Since the formal implementation of the personal pension system, the personal pension insurance products have been continuously updated. The list of personal pension insurance products released by China Bank Insurance Information Technology Management Co., Ltd. shows that as of March 2, the list of personal pension insurance products has been expanded from 7 products of the first six companies to 20 products of 12 companies. Since this year, personal pension insurance products have continued to expand. From the perspective of product types, it has covered exclusive commercial endowment insurance, annuity insurance, endowment insurance, universal insurance, etc. According to the Notice on Issues Related to the Development of Individual Pension Business by Insurance Companies issued by the CIRC last year, insurance companies can provide annuity insurance, endowment insurance and other products recognized by the CIRC when conducting individual pension business. Insurance companies can incorporate existing insurance products into individual pension insurance products by applying for approval or filing of changing insurance terms and rates. For the exclusive commercial endowment insurance products that have been approved, the insurance company shall submit the above explanatory materials to the CBRC, and need not apply for the approval of changing the insurance terms and rates separately. The CBRC supports insurance companies to enrich their product supply based on their own characteristics and effectively meet the diverse needs of the people for the elderly. Endowment insurance and annuity insurance are selected as individual pension insurance products, which will help to further enrich the types of individual pension products and provide consumers with different types of security schemes. It is understood that the payment of individual pension is entirely borne by the participants themselves. Participants can choose to purchase financial products such as savings deposits, financial products, commercial pension insurance, public funds and so on that meet the requirements according to their own investment preferences. Commercial pension insurance products focus on long-term savings and long-term accumulation of pension, which can meet the comprehensive needs of policyholders in terms of safety and stability, long-term appreciation, long-term payment, etc. Individual pension is a supplementary endowment insurance supported by government policies, voluntarily participated by individuals and operated by market. It is an important institutional arrangement of multi-level endowment insurance system. In November 2022, the individual pension system will be implemented in 36 leading cities and regions. Li Zhong, deputy minister of the Ministry of Human Resources and Social Security, introduced at a press conference held by the Information Office of the State Council a few days ago that since the implementation of the personal pension system for three months, the number of participants has reached 28.17 million. (Xinhua News Agency)