Abstract
The research was carried out with the aim to identify factors affecting the intention to purchase voluntary pension insurance in Vietnam. With data collected from 334 subjects across the country, mainly in Hanoi, the results showed that attitude towards risk, subjective norms, percieved behavioral control, past experiences and corporate branding have positive influences on the central factor, which is intent. After quantitative analysis, the study proposes recommendations for businesses to improve their services as well as methods of distribution to meet the needs of potential customers to save in pension funds. Additionally, the study will provide the basis for regulators to come up with measures to promote the retirement insurance market and at the same time, raise public awareness about social security. Keywords: voluntary pension insurances, pension funds, puchase intention, TPB, annuity. DOI: 10.7176/EJBM/13-10-06 Publication date: May 31 st 2021
Highlights
Voluntary pension insurance or private pension plan is a type of periodical insurance contract between an insurance company and an individual or an organization with the purpose to ensure income after retirement or in the case of loss the ability to work
The pressure of population aging on the social security system plus the current limitations of social insurance further consolidate the role of private pension plans
Voluntary pension insurance often comes with guaranteed health benefits, which is a top concern at old ages
Summary
Voluntary pension insurance or private pension plan is a type of periodical insurance contract between an insurance company and an individual or an organization with the purpose to ensure income after retirement or in the case of loss the ability to work. The research team hopes that the relationship between factors affecting people's need to buy voluntary pension insurance will help insurance companies comes up with solutions to diversify products and takes advantage of the support from social security policies in our country. Studies on the intention to purchase life insurance show that demographic factors such as gender, age, education level along with the advice and introduction of relatives play an important role, directly influencing the decisions of individuals (Huynh Truong Huy et al, 2020). Two studies by Nguyen Tien Dung et al, (2015) and Truong Thanh Thuy (2016) both inherited Ajzen's TPB model and proved that 3 factors of attitude, subjective norms and perceived behavior control are all statistically significant in the study of the intention to buy pension insurance. 2 young people have a more positive view and want to learn more about this insurance product before intending to participate in pension plans
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