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How many years does the individual endowment insurance have to pay to get the principal back? How to

A lot of friends realize that they need an endowment insurance, but are they going to buy the endowment insurance in social security or run an endowment insurance product in commercial insurance? Still tangled, the reason is that I don't know which is more cost-effective, how many years does the individual pension insurance have to pay to get back the principal? How is endowment insurance calculated?

First of all, let's take a look at endowment insurance in social security

Please note: This paper discusses the situation of purchasing endowment insurance in the form of individuals, that is to say, 28% (20% of the total accounts, 8% of the individual accounts) are paid by individuals.

Known:

1. The average monthly wage of Ganzhou on-the-job employees using the basic endowment insurance in 2014: 3357 yuan / month

Hypothesis:

Only pay for 15 years, and pay according to the average wage of employees on duty every year (i.e. 3357 in the first year, 3491 in the second year, and so on). Please note that the minimum payment rate shall not be less than 60% of the average wage of on-the-job employees and the maximum shall not be higher than 300% of the average wage of on-the-job employees;

If the annual average wage of employees increases by 4% every year, the payment for 15 years is as follows:

Over the past 15 years, a total of 225856 yuan has been paid for endowment insurance, including 161326 yuan for overall planning and 64530 yuan for personal account.

Next, let's introduce the formula of calculating endowment insurance in Ganzhou, Jiangxi Province

Pension = basic pension individual account pension

Basic pension = (average monthly wage of employees on duty in the previous year of the whole province when the insured retires) 2 & times; accumulated payment years & times; 1%

That is: basic pension = (5813 5813) & divide; 2 & times; 15 & times; 1% = 871.95 yuan;

Personal account pension = personal account deposit at retirement & divide; the number of months corresponding to the retirement age of the individual (at present, 50 years old is 195, 55 years old is 170, 60 years old is 139)

We are 60 years old:

Personal account pension = 64530 & divide; 139 = 464.24 yuan

That is to say, after you pay about 225856 yuan of endowment insurance for 15 years according to the average wage of the employees on duty every year, the pension you can receive every month when you are 60 years old is:

Pension = basic pension individual account pension = 871.95 464.24 = 1336.19 yuan

Then: we can easily figure out how many years it will take us to get back the principal

225856 & divide; (1336.19 & times; 12) & asymp; 14 years

When we retire at the age of 60, we can get back the principal when we live to 74. In fact, when most of us retire, the retirement age should be delayed to 65, that is to say, we need to live to 79 to get back the principal paid, which is the pension insurance in social security.