龙格：商业保险年金可在传统产品基础上，同步推进变额年金、指数型万能、即期年金三大创新方向

Core Insights - The forum on social security and the release of the "China Pension Development Report 2025" highlighted the limitations of the second pillar of the pension system and the lack of competitiveness in commercial insurance products [3][7] - The need for innovation in commercial annuities was emphasized, with three key directions proposed to meet diverse customer needs [4][8] Group 1: Innovation Directions for Commercial Annuities - The first direction is Variable Annuities (VA), which are mainstream in foreign markets and expected to become prevalent in China's third pillar, requiring policy support and industry collaboration [4][7] - The second direction is Indexed Universal Life Insurance, which offers a minimum guaranteed interest rate, enhancing consumer confidence in purchasing these products [8] - The third direction is Immediate Annuities, which can be accessed by individuals nearing retirement age, with some companies already offering products allowing purchases for those aged 55 and above [4][8] Group 2: Future Projections - The combination of these innovations, along with traditional products, could lead to the third pillar surpassing both the first and second pillars of the pension system in China [4][8]