Shanghai launches “Hu Yang Bao” city-specific commercial pension with rolling principal guarantee
On September 23, Shanghai officially launched “Hu Yang Bao,” a city-specific commercial pension product offered by China Life Pension, PICC Pension, Taiping Pension, and National Pension. The product features a three-year rolling principal guarantee, preferential fees 20-30 basis points below market, a death benefit of 5% of equity (up to 50,000 yuan) for policyholders under 60, and a minimum investment of 100 yuan. It targets retirement wealth accumulation for Shanghai residents amid the city’s deep aging.
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Shanghai Launches 'Hu Yang Bao' Commercial Pension Product for Urban Residents
Shanghai officially launched 'Hu Yang Bao', a city-specific commercial pension product, at a news briefing on September 23. The product is part of efforts to implement the 'Action Plan for Supporting Shanghai International Financial Center Construction' and China's national strategy for addressing population aging. It aims to strengthen the third pillar of personal pension security under guidance from the National Financial Regulatory Administration. Four qualified pilot institutions—China Life Pension, PICC Pension, Taiping Pension, and National Pension—will operate the product under a unified brand with standardized management and market-oriented principles. 'Hu Yang Bao' features term-based capital preservation, locked accounts, income smoothing, and death benefits to encourage long-term retirement savings. It offers low entry barriers with options for lump-sum or installment payments, uses net-value management updated daily, and invests primarily in high-quality fixed-income assets and other compliant instruments for stable long-term appreciation. The participating institutions will also provide senior-friendly services including consultation, risk alerts, account inquiries, and withdrawal support. Shanghai's insurance sector plans to expand such offerings based on market feedback and consumer needs, while leveraging insurance and pension fund advantages to support the real economy and Shanghai's international financial center development.
Read sourceFour pension insurers launch Shanghai-specific commercial pension product 'Hu Yang Bao'
On September 23, at a press conference in Shanghai, four qualified commercial pension pilot institutions—China Life Pension, PICC Pension, Taiping Pension, and National Pension—jointly launched 'Hu Yang Bao,' a Shanghai-specific commercial pension product. The product adopts a 'unified filing, differentiated operation' collaborative model, providing an industry template for future commercial pension upgrades and large-scale promotion. Renbao Pension Vice President Feng Jianqiang stated that after three years of pilot exploration, commercial pensions have accumulated over 2.3 trillion yuan in scale and served over 3.2 million customers. The product features a 'three-year rolling' principal guarantee mechanism: if the principal incurs a loss at the end of the three-year guarantee period, the pension company will compensate; if gains are made, principal and returns roll into the next period. Taiping Pension Investment Director Wang Peng noted the investment strategy will use high-rated non-standard and high-grade bonds as a base, with diversified asset allocation and limited equity market participation to achieve stable long-term appreciation. The product uses net value management with daily updates. Shanghai's population aged 60+ exceeds 35%, making it one of China's most aged regions with urgent pension service needs.
Read sourceShanghai Adds 'Hu Yang Bao' Commercial Pension with Three-Year Rolling Principal Guarantee
Shanghai has launched 'Hu Yang Bao', a new commercial pension product under its 'Hu' series of inclusive insurance offerings, as reported by First Financial on September 23. The product is operated by four qualified pilot institutions: China Life Pension, PICC Pension, Taiping Pension, and National Pension. It targets the retirement wealth accumulation needs of Shanghai residents, featuring a three-year rolling principal guarantee mechanism, preferential management fees (20-30 basis points lower than market products), and a first-of-its-kind death benefit in commercial pensions (5% of product equity for beneficiaries of policyholders under 60, capped at 50,000 yuan). The minimum investment threshold is 100 yuan, with no age limit or social insurance requirement. Investment strategy focuses on fixed-income assets as a base, with diversified asset allocation including high-grade bonds and selective equity exposure for long-term stable returns. The product is available via the 'Suishenban' platform and financial institution apps.
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Shanghai launches 'Hu Yang Bao' commercial pension with rolling principal guarantee
Shanghai has launched a new city-specific commercial pension product called 'Hu Yang Bao' (沪养保), adding to its 'Hu' series of inclusive insurance offerings. The product, which went live on September 23, is offered by four qualified commercial pension business pilot institutions: China Life Pension, PICC Pension, Taiping Pension, and National Pension. It targets Shanghai residents' retirement wealth accumulation needs. Key features include a three-year rolling principal guarantee mechanism, preferential fee rates (20-30 basis points lower than market products), and a first-of-its-kind death benefit in commercial pensions—offering an additional 5% of the product's equity value (up to 50,000 yuan) to beneficiaries if the policyholder dies before age 60. The product has a low entry threshold: open to Shanghai residents aged 18 and above, no social insurance requirement, no upper age limit, and a minimum contribution of 100 yuan. Investment strategy focuses on fixed-income assets as a base, with diversified asset allocation including high-grade bonds and selective equity exposure. The product is available via the '随申办市民云' platform and financial institution apps.
Read sourceShanghai Launches 'Hu Yang Bao' City-Specific Commercial Pension Product for Elderly Care
On September 23, at a news briefing in Shanghai, the city officially launched 'Hu Yang Bao,' a commercial pension product tailored to Shanghai residents. The product was unveiled with participation from Shanghai Financial Regulatory Bureau, Shanghai Municipal Financial Office, Shanghai Civil Affairs Bureau, Shanghai State-owned Assets Supervision and Administration Commission, Shanghai Insurance Exchange, and Shanghai Insurance Industry Association. 'Hu Yang Bao' focuses on the wealth accumulation needs of Shanghai's elderly, emphasizing long-term savings and management. Four qualified commercial pension pilot institutions—China Life Pension, PICC Pension, Taiping Pension, and National Pension—will operate the product under a unified brand with standardized management and market-oriented principles. The product features term principal protection, locked accounts, income smoothing, and death benefits to encourage long-term holding and retirement planning. It offers low entry barriers and convenient access through the 'Suishenban Citizen Cloud' Shanghai Insurance Code platform, as well as institutional mini-programs and apps. The product uses net value management with daily updates and a conservative investment strategy focusing on high-quality fixed-income assets and diversified portfolios to achieve long-term value preservation and appreciation within risk-controlled parameters.
Read sourceShanghai Launches 'Hu Yang Bao' Commercial Pension Product with 100 Yuan Minimum Investment and Term Principal Guarantee
On September 23, Shanghai officially launched 'Hu Yang Bao', a city-specific commercial pension product, at a news briefing. The product is designed to meet residents' retirement wealth accumulation needs, emphasizing long-term savings and management. It is offered by four qualified pilot institutions: China Life Pension, PICC Pension, Taiping Pension, and National Pension. Key features include a term principal guarantee (with a three-year guarantee cycle), account locking, income smoothing, and death benefits. The minimum investment is 100 yuan, with options for lump-sum or regular contributions. The product uses a net value management model updated daily, investing in high-quality fixed-income assets and diversified portfolios for stable long-term appreciation. Residents can purchase through the 'Sui Shen Ban' Shanghai Insurance Code platform or via institutional apps and mini-programs. As of the report, four 'three-year term principal guarantee' products were listed on the platform.
Read sourceShanghai Launches 'Hu Yang Bao' Commercial Pension Product with City Characteristics
On September 23, Shanghai officially launched 'Hu Yang Bao,' a city-specific commercial pension product. The initiative is part of the Action Plan to Support Shanghai's International Financial Center Construction and represents an innovative practice by the Shanghai insurance industry to implement the national strategy of actively responding to population aging and advancing pension finance. The product leverages Shanghai's advantages in financial resource aggregation, asset management, and innovation. It is offered by four qualified commercial pension business pilot institutions: China Life Pension, PICC Pension, Taiping Pension, and National Pension. 'Hu Yang Bao' features term principal protection, locked accounts, income smoothing, and death benefits to encourage long-term savings. Shanghai Municipal Financial Office Deputy Director Tao Changsheng noted the city's deep aging and urgent pension needs, emphasizing the demand for products balancing safety and returns. Shanghai Financial Regulatory Bureau Deputy Director Chen Ying expressed hope that 'Hu Yang Bao' would become a model pension finance brand.
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