RAYA Pro Maxima

RAYA Pro Maxima is Generali’s Syariah savings-and-protection endowment (asuransi dwiguna syariah) — a policy that pays a scheduled annual living benefit (Manfaat Tahunan) once the contribution period ends, carries a death benefit (Santunan Asuransi) throughout the term, and returns a lump-sum maturity benefit (Manfaat Akhir Masa Asuransi) if the participant survives to the end.

The customer pays contributions (Kontribusi) for only 5 years but stays covered for 15 or 20 years. The structural hook is the headline marketing claim: base contributions returned up to 165%, and total annual living benefits up to 225% of the annual base contribution — payments that are scheduled and begin disbursing the moment the 5-year payment window closes.

In one line: Pay for 5 years; from year 6 onward the policy pays you a fixed annual living benefit; your family is protected the whole way; survive the term and the policy hands back a maturity lump sum.

This is a competitor product — Generali Indonesia Syariah is not a Legacy Income carrier. The brief below is positioned so a Legacy Income agent (selling Allianz Life Syariah) can decide when to compete head-on, when to concede, and how to defend a prospect who is weighing RAYA Pro Maxima.

---

The RIPLAY and brochure publish the same single official illustration. The decode below uses that published case so the brief stays aligned with the documents. Note one anomaly the agent should be ready to explain: the contribution column reflects an attached health rider (Generali Lite HealthCare Syariah), so the figures mix base and rider — the base contribution alone is Rp 100,000,000/year.

Critical insight for the agent narrative. Decode three numbers honestly before any prospect signs.

(1) The “165%” and “225%” headlines need translating. The brochure advertises base contributions returned up to 165% and total Manfaat Tahunan up to 225% of annual base contribution. The published 15-year illustration shows 150% in living benefits (10 x 15%) plus 110% maturity — the higher headline figures apply to the 20-year term, which pays the Manfaat Tahunan for 15 years (years 6-20) rather than 10. The agent must not quote 225% against a 15-year quote.

(2) The total cash returned is not “free money.” Across the 15-year case Pak Surya pays Rp 500M in base contributions and receives Rp 150M in living benefits plus a Rp 550M maturity benefit — but a large share of that is simply his own contributions returned over a long horizon, with the death cover and Tabarru’ donation absorbed along the way. This is protection-with-savings, not an investment yield.

(3) Surrender is punishing early. Surrender in year 5 returns Rp 100M against Rp 500M paid. Year 10 returns Rp 300M. The customer only recovers base contributions paid at full term — and even then, surrendering forfeits the Rp 550M maturity benefit.

---

Sweet Spot — where Generali will close hardest

(From a competitor’s standpoint, this is the segment where Generali Indonesia Syariah will win — and where a Legacy Income agent should expect the toughest fight.)

• Age 30–45, observant Muslim for whom Syariah compliance is a decision driver, not a nice-to-have

• Has surplus income to commit Rp 6M+/year minimum — and the published illustration’s Rp 100M/year case shows the product is comfortably pitched at affluent buyers

• Wants a structured, scheduled return — values the predictability of a fixed Rp-amount annual payout starting at year 6

• Dislikes market volatility and unit-linked complexity — wants forced, disciplined saving inside a Syariah wrapper

• Has a defined cash-flow goal that maps to the year-6-onward living-benefit stream — supplementing a child’s schooling costs, an annual Umrah fund, a structured income top-up

Borderline Fit — discuss but qualify carefully

• Prospects who want strong death protection above all — the Santunan Asuransi is only 110%–120% of total contributions; a Tabarru’-based term or larger life plan covers far more per rupiah

• Customers chasing returns — there is no investment upside here; the “return” is largely the customer’s own contributions handed back over 15–20 years

• Age 46–55 — entry is possible only on the 15-year term (insured entry caps at 55 for 15-yr, 50 for 20-yr), so the longer-payout 20-year structure is closed to them

• Prospects with unstable income — the 5-year contribution commitment plus a punishing early surrender table makes exit costly

Do Not Pitch

• Anyone without basic health/medical (kesehatan) cover — endowment is the wrong first priority; the hospital bill comes before a savings goal

• Customers who need large life cover now on a tight budget — this is not a cost-efficient pure-protection product

• Prospects likely to lapse — income volatility, recent job loss, business stress; surrender in years 1–5 destroys a large share of contributions

• Customers who explicitly want investment-linked upside — they are a Syariah unit-linked prospect, not an endowment prospect

• Non-Muslim prospects with no interest in Syariah structure — the Akad features carry no weight, and a conventional endowment will usually price the savings tail better

---

This block helps a Legacy Income agent decide, in the field, whether to compete for a prospect or concede the case. Generali owns this specific staged-cash Syariah-endowment slot; Legacy Income’s strength is Allianz Life Syariah protection.

Rule of thumb: listen to the prospect’s first sentence. If it contains “syariah”, “berkah”, “halal”, “nabung untuk anak” (saving for the children), or “hasil tiap tahun” (a yearly payout), RAYA Pro Maxima is genuinely in play — a Legacy Income agent should compete on adequacy of protection, not try to out-Syariah Generali. If the first sentence contains “untung”, “imbal hasil”, “investasi” (profit / return / investment), the endowment is the wrong product and that is the opening to redirect. If it contains “proteksi besar”, “kalau saya kenapa-kenapa” (large protection / if something happens to me), Allianz Life Syariah protection competes directly and should win on cover-per-rupiah.

---

The Indonesian agency endowment category catalogued for this project holds 14 products. The category is structurally heterogeneous — four recognisable sub-types: (a) return-of-premium term endowments, (b) staged-cash dwiguna endowments paying an annual living benefit (Manfaat Tahunan / Manfaat Tahapan), © whole-of-policy endowments, and (d) investment-linked savings-endowment hybrids. RAYA Pro Maxima is a clear sub-type (b) — a staged-cash dwiguna with a scheduled fixed-rupiah annual living benefit. Three of the 14 agency endowment products are Syariah (Salam Anugerah Harapan, RAYA Pro Maxima, Manulife Perlindungan Diri Syariah), all built on Akad Hibah + Tabarru’ + Wakalah bil Ujrah.

Quantitative population benchmarking is limited — below 60% category coverage — so the comparison below is qualitative.

Confidence note: structural and Syariah-structure claims are high-confidence — taken directly from the RIPLAY Umum v2.0 and the brochure, including the published illustration table. Category-comparison claims are analyst assessment from category knowledge, not benchmarked against parsed competitor RIPLAYs. Quantitative population benchmarking is deferred until endowment-category PDF coverage exceeds 60%. The Tabarru’/Tanahud contribution split is not disclosed in the RIPLAY Umum and is flagged as a known gap.

---

These are written for a Legacy Income agent in a competitive conversation — a prospect is already weighing RAYA Pro Maxima, and the agent needs to position fairly without bad-mouthing a Syariah product.

Opening — establish the right frame

“A Syariah endowment like RAYA Pro Maxima does two jobs at once — it protects your family and it saves on a schedule. That’s fine. The question I’d want to answer first is which of those two jobs matters most for your family right now, because the best product is different depending on the answer.”

“Asuransi dwiguna syariah seperti RAYA Pro Maxima itu menjalankan dua fungsi sekaligus — melindungi keluarga dan menabung secara terjadwal. Itu bagus. Tapi yang ingin saya pastikan dulu, dari dua fungsi itu mana yang paling penting buat keluarga Bapak/Ibu sekarang. Karena produk terbaiknya beda, tergantung jawabannya.”

The structural value prop — protection adequacy

“Look closely at the death cover inside a staged-cash endowment. The contribution is split — part goes to the Tabarru’ fund for mutual help, part to the Tanahud fund that pays your yearly benefit, part to management fees (Ujrah). That structure is honest and Syariah-compliant, but it means the death-benefit figure is modest — in RAYA Pro Maxima it is only 110 to 120 percent of what you paid in. If your real worry is leaving your family enough if something happens to you, we should size the protection properly first, then talk about the savings schedule.”

“Coba perhatikan nilai santunan di dalam produk dwiguna berjenjang. Kontribusinya dibagi — sebagian masuk Dana Tabarru’ untuk tolong-menolong, sebagian ke Dana Tanahud yang membayar manfaat tahunan Bapak/Ibu, sebagian untuk biaya pengelolaan (Ujrah). Strukturnya jujur dan sesuai syariah, tapi artinya angka santunannya tidak besar — di RAYA Pro Maxima hanya 110 sampai 120 persen dari yang sudah dibayar. Kalau yang sebenarnya Bapak/Ibu khawatirkan adalah meninggalkan cukup untuk keluarga, sebaiknya kita hitung proteksinya dulu dengan benar, baru bicara soal jadwal menabungnya.”

The close — match the product to the need

“I’m not here to talk you out of a Syariah endowment if a structured, faith-based savings plan is genuinely what you want — RAYA Pro Maxima does that job. What I’d ask is this: let me run one comparison. If protection is the priority, I’ll show you how much more cover the same yearly amount can buy in a Syariah protection plan. If the scheduled-savings goal still wins after you see both, you’ll buy with full clarity. Either way you decide better.”

“Saya tidak akan menghalangi Bapak/Ibu kalau menabung secara terjadwal dengan struktur syariah memang yang dicari — RAYA Pro Maxima memang untuk itu. Tapi izinkan saya buat satu perbandingan. Kalau proteksi yang jadi prioritas, saya tunjukkan berapa besar pertanggungan yang bisa didapat dengan jumlah tahunan yang sama di plan proteksi syariah. Kalau setelah lihat keduanya tujuan menabung terjadwal tetap menang, Bapak/Ibu beli dengan benar-benar paham. Apapun keputusannya, jadi lebih tepat.”

Product-specific — the annual living benefit, handled honestly

“The yearly payout from year 6 onward is a real feature and people like it — a fixed amount lands every policy anniversary. Just be clear on the arithmetic when you compare: in the standard illustration that payout is 15 percent of one year’s base contribution, and over the term it adds up to a portion of what you put in. It is your own savings being returned on a schedule, not a profit. It’s a genuinely useful structure for someone who wants predictable cash flow — it just shouldn’t be mistaken for an investment return.”

“Manfaat tahunan dari tahun ke-6 itu fitur yang nyata dan orang menyukainya — jumlah tetap cair setiap ulang tahun polis. Yang penting dipahami saat membandingkan: di ilustrasi standar, pembayaran itu 15 persen dari satu tahun kontribusi dasar, dan selama masa polis totalnya sebagian dari yang Bapak/Ibu setorkan. Itu tabungan Bapak/Ibu sendiri yang dikembalikan secara terjadwal, bukan keuntungan. Strukturnya memang berguna untuk yang ingin arus kas yang bisa diprediksi — hanya saja jangan disalahartikan sebagai hasil investasi.”

—

These are objections a Legacy Income agent will hear from a prospect leaning toward RAYA Pro Maxima. Each is framed so the agent positions honestly and competitively. The first two are Syariah-specific.

1. “A Syariah product is automatically the right choice for me because I’m Muslim.”

Customer “Produk syariah pasti yang paling tepat buat saya karena saya Muslim.”

Don't say “Syariah products are no different from conventional ones.” — this dismisses the customer’s values.

Don't say “Produk syariah sama saja dengan konvensional.”

Do say “Choosing a Syariah structure is a sound decision and I respect it. But within the Syariah space, products still differ a lot in how much protection they actually deliver. RAYA Pro Maxima is Syariah-compliant and so is the plan I can offer you — being compliant is the floor, not the deciding factor. The right product for your family is the one that’s both compliant and adequate for your real need. Let’s check the adequacy together.”

Do say “Memilih struktur syariah itu keputusan yang baik dan saya hormati. Tapi di dalam ranah syariah sendiri, produk-produk tetap sangat berbeda dalam hal seberapa besar proteksi yang benar-benar diberikan. RAYA Pro Maxima sesuai syariah, dan plan yang bisa saya tawarkan juga — sesuai syariah itu syarat dasar, bukan faktor penentu. Produk yang tepat untuk keluarga adalah yang sesuai syariah sekaligus mencukupi kebutuhan sebenarnya. Mari kita cek kecukupannya bersama.”

—

2. “Doesn’t insurance still involve riba and uncertainty (gharar)?”

Customer “Bukankah asuransi tetap ada unsur riba dan ketidakpastian?”

Don't say “Don’t worry about that, it’s all already approved.” — dismissive and unconvincing.

Don't say “Tidak usah khawatir, semua sudah disetujui.”

Do say “That’s a fair and important question. A properly structured Syariah insurance product is built specifically to address it. RAYA Pro Maxima uses Akad Tabarru’ — your contribution is a Hibah, a gift, into a mutual-help fund — and Akad Wakalah bil Ujrah, a transparent management fee instead of interest. It’s overseen by a Sharia supervisory board and the company is registered with the regulator, OJK. So the structure is designed to be compliant. What I’d add is the same thing I’d say about my own product: compliance is the structure; whether it’s the right plan for you is a separate question about your actual need.”

Do say “Itu pertanyaan yang wajar dan penting. Produk asuransi syariah yang disusun dengan benar memang dirancang khusus untuk menjawab itu. RAYA Pro Maxima menggunakan Akad Tabarru’ — kontribusi Bapak/Ibu adalah Hibah, pemberian, ke dana tolong-menolong — dan Akad Wakalah bil Ujrah, yaitu ujrah pengelolaan yang transparan, bukan bunga. Diawasi Dewan Pengawas Syariah dan perusahaannya tercatat di OJK. Jadi strukturnya dirancang untuk sesuai syariah. Yang ingin saya tambahkan — sama seperti yang saya katakan soal produk saya sendiri: kesesuaian syariah itu soal struktur; apakah ini plan yang tepat untuk Bapak/Ibu adalah pertanyaan terpisah soal kebutuhan sebenarnya.”

—

3. “It returns my contribution up to 165% — that sounds like a great return.”

Customer “Kontribusinya kembali sampai 165% — kedengarannya hasilnya bagus.”

Don't say “That figure is misleading.” — attacking the brochure makes you sound like a rival, not an advisor.

Don't say “Angka itu menyesatkan.”

Do say “It’s a real figure, and it’s worth understanding precisely. That 165% — and the 225% for total yearly benefits — is measured against one year’s base contribution, and the higher numbers apply to the 20-year term. Spread over 15 or 20 years, it works out to getting most of your own money back, with the death cover taken out along the way. There’s no investment growth on top. So it’s a fair savings structure, just not a high-return one. If a return is what you’re after, that’s a different conversation — I’d be honest about that.”

Do say “Itu angka yang nyata, dan layak dipahami dengan tepat. Angka 165% — dan 225% untuk total manfaat tahunan — diukur terhadap satu tahun kontribusi dasar, dan angka yang lebih tinggi berlaku untuk masa polis 20 tahun. Dibagi selama 15 atau 20 tahun, hasilnya kurang lebih Bapak/Ibu mendapatkan kembali sebagian besar uang sendiri, dengan biaya santunan terpakai di sepanjang jalan. Tidak ada pertumbuhan investasi di atasnya. Jadi ini struktur menabung yang wajar, hanya saja bukan yang hasilnya tinggi. Kalau yang dicari adalah keuntungan, itu pembicaraan yang berbeda — saya akan jujur soal itu.”

—

4. “I could just save in a Syariah bank like BSI — why do I need this?”

Customer “Saya bisa saja menabung di bank syariah seperti BSI — kenapa harus produk ini?”

Don't say “A bank can’t protect your family.” — too blunt and slightly untrue; banks have their own products.

Don't say “Bank tidak bisa melindungi keluarga Anda.”

Do say “A Syariah bank savings account is a good place for money you may need soon, and you stay in full control of it. The difference with RAYA Pro Maxima is the protection layer — if something happens to you in year 3, a savings account holds only what you’ve deposited, while this policy pays a death benefit plus any unpaid yearly benefits, regardless of how little you’ve contributed so far. The honest question is which you need: flexible short-term access to cash, or a locked-in savings plan with a protection wrapper. They solve different problems — and if flexibility matters more to you, the bank may genuinely be the better answer.”

Do say “Tabungan di bank syariah bagus untuk dana yang mungkin Bapak/Ibu butuhkan dalam waktu dekat, dan tetap sepenuhnya dalam kendali Bapak/Ibu. Bedanya dengan RAYA Pro Maxima ada di lapisan proteksinya — kalau terjadi sesuatu di tahun ketiga, rekening tabungan hanya berisi yang sudah disetor, sedangkan polis ini membayar santunan plus manfaat tahunan yang belum cair, berapapun kecilnya kontribusi sejauh ini. Pertanyaan jujurnya, mana yang Bapak/Ibu butuhkan: akses dana jangka pendek yang fleksibel, atau rencana menabung terkunci dengan lapisan proteksi. Keduanya menyelesaikan masalah yang berbeda — dan kalau fleksibilitas lebih penting, bank bisa jadi memang jawaban yang lebih tepat.”

—

5. “If I cancel early, I lose a lot of money.”

Customer “Kalau saya berhenti lebih awal, saya rugi besar.”

Don't say “That won’t happen, you’ll keep paying.” — assumes away a real risk the customer is naming.

Don't say “Itu tidak akan terjadi, Bapak/Ibu pasti lanjut bayar.”

Do say “You’re reading it correctly, and I’d rather you know now than be surprised later. With RAYA Pro Maxima the surrender table is weak in the early years — in the published illustration, surrendering at year 5 returns roughly a fifth of what you’ve paid in, and you only recover the full base contribution at the end of the term. That’s normal for an endowment across the industry, but it means you should only take this product if you’re confident you can hold it for the full 15 or 20 years. If there’s real doubt about that, a flexible Syariah savings vehicle or a cheaper protection plan would serve you better — and I’d say so.”

Do say “Bapak/Ibu membacanya dengan benar, dan saya lebih suka Bapak/Ibu tahu sekarang daripada kaget nanti. Di RAYA Pro Maxima, tabel penebusan lemah di tahun-tahun awal — di ilustrasi resmi, menebus di tahun ke-5 mengembalikan sekitar seperlima dari yang sudah dibayar, dan baru di akhir masa polis kontribusi dasar kembali penuh. Itu hal yang normal untuk produk dwiguna di seluruh industri, tapi artinya Bapak/Ibu sebaiknya hanya mengambil produk ini kalau yakin bisa bertahan sampai 15 atau 20 tahun penuh. Kalau ada keraguan nyata soal itu, sarana menabung syariah yang fleksibel atau plan proteksi yang lebih murah akan lebih sesuai — dan saya akan mengatakannya.”

—

These are the issues most likely to trigger an OJK complaint, a Sharia-supervisory query, or a customer churn-back. They apply when a Legacy Income agent positions against RAYA Pro Maxima — and as a checklist for what an honest competitor must never do.

1. The 165% / 225% headlines must not be presented as investment return. The brochure advertises base contributions returned up to 165% and total Manfaat Tahunan up to 225% — both measured against one year’s annual base contribution, with the higher figure applying to the 20-year term. An agent who quotes these as a yield, or quotes the 225% against a 15-year term, has misrepresented the product. Spread over 15–20 years the figures amount to a return of the customer’s own contributions, not a profit. State the basis of every percentage.

2. Surrender / cash-value table walk-through is mandatory. RAYA Pro Maxima’s published illustration shows Penebusan Polis of Rp 0 in years 1–3, Rp 40M at year 4, Rp 100M at year 5, climbing to Rp 500M only at the year-15 term end — against Rp 500M of base contributions paid. The agent must walk the customer through this full table, year by year, and obtain verbal confirmation that the customer understands surrendering before the final year returns less than contributions paid. Do not write the case if the customer cannot commit to the full 15- or 20-year term.

3. Tabarru’ fund deficit risk must be disclosed. The Tabarru’ fund is a pooled mutual-help fund. In a deficit year the manager may need to inject support to be recovered from future surplus — Surplus Underwriting is therefore conditional, not guaranteed. The policyholder’s 30% share of Tabarru’ surplus is contingent on the fund running a surplus at all. A customer told the surplus or any “bonus” is guaranteed income has been mis-sold. Never present Surplus Underwriting as certain.

4. Wakalah bil Ujrah fee transparency. RAYA Pro Maxima is managed under Akad Wakalah bil Ujrah — Generali takes an Ujrah (fee) for managing the funds, and the RIPLAY states contributions already incorporate costs including marketer commission. The RIPLAY Umum does not publish the Ujrah percentage or the Tabarru’/Tanahud allocation split — these sit in the individual Ikhtisar Polis / RIPLAY Personal. Presenting “all your contribution goes to your benefit” is a misrepresentation. The customer must be shown the RIPLAY Personal allocation before signing and must understand that fees and the Tabarru’ donation are why early cash value is low.

5. Akad clarity at SPAJS stage. RAYA Pro Maxima is built on four Akad — Tabarru’, Tanahud, Wakalah bil Ujrah, and Mudharabah. The customer must understand which Akad governs which money flow — in particular, that the Dana Tanahud is the fund sourcing the annual living benefit — before signing the Syariah application (Surat Permohonan Asuransi Jiwa Syariah / SPAJS). Rushing the customer past the Akad explanation is both a Sharia-governance failure and a conduct breach.

6. Health-rider contribution must not be conflated with the base policy. The published illustration’s total annual contribution (Rp 103,829,200) bundles the base contribution (Rp 100,000,000) with the Generali Lite HealthCare Syariah rider (Rp 3,829,200). The rider contribution rises with age and sum assured over time. An agent who quotes a flat lifetime total without flagging the escalating health-rider cost has understated the customer’s true outlay. Quote the base and the rider as separate lines.

7. No misapplication of unrelated regulation; document suitability. POJK 36/2025 co-payment provisions apply to health insurance products and must not be cited in connection with this life-endowment policy. What does apply: Indonesian conduct rules continue to tighten around product disclosure, suitability, and the line between savings and investment claims. Agents must document the customer’s need, time horizon, and ability to sustain 5 years of contributions, and must avoid any “investment return” language for what is a protection-with-savings product. A clean SPAJS that hides a known affordability or health issue creates a future repudiation and complaint risk.

---

---

1. Build a one-page “endowment vs Syariah protection” comparison sheet (EN + ID). For a prospect weighing RAYA Pro Maxima, the agent’s strongest move is a side-by-side: same yearly outlay, showing how much more death cover an Allianz Life Syariah protection plan delivers versus RAYA Pro Maxima’s modest 110–120% Santunan. Make the math visible — this is the cleanest competitive lever.

2. Train agents NOT to fight on Syariah authenticity. Generali Indonesia Syariah’s Akad structure — Tabarru’, Tanahud, Wakalah bil Ujrah, Mudharabah — is legitimate and fully disclosed. Agents who attack “is it really halal?” will lose trust and the case. The winning posture is to acknowledge the Syariah structure, then pivot to protection adequacy and whether the prospect’s real need is scheduled saving or family protection. Script this pivot and role-play it.

3. Equip agents with the “165% decoded” talking point. Many prospects will hear the brochure’s 165% / 225% headlines as an investment return. An agent who calmly explains that those figures are measured against one annual contribution, apply largely to the 20-year term, and net out to a return of the customer’s own money over 15–20 years — builds credibility and resets the comparison. Use it as a clarifying move, never as a smear of the competitor.

4. Add a Syariah-prospect qualifying question to the standard discovery flow. Before competing for any prospect who mentions Syariah, the agent should ask: “Is a faith-based structure a must-have, or a preference?” If must-have, position the Syariah option in Legacy Income’s Allianz Life Syariah range, or concede gracefully and stay top-of-mind. If a preference, the full protection range is in play. Document the answer for suitability records.

5. Refresh trigger. Re-run this brief when the Indonesia Life Insurance Market Intelligence project’s endowment-category PDF coverage exceeds 60%, enabling a true quantitative benchmark. Also refresh if Generali issues a RIPLAY newer than v2.0/12/2024 — watch for changes to the Manfaat Tahunan percentage, the Santunan multipliers, the surrender table, or the Surplus Underwriting nisbah.

---