Guardia RENCANA Syariah

Guardia RENCANA Syariah is a Sharia-compliant traditional life product issued by Allianz Life Syariah Indonesia and distributed exclusively through PT Bank SMBC Indonesia Tbk. It packages three guarantees into one contract: a fixed-premium life protection window (18 years), a short contribution period (8 years), and two named staged payouts at year 11 (savings account value, projected at approximately 50% of sum assured) and year 18 (60% of sum assured upon survival). The Sharia framework uses Wakalah bil Ujrah — Allianz acts as the customer’s fee-based agent — with a Tabarru’ (mutual-aid donation) pool for mortality risk, and Hibah Mu’allaqah bi al-Syarth structuring the year-18 survival benefit as a conditional gift. A Wakaf (charitable bequest) election of up to 45% of sum assured is available at point of application.

In one sentence: pay into a Sharia-structured life plan for 8 years, receive a staged return at year 11, collect 60% of your sum assured at year 18 if you survive, and your family holds 100% sum assured protection throughout the full 18-year term.

Positioning note for Legacy Income agents: Guardia RENCANA Syariah is a bank-channel product — Legacy Income agents cannot sell it. This brief is competitive intelligence: understand the product when prospects mention their SMBC banker pitched it, or when an existing policyholder enquires about coverage comparisons. Sections 4 and 7 are written to help agents navigate the conventional-vs-Sharia discussion and identify gaps this product leaves.

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The official RIPLAY illustration uses Dani, male, age 40, Rp 2 billion base sum assured, 8-year payment term, 18-year coverage, Rp 220,020,000 annual premium (including Rp 20,000 stamp duty). At age 40 the contribution splits 13% Tabarru’, 40% Savings, 47% Ujrah (fees). Decoded:

Key insight for agents: The fee load (42–49% of premium depending on age) is significantly higher than most conventional traditional-life products. For a 40-year-old, only 40 rupiah of every 100 paid goes into savings. Agents discussing this product with prospects should understand this number and not over-promise on the savings accumulation.

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Sweet Spot — This product fits

• Age 30–50, SMBC Indonesia customer already (product is SMBC-distributed)
• Married with dependents; primary income earner
• Practicing Muslim with an active interest in Sharia-compliant financial products
• Has existing savings/investment but lacks structured life protection
• Household income Rp 25M+/month (to comfortably absorb 8-year fixed premium)
• Interested in wakaf as a charitable-legacy feature alongside life protection
• Prefers fixed-premium “set and forget” over unit-linked fund management

Borderline Fit — Discuss carefully

• Age 51–55: premium load is high (25% Tabarru’, 33% Savings, 42% Ujrah); coverage term ends at age 69–73 which is meaningful, but cost efficiency deteriorates at older entry.
• Moderate-income customer: if monthly disposable for life insurance is below Rp 5–8 million, the minimum SA of Rp 75M may still produce affordable premiums, but the low savings allocation and 8-year commitment warrant careful affordability testing.
• Customer with existing conventional policy: worth discussing Sharia-layer addition, but confirm no duplication of coverage before SMBC submission.

Do Not Pitch

• Non-SMBC customers (product requires SMBC bank referral; not available through other channels including Legacy Income agents).
• Customers whose primary goal is investment return — fee load makes this uncompetitive versus dedicated investment products.
• Customers without stable income — the 8-year fixed contribution has no flexibility; lapse in years 1–3 results in zero surrender value.
• Customers needing health insurance first — Guardia RENCANA is life-only; health coverage must be addressed separately before committing to an 8-year premium schedule.
• Legacy Income agency prospects — agents should redirect to equivalent agency-channel Allianz Syariah products (e.g., AlliSya RENCANA for similar Sharia traditional-life positioning).

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(For agents: this framework helps you counsel a prospect who has been pitched Guardia RENCANA by their SMBC banker. It also helps identify when an equivalent Legacy Income agency product is a better fit.)

Rule of thumb: If the customer says “saya mau proteksi jiwa yang Syariah, nggak mau main-main sama pasar” (I want Sharia life protection, don’t want to deal with markets), Guardia RENCANA is a fit — IF they bank with SMBC. If they don’t, AlliSya RENCANA via agency is the equivalent.

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(Note: These are crafted for the scenario where a Legacy Income agent speaks

with a prospect who has been approached by SMBC with this product — explaining

what it is, what it does, and what agents can offer instead through agency

channels.)

Opening — Establish the frame

"Your banker mentioned a product called Guardia RENCANA Syariah. I know

this product well. Let me explain how it works and whether it fits what you

are actually looking for."

"Banker Anda nyebutin produk namanya Guardia RENCANA Syariah. Saya

kenal produk ini. Biar saya jelaskan cara kerjanya dan apakah sesuai sama

yang Anda cari."

What the product does (structural value prop)

"Guardia RENCANA is a Sharia life insurance plan. You pay fixed

premiums for 8 years. In exchange, your family is protected for 18 years

at the full sum assured. At year 11, you receive a payout of your accumulated

savings — roughly half of your sum assured. At year 18, if you are still alive,

you receive 60% of your sum assured and the policy ends. The Sharia structure

means your contributions go into a shared mutual-aid pool, not into an

interest-bearing fund."

"Guardia RENCANA itu produk asuransi jiwa Syariah. Anda bayar premi

tetap selama 8 tahun. Sebagai gantinya, keluarga Anda terlindungi selama 18

tahun penuh di santunan penuh. Di tahun ke-11, Anda dapat pembayaran dari

tabungan yang udah terkumpul kira-kira setengah dari santunan Anda. Di tahun

ke-18, kalau Anda masih hidup, Anda dapat 60% dari santunan dan polis berakhir.

Struktur Syariah artinya kontribusi Anda masuk ke dana tolong-menolong bersama,

bukan ke rekening berbasis bunga."

What to watch (qualification pitch)

"Before you sign with the bank, there are two things worth knowing.

First, this product is only available through SMBC. If your bank relationship

changes, service may be affected. Second, a significant portion of your

premium — around 47% for someone your age — goes to fees and administration

before any savings are built. That is not unique to this product; traditional

life insurance works this way. But you should know the number going in."

"Sebelum Anda tanda tangan sama bank, ada dua hal yang perlu

diketahui. Pertama, produk ini cuma tersedia lewat SMBC. Kalau hubungan

bank Anda berubah, pelayanan bisa kena pengaruh. Kedua, porsi yang lumayan

besar dari premi Anda sekitar 47% untuk usia Anda masuk ke biaya dan

administrasi sebelum ada tabungan yang dibangun. Itu bukan hal unik produk

ini; asuransi jiwa tradisional memang bekerja begini. Tapi Anda perlu tahu

angkanya sebelum masuk."

The agency alternative (transition for agents)

"If you are interested in the same type of Sharia protection — and

we think it is a good type — I can show you AlliSya RENCANA, which is issued

by the same Allianz Life Syariah Indonesia, with the same Wakalah and

Tabarru’ structure. The difference is that you do not need an SMBC account,

and your relationship is with a licensed agent, not your bank relationship

manager."

"Kalau Anda tertarik sama jenis perlindungan Syariah yang sama —

dan menurut kami ini jenis yang bagus — saya bisa tunjukkan AlliSya RENCANA,

yang diterbitkan oleh Allianz Life Syariah Indonesia yang sama, dengan

struktur Wakalah dan Tabarru’ yang sama. Bedanya Anda nggak perlu rekening

SMBC, dan hubungan Anda sama agen berlisensi, bukan sama relationship

manager bank."

The Wakaf angle (for philanthropic customers)

"One feature worth highlighting: you can designate up to 45% of

your sum assured as wakaf — a charitable bequest — built right into the

policy. If anything happens to you, part of the payout goes directly to

your chosen institution, whether that is a mosque, a pesantren, or a

community fund. This is rare in any life insurance product."

"Satu fitur yang layak disorot: Anda bisa nunjuk sampai 45% dari

santunan Anda sebagai wakaf wasiat amal yang langsung ada di polis. Kalau

ada apa-apa sama Anda, sebagian dari pembayaran langsung ke institusi pilihan

Anda, entah itu masjid, pesantren, atau dana komunitas. Ini jarang ada di

produk asuransi jiwa mana pun."

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1. “Is this product really Sharia? Or is it just a label?”

Customer “Ini beneran Syariah atau cuma labelnya doang?”

Don't say “Yes, it’s definitely Sharia, trust me.” — vague and

not verifiable.

Don't say “Iya, pasti Syariah, percaya aja.” — tidak bisa

diverifikasi.

Do say "The product is issued under three Sharia contracts: Wakalah

bil Ujrah for the fee relationship, Tabarru’ for the mutual-aid pool, and

Hibah Mu’allaqah bi al-Syarth for the survival benefit at year 18. PT Asuransi

Allianz Life Syariah Indonesia is a standalone Sharia entity licensed by OJK

and supervised by an internal Sharia supervisory board. The product’s Sharia

compliance is not a marketing overlay — it is structural."

Do say "Produk ini diterbitkan dengan tiga akad Syariah: Wakalah

bil Ujrah untuk hubungan biaya, Tabarru’ untuk dana tolong-menolong, dan

Hibah Mu’allaqah bi al-Syarth untuk manfaat bertahan hidup di tahun ke-18.

PT Asuransi Allianz Life Syariah Indonesia itu entitas Syariah tersendiri yang

punya izin OJK dan diawasi oleh dewan pengawas Syariah internal. Kepatuhan

Syariah produk ini bukan overlay marketing — ini struktural."

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2. “The payout at year 11 is not guaranteed. How can I plan on it?”

Customer "Pembayaran di tahun 11 nggak dijamin. Gimana saya bisa

rencanain?"

Don't say “It’s basically guaranteed, don’t worry.” — false and

creates mis-selling risk.

Don't say “Basically dijamin kok, nggak usah khawatir.” — tidak

akurat dan berisiko mis-selling.

Do say "The year-11 payout is the balance of your Saldo Tabungan —

the accumulated savings portion of your premiums plus investment returns.

Allianz projects approximately 50% of your sum assured, but they are clear in

the RIPLAY that this is a projection, not a guarantee. The death benefit and

the year-18 maturity payout structure, by contrast, are contractually defined.

For planning purposes, treat the year-11 amount as an estimate, not a

contractual promise."

Do say "Pembayaran tahun ke-11 adalah saldo Saldo Tabungan Anda —

tabungan yang terkumpul dari bagian premi Anda plus imbal hasil investasi.

Allianz proyeksikan sekitar 50% dari santunan Anda, tapi mereka jelas di RIPLAY

bahwa ini proyeksi, bukan jaminan. Manfaat kematian dan struktur pembayaran

jatuh tempo tahun ke-18, sebaliknya, sudah ditetapkan kontraktual. Untuk tujuan

perencanaan, perlakukan jumlah tahun ke-11 sebagai estimasi, bukan janji

kontraktual."

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3. “Why should I give up almost half my premium to fees?”

Customer “Kenapa hampir setengah premi saya masuk biaya?”

Don't say “That’s just how it works.” — dismissive and loses the

conversation.

Don't say “Emang begitu sistemnya.” — menutup percakapan.

Do say "The Ujrah covers Allianz’s cost to administer your policy,

underwrite your risk, manage the Tabarru’ pool, and invest your savings —

all Sharia-compliantly. The fee structure is disclosed explicitly in this

product, which is not always the case with conventional life insurance where

these costs are embedded and invisible. The honest comparison is to ask: what

does any structured 18-year life protection product cost, and is the Sharia

structure and the wakaf option worth this fee level to you?"

Do say "Ujrah menutup biaya Allianz untuk kelola polis Anda,

underwrite risiko Anda, kelola pool Tabarru’, dan investasi tabungan Anda —

semua secara Syariah. Struktur biaya diungkapkan secara eksplisit di produk

ini, yang nggak selalu ada di asuransi jiwa konvensional di mana biaya ini

terbenam dan nggak kelihatan. Perbandingan yang jujur adalah tanya: berapa

biaya produk perlindungan jiwa 18 tahun terstruktur mana pun, dan apakah

struktur Syariah dan opsi wakaf sepadan dengan level biaya ini buat Anda?"

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4. “What if I need to stop paying after year 3? What do I get back?”

Customer "Kalau saya harus berhenti bayar setelah tahun 3,

dapat apa saya?"

Don't say “You can always stop and get your money back.” —

inaccurate; early surrender is punitive.

Don't say “Kapan aja bisa stop dan uang balik.” — tidak akurat;

surrender awal sangat merugikan.

Do say "The surrender value in years 1 through 3 is zero. From

year 4 onward, surrender values increase gradually — roughly 4–8% of premiums

paid in years 4–5, rising toward 50% by the time the contribution period ends

at year 8. This is typical of structured traditional life products globally;

the protection guarantee and the contribution waiver on death cost something,

and that cost front-loads into the early years. The most important question

before applying: are you confident you can commit to 8 years of fixed premiums

without a break?"

Do say "Nilai tunai di tahun 1 sampai 3 itu nol. Dari tahun 4 ke

depan, nilai tunai naik perlahan sekitar 4–8% dari premi yang sudah dibayar

di tahun 4–5, naik ke sekitar 50% saat masa pembayaran selesai di tahun ke-8.

Ini umum untuk produk jiwa tradisional terstruktur di mana pun; jaminan

perlindungan dan pembebasan kontribusi pada kematian ada biayanya, dan biaya

itu terpusat di tahun-tahun awal. Pertanyaan terpenting sebelum daftar:

apakah Anda yakin bisa komitmen 8 tahun premi tetap tanpa jeda?"

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5. “My bank told me I can include my children. What’s different for a child?”

Customer "Bank bilang saya bisa sertakan anak saya. Apa bedanya

untuk anak?"

Don't say “Same as for you.” — inaccurate; different GIO thresholds

apply.

Don't say “Sama aja kayak Anda.” — tidak akurat; ambang GIO berbeda.

Do say "There are meaningful structural differences. For a child

insured up to age 17, the GIO threshold is Rp 750 million — half the adult

threshold of Rp 1.5 billion. Above Rp 750 million, full medical underwriting

is required for a child. Additionally, the Tabarru’ allocation for children

is lower because their mortality risk is lower. The savings allocation,

therefore, is relatively higher. However, the maximum sum assured for a child

is capped at Rp 3 billion. If you are considering a child rider or a separate

policy for your child, clarify whether this is a standalone child policy or

an add-on rider — they have different documentation requirements."

Do say "Ada perbedaan struktural yang penting. Untuk anak yang

diasuransikan sampai usia 17 tahun, ambang GIO adalah Rp 750 juta —

setengah dari ambang dewasa Rp 1,5 miliar. Di atas Rp 750 juta, full medical

underwriting diperlukan untuk anak. Selain itu, alokasi Tabarru’ untuk anak

lebih rendah karena risiko kematian mereka lebih rendah. Alokasi tabungan,

karenanya, relatif lebih tinggi. Namun santunan maksimum untuk anak dibatasi

Rp 3 miliar. Kalau Anda pertimbangkan rider anak atau polis terpisah untuk

anak Anda, klarifikasi apakah ini polis anak mandiri atau rider tambahan

karena persyaratan dokumentasinya berbeda."

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1. Year-11 payout projection is not a guarantee. The RIPLAY explicitly states the Saldo Tabungan at year 11 is projected at approximately 50% of SA but is subject to actual investment performance. Any agent or banker who presents year-11 payout as a guaranteed amount is creating a mis-selling liability. If Legacy Income agents encounter this framing from SMBC bankers, document it. If helping a prospect evaluate this product, clarify the distinction upfront.

2. Surrender values years 1–3 are zero. The cooling-off period is 14 calendar days from policy delivery. Any customer who lapses in years 1–3 receives nothing on surrender (Saldo Tabungan minus costs, effectively zero in early years). Agents discussing this product must ensure prospects understand this before the application is submitted. Per OJK conduct-of- business requirements (referencing POJK 69/2016 on life insurance conduct), the insurer must provide a policy illustration showing surrender values at each policy year prior to issuance.

3. Tabarru’ fund deficit risk. If the mortality experience is unfavourable and claims exceed Tabarru’ reserves, OJK regulations permit the Tabarru’ fund to fall into deficit. In Sharia insurance regulation (POJK 5/2024, Sharia insurance conduct), the insurer is required to cover a Tabarru’ deficit via Qardh (interest-free loan). Allianz’s financial strength covers this risk practically, but agents should not promise customers that Tabarru’ deficits are impossible — the correct statement is “Allianz is the backstop.”

4. Ujrah fee transparency at SPAJ stage. Under OJK Sharia insurance conduct rules, the Wakalah fee (Ujrah) must be disclosed explicitly at the point of application. The RIPLAY discloses the percentage allocation table (Tabarru’ / Savings / Ujrah by age band). Any application submitted without this table being read and acknowledged by the customer creates a compliance exposure for the bank.

5. Bancassurance-specific compliance regime. Since this product is distributed by a bank (SMBC), bancassurance regulations under POJK 69/2016 and OJK Circular Letter on bancassurance conduct apply. The bank representative pitching this product must hold a bancassurance agent license (AAJI-licensed or equivalent) — they cannot rely on a general banking license. Legacy Income agents are NOT authorised to pitch this product; they should redirect interested prospects to SMBC directly or to AlliSya RENCANA through the agency channel.

6. Accidental death aggregate cap. The Manfaat Meninggal Dunia Akibat Kecelakaan is capped at Rp 5 billion in aggregate across ALL Allianz Life Syariah policies held by the policyholder. A customer with multiple Allianz Syariah policies must be informed of this cap at application. Pitching the accidental death supplement without this disclosure is a mis-selling risk.

7. Wakaf designation is irrevocable post-claim. Once a wakaf election is made and the death claim is approved, the designated wakaf portion cannot be redirected to beneficiaries. If a customer’s philanthropic intent changes post-application, they must submit an endorsement through Allianz’s wakaf amendment process before any claim event. Agents helping prospects evaluate this product should confirm whether the prospect’s wakaf institution choice is stable.

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1. Build an “SMBC vs. Agency” comparison sheet for agents. When prospects mention Guardia RENCANA from their bank, agents need a clean one-page comparison: Guardia RENCANA (banca) vs. AlliSya RENCANA (agency). Same issuer, same Sharia structure, same benefit architecture — but different channels. This resolves the most common competitive conversation.

2. Prepare a “Traditional Sharia Life — How it Works” customer explainer in Bahasa Indonesia. The three akads (Wakalah, Tabarru’, Hibah Mu’allaqah) are genuinely unfamiliar to most Indonesian retail customers, including those who identify as Muslim. A one-page visual explainer with the contribution allocation table (the Tabarru / Savings / Ujrah breakdown) builds trust and reduces late-stage objections on fees.

3. Flag the year-11 projection risk in all AlliSya RENCANA pitches. Both Guardia RENCANA and AlliSya RENCANA carry the same year-11 payout uncertainty. Agents who over-promise on the Saldo Tabungan projection are creating complaint exposure. Update the internal training script to include the phrase: “nilai ini proyeksi, bukan jaminan” (this amount is a projection, not a guarantee) — and have prospects sign acknowledgment of this in writing.

4. Confirm POJK 5/2024 Sharia conduct-of-business checklist with Allianz Life Syariah compliance team. Specifically: (a) Is the Ujrah allocation table required on the SPAJ itself, or only in RIPLAY? (b) What Sharia supervisory board fatwa documentation is available for agents to print and share? © Is the wakaf amendment process self-service or bank-mediated for SMBC customers?

5. Monitor SMBC-Guardia RENCANA customer feedback channels for any field complaints that surface through Allianz claims or OJK’s consumer complaint portal. If bancassurance conduct issues are flagged (e.g., non-disclosure of fee load, over-representation of year-11 projection), this becomes a competitive intelligence data point that strengthens the agency-channel value proposition.

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