人壽與健康保險第四講-年金part

1、第4講年金保險人壽與健康保險課程參考講義1學(xué)期安排11/1：第四講 年金保險11/6 &11/8：第五講 健康保險11/15 & 11/20：第六講 團體保險11/22：第七講 壽險公司評估11/29 &12/4：第八講 保單評估：法律分析12/6：第九講 保單評估：成本收益分析12/13：第十講 個人家庭壽險規(guī)劃運用 （交小組12/18：第十一講 企業(yè)壽險規(guī)劃運用12/20：第十二講 壽險產(chǎn)品定價12/27：第十三講 壽險核保）1/3：第十四講 壽險公司經(jīng)營管理（小組展示）年金保單常見種類Periodic-premium deferred annuity 期繳延期年金flexible pre

2、mium 可變保費fixed premium 固定保費single-premium deferred annuity 躉繳延期年金single-premium immediate annuity 躉繳即期年金variable annuity 變額年金equity-indexed annuity 股指年金3flexible-premium deferred annuity (FPDA)OverviewIt permits the contract owner to pay premiums at whatever time and in whatever amount he or she wis

3、hes, subject to insurer minimums.Cash surrender valueFree withdrawal corridorwithin 10% of CV, no surrender charge. Surrender chargeIt is usually sed asrcentage of CV anddecreases with duration.e.g., 7% (on all withdrawals in exs of 10% of CV)4for theyear, 6% the second, 0% the eighth.4.3.1 flexible

4、-premium deferred annuity (FPDA)3.erest ratesA minimumThe actualerest rate is typically guaranteed.erest rate credited will be a function of :the earnings rate of the insurer, andits desired competitiveition withhe finanlservi4. Illustrationmarketplace.See Table 8-2 (7-2 in 12th)保費（靈活）利率（保證利率和現(xiàn)行利率）退

5、保費用（逐年遞減）5表82 靈活保費延期年金的假定積累價值年末現(xiàn)金價值年末解約現(xiàn)金價值保單年度保費保證利率（4%)現(xiàn)期利率（8）保證利率（4%)現(xiàn)期利率（8）1$2,000$2,080$2,160$1,934$2,00922,0004,2434,4933,9894,22331,0005,4535,9325,1805,63641,0006,7117,4876,4437,18755007,4998,6267,2758,367607,7999,3167,6439,129708,11110,0618,0309,960808,43610,8668,43610,866910,00019,17322,535

6、19,17322,535105,00025,14029,73825,14029,73811026,14632,11726,14632,11712027,19234,68627,19234,6861330028,59137,78528,59137,7851449330,24841,34130,24841,34115031,45844,64831,45844,648162,00034,79650,38034,79650,38017036,18854,41036,18854,410185,00042,83564,16342,83564,163198,00052,86977,93652,86977,9

7、362015,00070,583100,37170,583100,3716single-premium deferred annuity （SPDA）OverviewA deferred annuity purchased wisingle premium.As with FPDA, a minimum sed rate oferest isguaranteed for the duration of the contract, but mostinsurers credit competitive market rates.TypesMarket-value annuity(2)of ann

8、uity7(1) Market-value annuity (MVA)Also called market-value adjusted annuityIt permits contract owners to lock in a guaranteed erest rate over a specified maturity period, typicallyfrom 3 to 10 years.Unlike the situation with other fixed-value annuities, ifwithdrawals occur, the cash value will be s

9、ubject not onlytosible surrender charges but also to a market-valueadjustment.8(1) Market-value annuity (MVA)The adjustment may beitive or negative.Iferest rates at surrender were highern those attime of iitive?e, the adjustment would be negative orThe adjustment isended to reflect the changes inmar

10、ket value of the assets typically bondsbackingthe annuities.9(1) Market-value annuity (MVA)The theory for MVAs ist, if the actual available cashsurrender value reflects this market value, the insurer, ineffect, shifts much of the risk of market-value changes of assets to the contract owner.Insurers

11、can limit their disermediation risk and bettermatch the duration of assets backing the MVA with itscorresponding liabilities.10(2)of annuity (COA)It provides for a fixed, guaranteederest rate for a setperiod of time, typically 3 to 10 years.It is similar to a bt, as an annuity,-iedof deit, exceptere

12、st earnings are tax deferred.The COA differs from other annuitieshat nounscheduled withdrawals are ordinarily permitted duringthe guarantee period.The full cash value is available on deand annuitization.11(2)of annuity (COA)of the selected guaranteed period, the ownerAtcan renew the COA for anoththe

13、 standard annuity options.Other things being the same, theeriod or select any oferest rate credited tothe cash value should be quite competitive (tocompensate for the illiquidity).The contract is appealing to individuals who are near retirement, have little prospect of needing the fundsduring the gu

14、arantee period, and areerested inlocking in anerest rate.12single-premium immediate annuity (SPIA)OverviewSPIAs are often used by those who have large sums of money and desire to have the fund liquidated forretiremente pures.Life insurance death proceeds are often paid out ininstallments via an SPIA

15、.Use of SPIAStructured settlement annuityReverse annuity mortgage13(1) Structured settlement annuity (SSA)A contemporary use of SPIAs has evolved from liabilityinsurers efforts to minimize their loss payouts.A SSA is a SPIA contract ied by a life insurer wherebythe plaiff (the injured party) receive

16、s periodicpayments from the defendant inrsonal injury lawsuit.14(1) Structured settlement annuity (SSA)The periodic payments are funded through an SSApurchased by the defendant or the liability insurer from alife insurert guarantees to make the agreed-uponpayments, usually for the life of the injure

17、d(or adesignated benefiry)Unlike the situation with most other annuities,underwriters must assist in SSA pricing.The greater the assessed likelihood of an early death, the lower the insurers offered price can be or the higher the benefits can be.15(2) Reverse annuity mortgageAn elderlyenterso an agr

18、eement wifinanl institution.An individual who owns a debt-free home receives a life-time, fixed monthlye in return fradually givingunership of his or her home.At the owners death, the finanl institution gains titleto the property, which it can sell for a profit.16(2) Reverse annuity mortgageA variat

19、ion:The homeowner obtains a loan on the security of hisor her home.A portion or all of the loan proceeds is used topurchase an immediaWhen the elderlyife annuity.s home is sold because ofdeath or otherwise, the loan is repaid from the saleproceeds, and the individual would have enjoyed alifetimee fr

20、om the annuityheerim.17反向年金抵押實施18RMI620RMI620Story highlightAndre Francois thought he had a great deal 30 years ago:He would pay a 90 year old woman 2500 francs (about$500) per monttil she died, then moveo hergrand apartment in a town Vincent van Gogh onceroamed. But this Christmas, Mr. Raffray died

21、 at age 77,having laid out the equivalent of moren $184,000 foran apartment he never got to live in. On the same day,Jeanne Calment, now listedRecords as the worlds oldesthe Guinness Book ofat 120 is stillenjoying her meal at retirement home.His widow is obligated to keep sending check.t monthlyRMI6

22、204.3.4 variable annuityOverviewA variable annuity is an annuity contract whose cash values and benefit payments vary directly with theexperience of assetsCash surrender valueMost do not containhe separate account.erest guarantees.No minimum cash value is guaranteed.234.3.4 variable annuity3. Death

23、benefitVariable annuities typically promise a GuaranteedMinimum Death Benefit (GMDB), which often equals the greater of the cash value or the amount investedhe contract, if the annuity owner dies during theaccumulation period.The feature invites adverse selection.e.g., variable annuity owners have a

24、n incentive topurchase multiple contracts rathern to seek theidentical investments through a single contract.244.3.4 variable annuityAnnuity liquidationAt maturity, the totaits accumulatedhe cash-value account may be appd, according to actuarialprinciples and based on current valuation of a unit, to

25、convert accumulation units to annuity units to bevalued annually for the annuitants lifetime.RegulationInsurance lawSecurities law25變額年金計算示例今年65 歲， 他40 歲時了一份變額年金保單（variable annuity），經(jīng)過25年的繳費，目前他一共擁有6,000個累積（accumulation unit）。在積累期向給付期的轉(zhuǎn)換日，每個累積的價值為15元。躉繳即期純粹生在轉(zhuǎn)換日，該保險公司對于一份65歲存年金（single premium, immed

26、iate pure life annuity），每1,000元保費可以獲得的年金給付為每月6.08元。在轉(zhuǎn)換日，變額年金的每個給付價值為54元。請問：（liquidation unit）的當月可以得到多少給付？如果第二個月每個給付的價值變?yōu)?0元，則在第二個月可以得到多少給付？26如果第三個月每個給付的價值變?yōu)?0元，則在第三個月可以得到多少給付？4.3.5 equity-indexed annuity (EIA)An EIA is a nonvariable annuity contract whoseerestcrediting mechanism is tied directly to

27、some externalindex, such as the S&P 500 IndexThey offer a minimum guaranteed downside guarantee)he US.erest rate. (aThey offer the potential for stock-market-like gains.(upside participation)274.4 年金保單的作用1. Thee is certain; the annuitant may spend itwithout fear of outliving it.he absence of an annu

28、ity, the risk exists ofspending too much or too little.284.4 年金保單的作用2. The annuitans the benefit of the investmentmanagement offered by insurers.This can be important for oldersons who maydesire to be freed of investment cares andmanagement.294.4 年金保單的作用3. Tax advantages(1) Usesax-Qualified marketsa

29、ny countries, contributions to certain qualifiedal retirement plans may be deducted fromtaxablee.(2) Uses in Nonqualified marketsEach year individuals purchase thousands of annuitiesunrelated to employment and not qualified under any plan for deductibility of contributions.Unlike the situation with

30、tax-qualified retirement plans,annuity owners face no contribution limiions yetenjoy tax deferral of investmentSee Fig 8-4 (Fig 7-4 in 12th edition).e.30假設(shè)從工資收入中拿出1000進行儲蓄個人所得稅率為28年度稅前投資收益率為10比較三種儲蓄/年金計劃一般儲蓄計劃非稅優(yōu)個人年金計劃稅優(yōu)個人年金計劃31（1）一般儲蓄計劃沒有儲蓄本金不能延稅儲蓄利息不能延稅稅前工資投資n年后累積值為：1(1 )1 r(1 )n32（2）非稅優(yōu)個人年金計劃政策年金本金不能延稅投資收益可延稅稅前工資投資n年后累積值為：1(1 )(1 r)n (1 r)n133（3）稅優(yōu)個人年金計劃政策年金本金可延稅投資收益可延稅稅前工資投資n年后累積值為：1(1 r)n (1 )34三種儲蓄計劃稅后累積價值比較計劃投資年限（年）12510203040一般儲蓄772827101914432892579711618非稅優(yōu)計劃772829103615463689924723664稅優(yōu)計劃792871116018674844125643258735圖8-4 延期納稅利益示意圖積累價值140,000120,000$