Análisis de las características del producto renta particular en el mercado de seguros de vida aplicando un ejercicio de cálculo actuarial

Abstract

In April 2016, Law No. 30425 was approved, which allowed members of the Private Pension System to access up to 95.5% of the total funds available in their respective Individual Capitalization Accounts. As a result, insurance companies that marketed retirement annuities experienced a significant drop in associated premiums, as a large part of the insured opted for fund withdrawal. In response, and with the aim of reversing these losses, they introduced to the market a product called private income, which provides the insured or their beneficiaries with periodic income in exchange for a single premium payment. In this regard, using concepts from behavioral economics, this report conducts an analysis of the reasons why affiliates chose to withdraw their funds, as well as the reasons behind the significant reception of the private income in the market. This analysis includes an actuarial pension calculation exercise to compare the pension levels of the private income and the retirement life annuities offered by the Private Pension System. The results show that private income offered a higher periodic payment due to its more flexible features related to policy duration, the option to exclude beneficiaries, among others.