China Life helps seniors
CHINA Life Insurance Co Ltd yesterday launched its first product designed for the commercial pension trial program in Shanghai in a move to help citizens in an aging society.
China launched a pilot tax-deferred pension insurance project in Shanghai, Fujian Province and Suzhou Industrial Park in Jiangsu Province, in May. The scheme allows individuals to defer tax on part of their income that is used to buy commercial pension insurance until they retire and draw money from the fund. Industry insiders said the launch of the new tax-income deferred pensions is to encourage people to prepare for old age, and promote the balanced development of China’s pension system.