Review of annuity insurance products offered by insurance companies in selected countries
According to the report of financial news, citing the public relations and international affairs of the Insurance Research Institute, this research plan in seven chapters includes “generalities of the plan”, “theoretical foundations and background of the research”, “investigation of types of annuity insurance and its technical features in the countries of India, England and America”, “Annuity insurance products offered in the country’s insurance companies” and “Summary and presentation of proposal” by Mahbobe Alaei, a member of the academic staff of the Institute of Insurance and with the cooperation of Mojtaba Abid, the director of medical insurance at Bimah Day Insurance Company and a PhD student in actuarial studies and Zahra Majdi. Karizma Financial Holding Risk Expert has been prepared and adjusted.
The purpose of this research project is to study and review the annuity insurance products offered in India, England and America in order to improve the products offered in insurance companies and also to help design new insurance products. Familiarity with the types of annuity insurance products will help insurance companies to play a significant role in increasing the penetration rate of life insurance in the country, in addition to meeting the needs of policyholders and customers.
In this regard, in the research project “Investigation of pension insurance products provided by insurance companies in selected countries and their technical characteristics and offering a proposal for Iran”, in order to review the types of pension products provided in selected countries, in addition to reviewing published laws and regulations by the supervisory body, annuity insurance products offered by insurance companies in these countries and their technical features including the accumulation period, administrative/maintenance fee, fee, guaranteed benefits, withdrawal possibility, guaranteed minimum interest rate, initial interest rate, renewal interest rate Insurance policy, age range for issuing insurance policy, minimum premium, redemption cost, tax, types of exemptions, death benefits, investment requirements of insurers for annuity insurances have also been studied.
Also, the financial performance and sales of leading companies in selected countries have been reviewed. After that, by reviewing the annuity insurance products provided by insurance companies in Iran, it has been proposed to modify the provided products or provide new insurance products based on the results of the plan.
According to the findings of this research, high inflation, lack of proper culture and trust building, people’s preference to have more liquidity through the purchase of alternative capital instruments with high liquidability, lack of tax optimization system for pension products and savings view on pension and life insurances are among the reasons. Failure to purchase life insurance policies and annuity insurance policies has been detected. The findings of this research also show that the market size is low in countries where pension insurance is purchased voluntarily, and the development of the pension system of each country is done according to its conditions.
Based on this, in terms of more flexibility in providing traditional pension insurance products, providing increased pension insurance products in the country, diversifying pension insurance products and providing its precise definition, creating more flexibility in providing products and risk management of pension products is suggested.
Those interested to view and receive the full text of the research project “Investigation of annuity insurance products provided by insurance companies in selected countries and their technical characteristics and proposal for Iran” can go to the research section of the website of the Insurance Research Institute or to https://www.irc.ac.ir/fa-IR/Irc/4944/Articles/view/16040/1635/ refer to