回复：Here is the catch -

In your account, you always have two values: The protected value which applied your 1) and 2);and the contract value (te actual investment value without protection. It means if the market tanks, the investment value tanks too) . Only if you "annuitize" your annuity, you'll get protected value. However, to "annuitize", it means you'll be locked at about lower than 3% for 30 years (assume you are QIAOQIAO before 95 years old).If you want to terminate the contract and get the cash back any time, you only get the contract value. 

Some of articles these days are somewhat misleading. Again, only for those need to insured the longevity the annuity makes sense. For most of people here, the rate is NOT attractive at all.