The level of economic development has an extremely important influence on insurance demand, because people's insurance demand is greatly influenced by a country's overall economic situation. The level of economic development will affect the insurance demand. The level of economic development is directly proportional to the insurance demand, because the insurance premium paid by people is restricted by their disposable income, the insurance premium paid by enterprises is restricted by their after-tax profits, and the monetary income of people and the after-tax profits of enterprises are restricted by national income, so the level of national income determines the size of insurance demand.

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.