养老保险是指被保险人通过缴纳保费,在退休时获得养老保障的一类保险。由于该保险赋予了被保险人在退休时享有一定养老金收益的权利,与欧式看涨期权存在相似点。本文通过Black-Scholes模型,运用后向递推和二叉树方法对养老保险的期权定价进行探讨,并确定了分期缴付的期权费的范围,最后对养老金计划的设计与安排进行了初步探讨。 Endowment insurance refers to the insured person’s pension insurance when he or she is retired by paying premiums. Since this insurance gives the insured the right to certain pension benefits upon retirement, it is similar to the European call option. In this paper, the Black-Scholes model, the use of backward recursion and binary tree method to explore the pricing of pension insurance options, and to determine the scope of the installment fee paid, and finally the design and arrangement of the pension plan were discussed.