中文摘要：

近年来。我国的人口老龄化趋势严重，截止到2012年底，年龄超过60岁的人口已达1．94亿，占总人口的14.3％，预计在2013年突破2亿。因此，老年人口的养老问题日益受到社会关注。在养老工具里面，相对于具有较低稳定收益的传统养老保险和没有最低保证的投连险，投资人（或投保人）更愿意选择具有最低利益保证的变额年金保险。在转移长寿风险的同时，投资人（或投保人）既有最低利益保证，又有可能获得更高的投资收益。因此有最低利益保证的变额年金未来会是年金保险的主流产品。本文对此进行探讨，为国内保险公司设计开发此类产品提供理论指导和参考。

英文摘要：

Variable annuity products with guaranteed minimum benefit option have the characteristic of minimum guaranteed rate of return, and transferred the risk of market decline from policyholders to insurance companies. Consequently, the policy holders have to pay for the guaranteed minimum benefif. In this paper, we analyze in detail the structure of the guaranteed minimum withdrawal benefits in VA. Then, we also derive the fair insurance fee for the Guaranteed Minimum Withdrawal Benefit for Life in VA. With the help of Monte Carlo simulation, we analyze the relationship of the fair insurance fee with the yield rate and the volatility of the risky assets. The results show that as the volatility of the risky assets is larger and the interest rate is smaller, the fair insurance fee gets larger.