Portfolio insurance is a kind of strategy that can guarantee both the minimum level of profit in a specific time interval and the potential profit with such a target combination. Since life insurance fund has the characteristics of return on a regular basis and long-term liability, it is suggested that the portfolio insurance be chosen to achieve the target profit with the guarantee of the investment safety. This paper is based on the historical data of CSI 300 index in Chinese stock market and combines the portfolio insurance strategies with the life insurance investment. The analysis focuses on the effects of Constant Proportion Portfolio Insurance (CPPI), Time Invariant Portfolio Protection (TIPP) and Constant Mix Strategy (CM) on the investment performance. The results indicate that: In downside stock market, CM strategy is preferred with the small income of premium; TIPP with a higher cushion should be chosen with the large income of premium. In upside stock market, CPPI is preferred regardless the income of premium. If the judgment of whether it is in bull or bear is unclear, CPPI is preferred.
