In what circumstances can foreigners terminate the individual account of urban endowment insurance?
Foreigners can terminate the individual account if there are these three situations:
If the male reaches the age of 60 and the female reaches the age of 55, they do not meet the national and municipal basic pension application conditions and no longer have a labor (employment) relationship, the social insurance agency can pay the amount stored in their individual pension account (excluding the amount and interest of “false account and actual record”) to themselves in one time, terminating in this way the basic endowment insurance relationship.
If the male is under the age of 60 and the female is under the age of 55, they terminate or terminate the labor (employment) relationship with the employer and leave the country, they can apply to the social insurance agency for terminating the basic old-age insurance relationship. The social insurance agency shall pay the amount stored in its individual account of endowment insurance (excluding the amount and interest of “false account and actual record”) to him or her at one time.
If an overseas staff member who comes to Shanghai terminates his social insurance relationship due to death after participating in the insurance, the individual payment part of the amount stored in his / her individual account of endowment insurance and the remaining funds after the liquidation of his / her individual account of medical insurance may be inherited.