(Yicai Global) June 8 -- China Pacific Insurance Group, the country's third-largest listed insurer in the life, property and casualty fields, has issued China's first personal tax-deferred commercial endowment insurance policy in Shanghai.

The policy buyer is pilot Cai Jun, who will fly China's first home-grown passenger jet, Sohu News reported.  

The Shanghai units of rival firms China Life Insurance, Taikang Pension, New China Life Insurance, Ping An Pension and Taiping Pension have also rolled out similar products for the local market. 

Under the scheme, individuals who purchase eligible commercial pension insurance may have their insurance premium deducted from their taxable income in accordance with certain standards and pay personal income tax when receiving their commercial pension. 

China issued a circular on a pilot program for personal tax-deferred commercial pension insurance on April 12, requiring that trials be rolled out in Shanghai, southern Fujian province (including capital Xiamen) and Suzhou Industrial Park for one year starting from May 1.

Editor: William Clegg