BEIJING, Feb. 26 -- More than 24 million individual pension accounts have been opened since China announced the implementation of its private pension plan to supplement the country's old-age insurance mechanism in November last year, the country's banking and insurance regulator said.

The China Banking and Insurance Regulatory Commission said that the banking and insurance institutions have been introducing savings, wealth management products, commercial pension insurance, and other financial products for individual pension account holders.

Under the private pension plan, applicants can open their own individual pension accounts, which can collect up to 12,000 yuan (about 1,740.6 U.S. dollars) annually and enjoy tax incentives. It is specifically for buying certain old-age financial products.

The country unveiled the first batch of seven private pension wealth management products on Feb. 10, said China Banking Wealth Management Registration and Depository Center.

China has a three-pillar old-age insurance mechanism, covering the national basic old-age insurance, the enterprise and occupational annuities, the commercial old-age financial products, and the private pension plan.