Developing Voluntary Pension Life Insurance, Aiming to Build a Multi-Pillar Pension System in Vietnam

Abstract

Vietnam currently does not have a social welfare regime for all workers. The current pension system has different pension regimes (monthly social allowance for the elderly in the social protection policy, pension regime in the form of social insurance and voluntary pension insurance products in the form of commercial insurance). However, the protection scope of the pension tiers is not enough to ensure that all workers have a pension when they reach the end of their working age. To build a multi-pillar pension insurance system, pension insurance products provided by insurance businesses are considered a strategic solution, contributing to reducing the risk of unsustainability of the system, reducing the burden of the social insurance fund, and increasing social security for people. Secondary data collection methods and data analysis methods including descriptive statistical methods, synthesis methods, analysis, comparison, and systematic approaches are used in this study to Analyze and evaluate the current situation of exploiting pension insurance products in the Vietnamese life insurance market. Based on the research results, the authors have proposed several recommendations (for the State, insurance management agencies and insurance businesses) to develop voluntary pension insurance in Vietnam, aiming to build a multi-pillar pension insurance system, ensuring sustainable social security.