis; they may also transfer into the new rural social endowment insurance or the urban residents' social endowment insurance and enjoy the corresponding endowment insurance benefits in accordance with the provisions of the State Council.
Article 17 of the social insurance law stipulates that: if an individual participating in the basic endowment insurance dies due to illness or non work reasons, his or her survivors may receive funeral subsidy and pension; if he or she is completely disabled due to illness or non work reasons when he or she does not reach the legal retirement age, he or she may receive sick disability allowance. The required funds are paid from the basic endowment insurance fund.