通貨膨脹曁相關因素對定額年金之影響分析

台灣地區由於人口結構逐漸老化與生育率降低之趨勢，近年來退休後之財務規劃越來越受到重視。定額年金保險為規劃方向之一。影響定額年金保費之因素有：購買年金之起始額、給予利率、生命表、附加費用、加入投保年齡等；因通貨膨脹會腐蝕年金額，本研究將定額年金保費精算成本之公式修正加入通貨膨脹率推導出新模式，透過電腦模擬計算，發現若其他條件保持不變下，購買年金之起始額、給予利率與年金值成正向關係、而附加費用、通貨膨脹率則為負向關係；因女性生存機率比男性大，因此年金值比男性低；加入投保年齡低者年金值就低。本研究又發現通貨膨脹會嚴重腐蝕年金，因此建議臺灣商業年金保險商品之設計，除現行年金定額給付方式之外，更應著重清償期年金實質所得之給付，以對抗通貨膨脹，提供保戶多樣選擇，不僅可滿足保戶之需求，而且可促進保險公司競爭之能力。

關鍵字

退休後財務規劃；年金；通貨膨脹；給予利率

並列摘要

Due to the aging population structure and decreasing natality rate trend, the post-retirement financial planning has become more and more important recently. Fixed annuity insurance is one of the plans. The effective factors of annuity are initial capital, credit interest rate, mortality table, loading, inflation, and entering- age etc. This research creates actuarial mathematics model to compute and simulate all of the factors, especially for the inflation rate. If other factors keep constant, the annuity is positive proportion to initial capital and credit interest rate while negative proportion to loading and inflation. Due to female's mortality is less than that of the male, so the female annuity is less than that of the male; As for the Entering-age effect, the younger, the less. The research finds that inflation will seriously affect the annuity. The commercial insurance policies in Taiwan should pay more attention to the actual return in the contribution period in order to fight against inflation and that not only satisfy custom's requirement but also promote the competitive ability of the company.