Xin Hua Wang·2025-08-12 06:17Group 1 - The core concept of personal pension is a system supported by government policy, voluntary participation by individuals, and market-oriented operation, aimed at providing supplementary pension insurance functions [3][28] - Participants in the personal pension system must be enrolled in either the urban employee basic pension insurance or the rural resident basic pension insurance [3] - The personal pension system operates on an individual account basis, where contributions are fully borne by participants, who can choose from various financial products such as commercial pension insurance, savings deposits, and public funds [4][5] Group 2 - The annual contribution limit for personal pensions is set at 12,000 yuan, with contributions being able to be made monthly, in installments, or annually, and recalculated each year [7][8] - On November 23, the first batch of personal pension insurance products was announced, with China Life Insurance Co., Ltd.'s "GuoShou XinXiangBao Exclusive Commercial Pension Insurance" included in the list [9] - The first personal pension product was successfully sold on November 25, marking a significant milestone for China Life Insurance [11] Group 3 - To participate in the personal pension system, individuals must open a personal pension account and a personal pension fund account, which can be done online through banks that qualify for personal pension business [13][15] - There are two options for purchasing the personal pension product: semi-self-service, where customers can get assistance from a China Life customer manager, and fully self-service, where customers can use the China Life Insurance app for direct purchase [16][17] - The process for self-service insurance purchase includes several steps, such as agreeing to terms, providing personal information, and selecting payment methods [30][33]