The National Life Insurance LLC has introduced two new
products. With its voluntary retirement plan, Mongolians now have the
opportunity to be insured in two kinds of retirement plans. The first of these
is the existing compulsory retirement plan where the premium is paid into the
social insurance fund, while the second aims to set up an endowment fund for
insured individuals. The new plan is not meant to compete with the State
retirement plan, but targets those who are outside it. It offers greater choice
to people on choosing the age from when they wish to draw pension. Employers
can offer this plan to motivate their employees to work longer.

The insurance company, the only one providing life
insurance in Mongolia, has also developed a family health insurance scheme to
help people tide over the ever-increasing costs of medical treatment. The
scheme covers accidents, illness, hospitalization or surgery.