The payment time of endowment insurance for flexible employees is the same as other endowment insurances, and the minimum period is 15 years, but the longer the payment time, the better. Urban individual industrial and commercial households and flexible employees who participate in the basic old-age insurance can go through the formalities of receiving old-age insurance benefits on a monthly basis when men reach 60 years of age and women reach 55 years of age, and no longer pay old-age insurance premiums.
Old-age insurance, the full name of social basic old-age insurance, is a social insurance system established by the state and society according to certain laws and regulations for workers to reach the working age limit stipulated by the state to terminate their labor obligations or to retire from their jobs because of old age.