In-Depth Analysis of the Investment Value of Exclusive Commercial Pension Insurance with 3% Crediting Rate

Based on the above data and professional analysis, I will provide you with a systematic and comprehensive investment value analysis report on exclusive commercial pension insurance.

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According to the latest disclosed data, the 2025 crediting rates of 40 exclusive commercial pension insurance products released by 16 insurance institutions feature

, and the overall performance exceeded market expectations [1][2]:

Account Type	Average Crediting Rate	Interest Rate Range	Percentage of Products with Rate Above 3%
Conservative Account	3.29%	2.00%-4.35%	80% (32/40 products)
Aggressive Account	3.33%	2.50%-4.55%	95% (38/40 products)

• ABC Life Centennial Life Plan A/B
  : Conservative Account 4.35%, Aggressive Account 4.55% (highest in the market)
• National Pension Common Prosperity C01/C02
  : Conservative Account 4.01%, Aggressive Account 4.02%
• New China Pension Yingjia Life Series
  : Conservative Account 4.00%, Aggressive Account 3.6% [3][4]

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Against the current macro environment of

, exclusive commercial pension insurance shows obvious yield advantages:

Product Type	Current Interest Rate Level	Excess Return of Exclusive Commercial Pension Insurance
3-Year Time Deposit	1.10%-1.55%	+1.74% to +2.19%
5-Year Time Deposit	1.10%-1.35% (some banks have suspended sales)	+1.94% to +2.19%
Large-denomination Certificate of Deposit (1-3 months)	0.90%	+2.39% and above

The interest rates of large-denomination certificates of deposit of the six major state-owned banks have fully entered the

, with the rate of 1-3 month products dropping to 0.9%, and products with terms within three years concentrated in the 1.10%-1.55% range [5]. Against this backdrop, the 3%+ crediting rate of exclusive commercial pension insurance is particularly valuable.

Product Type	Average Yield	Risk Characteristics	Advantages of Exclusive Commercial Pension Insurance
R1-Rated Bank Wealth Management Product	2.44%	Low risk, non-principal-guaranteed	+0.85% excess return, principal guaranteed
R2-Rated Bank Wealth Management Product	2.06%	Medium-low risk, non-principal-guaranteed	+1.23% excess return, principal guaranteed
R3-Rated Bank Wealth Management Product	3.84%	Medium risk, high volatility	Similar yield, lower risk

It is worth noting that the median yield of medium- and long-term R2-rated bank wealth management products in 2025 was only

, and the yield of short-term products was as low as [6], further highlighting the yield advantage of exclusive commercial pension insurance.

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Since the pilot launch of exclusive commercial pension insurance in 2021, crediting rates have experienced a clear downward cycle:

Year	Crediting Rate of Conservative Account	Crediting Rate of Aggressive Account	Market Environment
2021	4.0%-6.0%	5.0%-6.1%	High interest rate environment
2022	3.5%-5.0%	4.0%-5.0%	Interest rates start to decline
2023	3.0%-4.5%	3.5%-5.0%	Continuous interest rate cut cycle
2024	2.5%-4.1%	3.0%-4.2%	Low interest rate environment
2025	2.0%-4.35%	2.5%-4.55%	Stabilized after decline [7][8]

• The downward trend of crediting rates
  has stopped
  in 2025, and some products have seen rate rebounds
• The crediting rate range of aggressive accounts has “shifted upward” overall, with the highest rate increasing from 4.12% in 2024 to 4.55%
• The China Insurance Research Institute of Beijing Technology and Business University pointed out that the crediting rate is a dynamic adjustment process, and
  stable returns can still be achieved in the long run
  [9]

Exclusive commercial pension insurance adopts a dual-account design and offers a

:

• Conservative Account: Guaranteed interest rate of 1.5%-3% (most newly launched products have reduced it to 1.5%-2%)
• Aggressive Account: Guaranteed interest rate of 0%-1.2% (some products no longer offer a minimum guarantee)

This design ensures a

while retaining the possibility of earning excess returns.

According to industry insiders, the stable returns of exclusive commercial pension insurance are mainly due to [10]:

• “Fixed Income as Foundation” Strategy
  : Mainly allocates to ultra-long-term local government bonds, high-grade credit bonds, etc., to lock in long-term returns
• Equity-Enhanced Allocation
  : Moderately allocates to high-dividend, low-volatility blue-chip stocks to earn dividend income
• Alternative Investment Enhancement
  : Actively seizes investment opportunities such as public REITs to earn flexible returns
• Cross-Cycle Layout
  : Leverages the long-term nature of pension insurance funds to obtain “term premium”

As an important part of the

, exclusive commercial pension insurance enjoys policy dividends:

• In 2023, regulators issued the “Notice on Matters Related to Promoting the Development of Exclusive Commercial Pension Insurance”
• The 2024 “Notice on Matters Related to Vigorously Developing Commercial Insurance Annuities” further clarified its positioning
• The products are included in the personal pension product list and enjoy tax-deferred preferential treatment
• The pilot program has been converted to regular operation, and market vitality continues to be released [11]

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Risk Type	Specific Performance	Investor Response Strategies
Interest Rate Risk	Guaranteed interest rate has been reduced from the initial 3% to 1.5%-2%, and may continue to be lowered in the future	Pay attention to the stability of historical crediting rates
Return Volatility Risk	Aggressive accounts are greatly affected by the capital market, and many products experienced “return inversion” in 2025	Conservative accounts are more suitable for risk-averse investors
Liquidity Risk	Funds are locked up for a long period, and the withdrawal period requires reaching the legal retirement age or turning 60 years old	Ensure that the funds do not affect short-term liquidity needs
Product Discontinuation Risk	Some high-yield products have been discontinued, and the guaranteed interest rates of newly launched products have generally been lowered	Seize the window period for high-quality products on sale

• ✅
  Those with long-term pension reserve needs
  : Investors who are more than 10 years away from retirement
• ✅
  Conservative risk preference clients
  : Investors who cannot bear the net value fluctuations of bank wealth management products
• ✅
  Flexible employment groups
  : Self-employed individuals without a fixed occupational annuity plan
• ✅
  “Deposit Transfer” demanders
  : Depositors whose time deposits have matured and are looking for stable alternative products

• ❌ Those with short-term capital turnover needs
• ❌ Investors with high risk preference pursuing excess returns
• ❌ Investors with high requirements for capital liquidity

According to expert recommendations, investors should pay attention to the following when choosing exclusive commercial pension insurance [12]:

1. Focus on historical investment returns
   : Choose products with crediting rates stably above 3% in the past three years
2. Pay attention to differences in guaranteed interest rates
   : The guaranteed interest rates of conservative accounts are generally higher than those of aggressive accounts
3. Evaluate the investment capability of insurance companies
   : Focus on indicators such as investment yield and comprehensive investment yield
4. Understand the account conversion mechanism
   : Some products support flexible conversion between the two types of accounts
5. Match your own risk preference
   : Conservative clients are recommended to choose conservative accounts

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Evaluation Dimension	Rating	Detailed Explanation
Yield Competitiveness	⭐⭐⭐⭐⭐	80% of products have crediting rates above 3%, significantly better than deposits and bank wealth management products
Principal Safety	⭐⭐⭐⭐⭐	Guaranteed + floating model, the guaranteed interest rate of conservative accounts provides a safety bottom line
Policy Support	⭐⭐⭐⭐⭐	Core product of the third pillar of pension finance, policy dividends continue to be released
Long-Term Stability	⭐⭐⭐⭐☆	Signs of stabilization after decline emerged in 2025, and long-term returns are promising
Liquidity	⭐⭐⭐☆☆	Funds are locked up for a long period, with limited liquidity

• Against the backdrop of continuously declining interest rates, exclusive commercial pension insurance provides an opportunity to
  lock in long-term stable returns
• Recommended allocation ratio:
  20%-30% of household pension reserve assets
• Prioritize products from leading insurance companies with
  crediting rates stably above 3.5%
• Conservative investors are advised to choose
  conservative accounts
  first, while aggressive investors can moderately allocate to
  aggressive accounts

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[1] Securities Daily - Over 30 Exclusive Commercial Pension Insurance Products Had Crediting Rates No Less Than 3% Last Year

[2] Jiemian News - Up to 4.55%! 2025 Crediting Rates of 56 Exclusive Commercial Pension Insurance Products Released

[3] Sina Finance - Overview of 2025 Crediting Rates of Exclusive Commercial Pension Insurance: 80% of Conservative Accounts Exceed 3%

[4] Blue Whale News - Overview of 2025 Crediting Rates of Exclusive Commercial Pension Insurance

[5] Southern Plus - 50 Trillion Yuan of Large-Scale Deposits Are Due Soon

[6] Securities Times - Nearly 90% of Accounts Have Yields Exceeding 3%! 37 Exclusive Commercial Pension Insurance Products Release 2025 Results

[7] Beijing Business Daily - Interest Rates Exceed 4% at Highest: Results of Exclusive Commercial Pension Insurance Released

[8] Sina Finance - Competition Among Four Types of Pension Wealth Management Products

[9] Jiemian News - Investment Analysis of Exclusive Commercial Pension Insurance

[10] Beijing Business Daily - Yield Analysis of Exclusive Commercial Pension Insurance

[11] United Nations Development Programme - Financing the Silver Economy in China: Empowering an Inclusive and Sustainable Ageing Society

[12] China Times - Recommendations for Personal Pension Product Selection