RIZQIA

RIZQIA is the Sharia “money-back term-life” — a 10-year Sharia term-life policy from Generali Indonesia where, if the participant survives the 10-year term, 100% of the contributions paid are returned. If the participant dies during the term, the beneficiary receives the death benefit (200% for accidental death). Contribution payment can be compressed into 3 to 10 years depending on cashflow preference.

In one line: Pay Sharia contributions for up to 10 years; if you live, you get your money back; if you don’t, your family receives the death benefit — Tabarru’-based, no riba, OJK-supervised. This is the entry-Sharia product for affordability-conscious, religiously-motivated customers who fear “losing” premium and who are not ready for a unit-linked Sharia commitment.

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The official RIPLAY illustration uses Bapak Roni, 31yo male, Rp 100,000,000 death benefit, 10-year payment term, Rp 1,386,000 annual contribution. Decoded below. No alternate age, gender, or SA scenarios are disclosed in the source documents — this brief reconstructs the structural picture from the single official case plus published rules.

Analyst-constructed scenarios (NOT in RIPLAY — extrapolated from the published per-Rp-1M rate of ~Rp 13,860 / year at age 31; rates rise non-linearly with age and Generali’s actuarial table is not public):

Critical insight for the agent narrative: the “100% return” headline is a real structural feature, but it does NOT outperform a deposito or sukuk after time-value. Across 10 years at 5% Indonesian risk-free, Rp 13.86M paid evenly compounds to roughly Rp 17–18M, not Rp 13.86M. The product’s true economic value is the term-life cover received “for free” — the rupiah cost of cover is replaced by the opportunity cost of contributions. Frame this honestly with prospects.

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Sweet Spot — Lead with RIZQIA

• Age 25–45, Muslim, Sharia-preference for personal finance
• Income Rp 3M–15M/month (mass / mass-affluent)
• First-time insurance buyer, especially one who has previously refused conventional term-life because of riba concerns OR because “asuransi rugi kalau tidak terjadi apa-apa” (insurance feels like a loss if nothing happens)
• Young family with one or two children; needs basic protection while building wealth elsewhere
• Has a 5-to-10-year financial milestone in view — child entering school, hajj fund target, home down-payment — the maturity return aligns with the milestone
• Cashflow-conscious savers who want forced discipline without market exposure
• Self-employed or SME owners with intermittent income — the 200% accidental cover is meaningful for travel-heavy work

Borderline Fit — Discuss but qualify carefully

• Age 46–60 — entry-age limit is 60 for the Peserta; pricing rises steeply with age; the 10-year horizon may take them past peak earning years. Still viable if they want a hajj-savings vehicle with protection bolted on.
• Customers already holding a Sharia health policy and asking for a “savings” product — be clear that RIZQIA is not a savings product; it is term-life with contribution return. If they want investment growth, point to a Sharia unit-linked.
• Pemegang Polis aged 60–90 covering a child as Peserta — workable, but ensure the customer understands the Pemegang Polis is the contract counterparty, and the child is the life insured.
• Customers who have a maximum Rp 500M cover need — note this is the product’s hard cap. For higher SA, RIZQIA is not the right product alone; pair with another Sharia term-life or push toward AlliSya / PRU Sharia higher-cap products.

Do Not Pitch

• Customers whose primary need is health/medical cover — RIZQIA pays only on death; sell Sharia health (Allianz AlliSya Care, Prudential Sharia Health) first.
• Customers seeking high upside — there is no investment component beyond Surplus Underwriting (which is small and not guaranteed). Unit-linked Sharia is their product, not RIZQIA.
• Customers who cannot reliably pay for the full chosen payment term — early exit before maturity loses the maturity return and likely loses most contribution. Default is unforgiving.
• Customers seeking USD-denominated cover — RIZQIA is IDR-only.
• Customers seeking cover above Rp 500M — out of product scope.
• Customers with terminal or unmanaged chronic conditions — pre-existing-condition exclusion is broad and will be enforced at claim stage.
• High-risk-occupation customers (commercial aviation crew on non-scheduled flights, contact-sport athletes, divers, motorsport) — many activities are excluded from the accidental benefit and likely from underwriting too.

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Rule of thumb: if the customer says any of “syariah,” “halal,” “saya tidak mau rugi,” “uang saya kembali,” or “jangan riba” in the first two minutes, RIZQIA is in the conversation. If the customer says “untung,” “return tinggi,” “investasi,” or “saham,” RIZQIA is not their product — route to Sharia unit-linked or to a different category entirely.

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Confidence note: structural and akad-related claims are high-confidence (drawn directly from the RIPLAY); maturity-return economics are high-confidence (a single official case is unambiguous on this point); inter-product comparisons in the Sharia sub-category are analyst-judgment and not directly benchmarked against competitor PDFs. Refresh trigger: re-run when the Sharia traditional-life sub-category has 60%+ PDF coverage and when Generali publishes a refreshed RIPLAY post-POJK 36/2025 conduct-of-business rules.

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Opening — establish the right frame

“Many Sharia-conscious customers tell me the same thing — ‘I want protection for my family, but I don’t want to feel I lost the money if nothing happens.’ RIZQIA was designed for exactly that worry. If you survive the 10 years, the contributions are returned. If you don’t, your family receives the death benefit. Either way, the money does not disappear.”

“Banyak nasabah yang concern dengan syariah cerita hal yang sama ke saya — ‘Saya mau proteksi buat keluarga, tapi rasanya rugi kalau ternyata gak kepakai.’ RIZQIA dirancang untuk kekhawatiran itu. Kalau Bapak/Ibu hidup sampai akhir 10 tahun, kontribusinya kembali. Kalau tidak, keluarga menerima manfaat meninggal dunia. Bagaimanapun, uangnya tidak hilang.”

The Sharia structure — clean and transparent

“This is a fully Sharia product, OJK-regulated. Your contribution is split 50/50 — half goes to the Tabarru’ fund, the collective pool that helps families in need, and half is the management fee, called Wakalah bil Ujrah. There is no riba, no maysir, no gharar. If the Tabarru’ fund has a surplus at year end, you are entitled to 15% of that surplus.”

“Ini produk full syariah, diawasi OJK. Kontribusi Bapak/Ibu dibagi 50/50 — setengahnya masuk ke Dana Tabarru’, kumpulan dana untuk tolong-menolong antar peserta, dan setengahnya adalah ujrah pengelolaan polis (Wakalah bil Ujrah). Tidak ada riba, tidak ada maysir, tidak ada gharar. Kalau ada surplus underwriting di akhir tahun, Bapak/Ibu berhak atas 15% dari surplus itu.”

The Return-of-Contribution pitch (RIZQIA’s most distinctive feature)

“Let me be precise about the maturity benefit. After 10 years, if you survive, you get back 100% of every rupiah you paid in — not more, not less. So if you paid Rp 1.386 million a year for 10 years, you receive Rp 13.86 million back. The right way to think about this is — for 10 years, you had Rp 100 million of life cover protecting your family, and the cost of that cover was the opportunity cost of your contributions sitting with us instead of in a deposito. If you can accept that trade — and you want it to be Sharia — RIZQIA is the right tool.”

“Saya jelaskan persis ya soal manfaat akhir masa. Setelah 10 tahun, kalau Bapak/Ibu masih hidup, kontribusi yang sudah dibayar kembali 100% — tidak lebih, tidak kurang. Jadi kalau bayar Rp 1.386 juta per tahun selama 10 tahun, yang diterima kembali Rp 13.86 juta. Cara berpikir yang benar — selama 10 tahun itu, Bapak/Ibu punya proteksi jiwa Rp 100 juta untuk keluarga, dan ‘biaya’ proteksi itu adalah opportunity cost karena kontribusinya di kami, bukan di deposito. Kalau Bapak/Ibu nyaman dengan trade itu — dan mau yang syariah — RIZQIA cocok.”

The payment-flexibility narrative

“You can compress the payment into as few as 5 years and still get the full 10 years of protection, plus the contribution return at year 10. That is useful if you expect higher cashflow in the next 5 years — perhaps a business cycle peak or a project bonus — and want to lock in the protection before income slows.”

“Pembayaran kontribusinya bisa dipadatkan jadi 5 tahun saja, tapi proteksinya tetap 10 tahun dan kontribusi tetap kembali di tahun ke-10. Berguna kalau Bapak/Ibu memperkirakan cashflow lebih kuat di 5 tahun ke depan — mungkin puncak bisnis atau bonus proyek — dan ingin kunci proteksinya sebelum penghasilan melambat.”

The accidental-doubler note (when the customer is travel-heavy or SME)

“One more structural feature — if death occurs as a result of an accident, the benefit doubles to 200% of the sum assured. For your situation, where you travel between Jakarta and the regions weekly, that doubler is meaningful.”

“Satu lagi soal struktur — kalau meninggal dunianya karena kecelakaan, manfaatnya dobel jadi 200% dari uang pertanggungan. Untuk kondisi Bapak/Ibu yang sering mobile Jakarta dan daerah tiap minggu, fitur dobel ini cukup berarti.”

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1. “BSI deposito or sukuk gives me a better return — why would I tie up Rp X in RIZQIA?”

Customer ID “Deposito BSI atau sukuk return-nya lebih bagus — kenapa saya kunci uang di RIZQIA?”

Don't say EN “RIZQIA’s return is better.” — it isn’t, and the customer will catch you.

Don't say ID “Return RIZQIA lebih bagus.”

Do say EN “You’re right — a Sharia deposito or retail sukuk will earn you 5 to 6 percent and your money compounds. RIZQIA does not compete with those as a savings vehicle, and an agent who tells you it does is misleading you. RIZQIA’s value is the Rp 100 million protection sitting on top of your savings for 10 years. The contribution return is there to make sure the cover doesn’t feel like a sunk cost. So the right question is — do you and your family need Rp 100 million of Sharia protection during these 10 years? If yes, RIZQIA. If no, keep building your sukuk.”

Do say ID “Bapak/Ibu benar — deposito syariah atau sukuk ritel kasih 5 sampai 6 persen, dan uangnya berbunga. RIZQIA bukan saingan deposito sebagai instrumen menabung, dan agen yang bilang sebaliknya itu menyesatkan. Nilai RIZQIA ada di proteksi Rp 100 juta yang menumpang di atas tabungan Bapak/Ibu selama 10 tahun. Kontribusi yang dikembalikan itu fungsinya supaya proteksi tidak terasa hangus. Jadi pertanyaan yang tepat — selama 10 tahun ini, keluarga Bapak/Ibu butuh proteksi syariah Rp 100 juta atau tidak? Kalau ya, RIZQIA. Kalau tidak, terusin saja sukuknya.”

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2. “What’s actually shared in the Surplus Underwriting? It sounds vague.”

Customer ID “Yang dibagi dari Surplus Underwriting itu apa sebenarnya? Kedengarannya samar.”

Don't say EN “Don’t worry about that, it’s small.” — dismissive, and the customer is testing whether you actually understand the akad.

Don't say ID “Tidak usah dipikirkan, kecil kok.”

Do say EN “Fair question. At year end, the Tabarru’ fund — which is the collective pool where half of every contribution goes — receives investment returns and pays out claims. If there’s a positive balance after claims and reserves, that’s the Surplus Underwriting. RIZQIA’s published split is 27 percent stays in the Tabarru’ reserve to strengthen the pool, 58 percent goes to Generali as Pengelola, and 15 percent is distributed back to Pemegang Polis. Whether you receive anything in any given year depends on whether the pool has surplus. In low-claim years it’s meaningful; in high-claim years it might be zero. That uncertainty is the Sharia-correct way — there’s no riba-style guaranteed return.”

Do say ID “Pertanyaan yang bagus. Di akhir tahun, Dana Tabarru’ — kumpulan dana yang menerima 50% dari setiap kontribusi — mendapat hasil investasi dan membayar klaim. Kalau ada saldo positif setelah klaim dan cadangan, itulah Surplus Underwriting. Pembagian RIZQIA — 27% tetap di cadangan Tabarru’ untuk memperkuat dana, 58% ke Generali sebagai Pengelola, dan 15% dibagikan ke Pemegang Polis. Apakah Bapak/Ibu menerima sesuatu di tahun tertentu, tergantung apakah dana surplus. Di tahun klaim rendah lumayan; di tahun klaim tinggi bisa nol. Ketidakpastian itu memang cara syariah yang benar — tidak ada return terjamin ala riba.”

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3. “If I die early, is my family really protected enough?”

Customer ID “Kalau saya meninggal duluan, keluarga saya beneran terlindungi cukup?”

Don't say EN “Rp 100 million is plenty.” — depends entirely on the customer’s family, and if you sound flippant here you lose trust.

Don't say ID “Rp 100 juta cukup kok.”

Do say EN “That’s the right question to ask before signing anything. Let’s do the math together — what does your household need monthly today? What about for your children’s school for the next 5 years? Whatever number we get, multiply by the years your family would need to bridge after you. If the Rp 100 million is short, we either go higher within RIZQIA’s Rp 500 million cap, or we pair RIZQIA with a separate Sharia term-life that has a higher cap. The point is — let’s not pick a number because it’s affordable. Let’s pick the number that actually closes the gap, then adjust the structure.”

Do say ID “Ini pertanyaan yang harus diajukan sebelum tanda tangan apapun. Yuk kita hitung — pengeluaran rumah tangga Bapak/Ibu per bulan sekarang berapa? Biaya sekolah anak 5 tahun ke depan berapa? Angka berapapun yang keluar, kali jumlah tahun yang keluarga harus bridge setelah Bapak/Ibu tidak ada. Kalau Rp 100 juta kurang, kita naikkan dalam batas RIZQIA sampai Rp 500 juta, atau RIZQIA dipasangkan dengan asuransi jiwa syariah lain yang plafonnya lebih tinggi. Intinya — jangan pilih angka karena terjangkau. Pilih angka yang benar-benar menutup gap, baru atur strukturnya.”

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4. “100% return at maturity sounds too good. Where’s the catch?”

Customer ID “Kembali 100% kontribusi kedengarannya terlalu bagus. Di mana catch-nya?”

Don't say EN “There’s no catch.” — there are real trade-offs and dismissing them undermines trust.

Don't say ID “Tidak ada catch-nya.”

Do say EN “Three honest trade-offs you should know. First — your money is returned at nominal value, not adjusted for inflation. If inflation runs at 4 percent for 10 years, the Rp 13.86 million you get back has the purchasing power of about Rp 9 million today. Second — the contribution is priced higher than a pure Sharia term policy without return. You are paying for the maturity return through a higher annual contribution. Third — if you stop paying mid-term and the policy lapses, the maturity return is forfeited. So the catch is — this product rewards customers who complete the full term and is unforgiving to those who don’t. If you’re confident you can pay for the full payment period, the structure works. If not, conventional or Sharia pure term-life is cheaper per Rp of cover.”

Do say ID “Tiga trade-off jujur yang Bapak/Ibu harus tahu. Pertama — kontribusi dikembalikan nominal, bukan disesuaikan inflasi. Kalau inflasi 4% selama 10 tahun, Rp 13.86 juta yang kembali punya daya beli setara Rp 9 juta hari ini. Kedua — kontribusi dipatok lebih tinggi dari produk syariah term-life murni tanpa pengembalian. Bapak/Ibu bayar pengembalian itu lewat kontribusi tahunan yang lebih besar. Ketiga — kalau berhenti bayar di tengah jalan dan polisnya batal, pengembalian akhir masa hangus. Jadi catch-nya — produk ini menguntungkan nasabah yang selesai penuh, dan tidak ramah ke yang tidak. Kalau Bapak/Ibu yakin bisa bayar sampai habis masa pembayaran, strukturnya cocok. Kalau tidak, term-life syariah murni atau konvensional lebih murah per rupiah proteksi.”

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5. “Why pay extra Wakalah ujrah when I could just save and self-insure?”

Customer ID “Buat apa bayar ujrah Wakalah segede itu kalau saya bisa nabung sendiri dan self-insure?”

Don't say EN “Wakalah ujrah is small.” — it’s literally 50% of your contribution; the customer is right that it’s significant.

Don't say ID “Wakalah ujrah-nya kecil kok.”

Do say EN “You’re right that 50% Wakalah ujrah is a real cost — it covers Generali’s policy administration, agent commission, claims handling, and the Tabarru’ fund management. The question is, can you self-insure Rp 100 million? Could you keep Rp 100 million liquid and Sharia-compliant for 10 years to pay out to your family if you die suddenly? If yes — and I mean really yes, not just on paper — then you may not need RIZQIA. Most people cannot self-insure that amount during their working years, especially while paying mortgage, school fees, or business expenses. The Wakalah ujrah is the price of letting the Tabarru’ pool, not your savings, carry that risk.”

Do say ID “Bapak/Ibu benar bahwa ujrah Wakalah 50% itu cost yang signifikan — itu untuk administrasi polis Generali, komisi agen, penanganan klaim, dan pengelolaan Dana Tabarru’. Pertanyaan baliknya, Bapak/Ibu bisa self-insure Rp 100 juta? Bisa pegang Rp 100 juta likuid dan syariah selama 10 tahun, siap diserahkan ke keluarga kapan saja kalau terjadi sesuatu mendadak? Kalau bisa — beneran bisa, bukan cuma di atas kertas — mungkin Bapak/Ibu memang tidak butuh RIZQIA. Tapi mayoritas orang tidak bisa self-insure sebesar itu di masa produktif, apalagi sambil bayar KPR, sekolah anak, atau modal usaha. Ujrah Wakalah itu harga supaya Dana Tabarru’ yang nanggung risiko itu, bukan tabungan Bapak/Ibu sendiri.”

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These are the issues most likely to trigger an OJK complaint, a DPS (Dewan Pengawas Syariah) flag, or customer churn-back in 2026.

1. RIPLAY 2022 vintage — verify with Generali Sharia product team. The source RIPLAY is dated 28/06/2022, Version 1.0, and is now ~4 years old. POJK 23/2024 and POJK 36/2025 have tightened insurer disclosure and conduct-of-business standards since. Before any 2026 customer-facing pitch, confirm with Generali whether the contribution table, akad splits, surplus underwriting percentages, and exclusion list have been amended. Treat the current RIPLAY as indicative until a refreshed version is sighted.

2. “100% contribution return” framing must NOT be marketed as a guaranteed investment return. The maturity benefit is the contractual return of contributions paid — it is not investment yield, it does not adjust for inflation, and it does not include any portion of Surplus Underwriting or Mudharabah hasil. Agents who pitch RIZQIA as “you get your money back PLUS earnings” misrepresent the product. The right phrase is kontribusi dikembalikan 100% di akhir masa Asuransi — nothing more.

3. Tabarru’ fund deficit risk explanation. Under Sharia akad principle, if the Dana Tabarru’ is in deficit, the Pengelola provides a Qardh (interest-free loan) to the fund, which is then repaid from future surplus. Customers may ask: “What happens if too many people claim?” The agent’s correct answer is — claims continue to be paid; Generali provides Qardh; the fund repays it as it stabilises. Do not give a sloppy answer here; an educated Sharia customer will test this. Confirm Qardh availability in writing with Generali product if the source RIPLAY does not explicitly state it.

4. Wakalah bil Ujrah fee transparency at SPAJ. 50% of every contribution becomes Wakalah ujrah and 50% becomes Dana Tabarru’. This must be clearly disclosed at SPAJ stage — not buried in the polis fine print. Have the customer initial the contribution-split section of the SPAJS so there is documented acknowledgment.

5. Surplus Underwriting split (Mudharabah Nisbah) clear at SPAJ. Customers must understand that the 15% Pemegang Polis share of Surplus Underwriting is conditional on a positive Surplus — it is not annual cashback. Document customer acknowledgment of this conditionality at SPAJ.

6. Akad clarity at SPAJ. RIZQIA uses five akad: Tabarru’, Wakalah bil Ujrah, Mudharabah, Hibah Muallaqah Bi Al-Syarth, and the structural concept of Surplus Underwriting. Agents should be able to name each in Bahasa and explain the role in one sentence. The Hibah Muallaqah Bi Al-Syarth is specifically the akad that delivers the 100% maturity return — customers who probe will respect an agent who can articulate the Sharia mechanism for the money-back feature.

7. Pre-existing-condition exclusion is broad and binding. The exclusion for Keadaan Yang Sudah Ada Sebelumnya (pre-existing condition) appears in both the natural-death and accidental-death exclusion lists. Customers with undiagnosed-but-symptomatic conditions who submit a clean SPAJS create future repudiation risk. Walk customers through the health-disclosure section of the SPAJS deliberately — assume the customer wants to be honest but might not know what is relevant.

8. POJK 36/2025 not directly applicable but OJK conduct-of-business tightening applies broadly. POJK 36/2025 targets specific PAYDI / unit-linked conduct; RIZQIA is traditional Sharia term, not PAYDI, so POJK 36/2025 is not the operative rule. But the broader OJK direction in 2025–2026 — clearer disclosure, suitability documentation, recorded sales conversations — is rising across the industry. Treat RIZQIA SPAJS conversations as if they will be reviewed.

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1. Verify with Generali Sharia product team: (a) whether RIPLAY has been updated since 28/06/2022; (b) whether the minimum payment term is 3 or 5 years (RIPLAY/brochure conflict); © the current DPS membership; (d) whether a Qardh facility is contractually documented; (e) any 2025–2026 amendments to contribution rates, akad splits, or exclusion lists. Document Generali’s responses in a Generali-Sharia product-fact-sheet under \by-insurer\generali-indonesia-syariah\syariah\ for shared agent reference.

2. Build a one-page Sharia-akad customer handout (EN + ID) that names and explains the five akad in plain language — Tabarru’, Wakalah bil Ujrah, Mudharabah, Hibah Muallaqah Bi Al-Syarth, Surplus Underwriting. Required reading for every RIZQIA prospect before SPAJS. This protects against both customer misunderstanding and DPS-level scrutiny.

3. Build a contribution-rate scenarios sheet for ages 25 / 30 / 35 / 40 / 45 / 50 / 55 across the Rp 50M / 100M / 250M / 500M sum-assured grid. The single Bapak Roni illustration is insufficient for an agent to quote credibly in the field. Obtain Generali’s contribution table directly; do not extrapolate.

4. Pair-product framework with Sharia health: every RIZQIA conversation should include the question “Apakah Bapak/Ibu sudah ada asuransi kesehatan syariah?” If no, RIZQIA waits; lead with Allianz AlliSya Care, Prudential Sharia Health, or equivalent. If yes, confirm adequacy. Train agents that RIZQIA is the jiwa layer only — never the medical layer.

5. Refresh trigger: when the Sharia traditional-life sub-category has 60%+ PDF coverage in the Market Intelligence project, AND when Generali publishes a refreshed RIZQIA RIPLAY (or confirms the current one stands), re-run this brief with quantitative benchmarking on contribution rates, Wakalah ujrah, and Surplus Underwriting splits across peers. Until then, this brief and a verified Generali fact-sheet stand together as the internal reference.

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