PRUAnugerah Syariah

PRUAnugerah Syariah is the Sharia answer to “I want to leave a blessed legacy and also see the money come back to me if I live.” It is a long-duration Sharia traditional-life policy — coverage to age 120, premium-paying term of 5, 10, or 15 years (or a single contribution) — that combines three structural pieces other Sharia agency products mostly don’t bundle:

1. 150% Sum Assured (Santunan Asuransi) death benefit before the Maturity Benefit (Manfaat Dana Usia Mapan) is paid, dropping to 100% after — meaning the family receives 1.5x face value if the participant dies during the long pre-maturity window.
2. Maturity Benefit at age 60 (or policy year 25, whichever is later) sized at 100% of total contributions paid for entry ages 1–55, with a Hibah Mu’allaqah bi al-Syarth top-up commitment if the participant’s cash-value account is short — which is unusual; many Sharia “endowment-feel” products carry no contractual top-up.
3. Hari Raya / Hajj / Umrah accident multiplier that takes total accident-death payout to 350% Santunan Asuransi (capped at +Rp 2B additional) — explicitly aligned with Indonesian Muslim travel patterns.

In one line: Pay for 10 years; if Allah takes you early, the family gets 1.5x face value; if you live, you get 100% of contributions back at 60 — and if the cash-value account underperforms, the insurer is contractually committed to top it up.

---

The official RIPLAY illustration uses Bapak Ehsan, 35-year-old, 15-year PPT, IDR 1 billion Santunan Asuransi, IDR 19.558M annual contribution (after 30% Hemat Kontribusi). Decoded:

Critical insight for the agent narrative: the IDR 647.4M illustrated end-of-period cash value is a 6% net return projection, not a guarantee — Sharia-compliant fund returns will vary. Frame the guaranteed parts (Rp 293.4M Maturity Benefit + the Hibah Mu’allaqah top-up commitment + the 150% pre-maturity death benefit) separately from the projected cash-value upside. Mixing them is the single biggest mis-selling risk on this product.

---

Sweet Spot — Lead with PRUAnugerah Syariah

• Age 28–48, Muslim, married, 1–4 dependents
• Household income Rp 20M+/month; comfortable committing Rp 1.5M+/month for 10–15 years
• Wants protection that is explicitly Sharia-compliant — has previously declined or hesitated on conventional products on principle
• Already has a BPJS or private health card — this is the life and legacy layer, not the medical layer
• Mid-career professional or business owner with Hajj or Umrah aspirations — the holiday/ibadah accident multiplier is structurally meaningful, not just marketing
• Risk-averse but wants something back if they live — the Maturity Benefit + Hibah top-up addresses the “I don’t want my premium to disappear” objection that kills many Sharia traditional-life pitches
• Affluent enough to qualify for the Hemat Kontribusi tier (SA Rp 500M+ unlocks 5%, Rp 850M+ unlocks 30%, Rp 1.7B+ unlocks 40%) — the sweet spot is SA Rp 850M–Rp 1.7B for the 30% saving

Borderline Fit — Discuss but qualify carefully

• Age 49–60 — Maturity Benefit drops to 80% of contributions paid (56–60 tier). The math still works for legacy but the savings angle weakens. PPT options narrow as entry age + PPT must clear age 70.
• Customers who have an active conventional whole-life policy and are now Sharia-curious — qualify whether they want to replace (suspicious churn risk, OJK-flagged behavior) or layer. Layering is fine; replacing existing in-force conventional cover with Sharia almost always damages the customer.
• Customers whose income is fully variable (commission, SME owner pre-stabilization) — the Y1 surrender penalty (50% of cash value) and back-loaded cash-value formation make early lapse very expensive.

Do Not Pitch

• Mass middle market with monthly disposable below Rp 1M for life premium — minimum contribution is Rp 500K/month and the Hemat Kontribusi tiers don’t kick in until SA Rp 500M, where the math is unforgiving for low incomes.
• Customers without basic medical/health cover — sell them health first; legacy is the wrong sequencing.
• Anyone primarily looking for investment returns — the cash-value side is genuine but secondary; if the customer’s first sentence is about “imbal hasil” or “return”, they belong in a Sharia-compliant unit-linked or sukuk-mutual-fund conversation.
• Late-life prospects entering at age 61–70 — Maturity Benefit collapses to 20% of contributions paid; the product becomes mostly pure-protection with weak economics.
• Non-Muslim customers — there is no doctrinal barrier to non-Muslim purchase of Sharia products in Indonesia, but the product’s marketing language, Akad framing, and Hari Raya/Hajj/Umrah benefit are explicitly Muslim-context. Selling to non-Muslims usually misframes the value prop.

---

Rule of thumb: if the customer’s first sentence contains “syariah”, “berkah”, “halal”, “warisan untuk anak”, or “biar uangnya tidak hilang”, PRUAnugerah Syariah is in the conversation. If their first sentence is “imbal hasil tinggi”, “return saham”, or “investasi agresif”, it isn’t — they are a unit-linked or sukuk prospect.

---

Quantitative coverage caveat: The Indonesian traditional-life category (74 catalogued agency products, 69 with PDFs extracted, 93.2%) does not yet have any single quantitative metric crossing the 60% coverage threshold needed for population-statistic comparison. The benchmarking below is qualitative, drawn from direct PDF reading of PRUAnugerah Syariah and analyst knowledge of competing Sharia and conventional structures — not from a parsed competitor metric set. Refresh trigger: re-run when category quantitative coverage exceeds 60%.

Confidence note: structural-dimension claims are high-confidence (drawn directly from RIPLAY and brochure). Sharia-peer comparisons are analyst assessment from category knowledge, not directly benchmarked against parsed competitor RIPLAYs. Refresh trigger: rerun when traditional-life PDF parsing produces ≥60% category coverage on shared metrics.

---

Opening — establish the right frame

“Most people approach Sharia insurance as either a religious obligation or a return calculation. Both miss the point. The right frame is: this is structured tolong-menolong — you and other participants pool funds in Tabarru’, the insurer manages the pool under clear Akad, and a portion of any underwriting surplus comes back to the participants. What I’d like to talk about is whether that structure fits what you’re trying to protect.”

“Banyak orang melihat asuransi syariah sebagai kewajiban agama atau soal hitung-hitungan return. Dua-duanya kurang tepat. Cara pandang yang benar: ini adalah tolong-menolong yang terstruktur — Anda dan peserta lain mengumpulkan dana di Tabarru’, pengelola mengatur dana itu dengan Akad yang jelas, dan kalau ada surplus underwriting, sebagian kembali ke peserta. Yang ingin saya bahas adalah apakah struktur ini cocok dengan apa yang ingin Anda lindungi.”

The structural value prop — three things in one

“PRUAnugerah Syariah does three things at once that most Sharia products only do one or two of. First: 150% Santunan Asuransi if anything happens to you before the Maturity Benefit is paid — your family receives 1.5x face value, not just face value. Second: at age 60 (or year 25 of the policy, whichever is later), you receive 100% of contributions back as the Maturity Benefit. And third: if your cash-value account turns out to be short on that day, the insurer is contractually committed under Akad Hibah Mu’allaqah bi al-Syarth to top it up. That last part is what makes the Maturity Benefit a real promise, not a market hope.”

“PRUAnugerah Syariah melakukan tiga hal sekaligus, yang biasanya produk syariah lain cuma melakukan satu atau dua. Pertama: 150% Santunan Asuransi kalau sesuatu terjadi pada Anda sebelum Manfaat Dana Usia Mapan dibayarkan — keluarga menerima 1,5x dari nilai pertanggungan, bukan cuma 1x. Kedua: di usia 60 tahun (atau tahun ke-25 polis, mana yang terakhir), Anda menerima 100% dari total Kontribusi yang sudah dibayar sebagai Manfaat Dana Usia Mapan. Dan ketiga: kalau Dana Nilai Tunai Anda ternyata kurang di hari itu, pengelola wajib menutupi selisihnya lewat Akad Hibah Mu’allaqah bi al-Syarth. Bagian ketiga ini yang membuat Manfaat Dana Usia Mapan jadi janji nyata, bukan harapan pasar.”

The Hari Raya / Hajj / Umrah angle (when relevant)

“When you go for Hajj or Umrah, or you travel during the Lebaran period, your accident-death cover automatically becomes 350% of your Sum Assured — capped at an extra Rp 2 billion. We didn’t have to design that — it’s already in the base policy. For a customer who travels for ibadah, that is a structurally meaningful piece of the protection.”

“Saat Anda menunaikan Haji atau Umrah, atau bepergian di Periode Mudik Lebaran, santunan meninggal akibat kecelakaan otomatis jadi 350% dari Santunan Asuransi — dengan batas tambahan Rp 2 miliar. Tidak perlu beli rider tambahan — sudah ada di polis dasar. Untuk nasabah yang sering bepergian untuk ibadah, ini bagian perlindungan yang nyata.”

The close — short-pay narrative

“You pay during your strongest 10 years, or 15 if you want a longer ramp. After that, you stop paying. Your family stays protected to age 120. At 60, the Maturity Benefit comes back to you. That is the structure — not complicated, not gimmicky.”

“Anda membayar Kontribusi selama 10 tahun terkuat Anda, atau 15 tahun kalau mau lebih lama. Setelah itu, berhenti bayar. Keluarga tetap terlindungi hingga usia 120 tahun. Di usia 60, Manfaat Dana Usia Mapan kembali ke Anda. Itu strukturnya — tidak rumit, tidak gimmick.”

When customer raises Hemat Kontribusi (premium discount)

“If you’re sizing the cover at Rp 850 million Sum Assured or higher, you automatically qualify for a 30% Hemat Kontribusi — that’s a real discount applied at issuance, based on Sum Assured tier and underwriting outcome. At Rp 1.7 billion the discount goes to 40%; at Rp 5 billion to 50%. So the math works better for higher-SA cases, not worse.”

“Kalau Anda mengambil Santunan Asuransi Rp 850 juta atau lebih, Anda otomatis dapat Hemat Kontribusi 30% — diskon nyata yang berlaku saat Polis terbit, berdasarkan tier Santunan Asuransi dan hasil underwriting. Di Rp 1,7 miliar, diskonnya jadi 40%; di Rp 5 miliar jadi 50%. Jadi hitungan justru lebih efisien untuk Santunan Asuransi yang lebih besar, bukan sebaliknya.”

—

1. “Aren’t all insurance products basically the same? Why specifically Sharia?”

Customer “Apa bedanya sih asuransi syariah dengan yang konvensional? Kayaknya sama aja.”

Don't say “Conventional insurance has riba.” — sounds preachy and is technically simplistic; you’ll lose customers who don’t share that framing.

Don't say “Konvensional itu ada ribanya.”

Do say “Mechanically they look similar from the outside. The differences are in how the funds are pooled and managed. In conventional, your premium goes to the insurer’s general fund and they take the underwriting risk. In Sharia, your contribution is split — part to Tabarru’, a tolong-menolong pool that pays claims; part to your own cash-value account managed under Mudharabah. The insurer manages the structure for an Ujrah, not by taking the risk on its own balance sheet. If there’s a surplus in Tabarru’ at year-end, 80% comes back to participants. Whether that structure matters to you is a personal choice — for some customers it’s central, for others it’s incidental. I just want you to choose with full information.”

Do say “Dari luar memang kelihatan mirip. Bedanya ada di cara dana dikumpulkan dan dikelola. Di konvensional, premi Anda masuk ke dana umum perusahaan dan perusahaan yang menanggung risiko. Di syariah, Kontribusi Anda dipisah — sebagian ke Tabarru’, dana tolong-menolong yang dipakai untuk membayar klaim; sebagian ke Dana Nilai Tunai Anda sendiri yang dikelola dengan Akad Mudharabah. Pengelola mengatur struktur ini dengan imbalan Ujrah, bukan dengan menanggung risiko di balance sheet mereka sendiri. Kalau di akhir tahun ada surplus di Tabarru’, 80% kembali ke peserta. Apakah struktur ini penting buat Anda — itu pilihan pribadi. Untuk sebagian nasabah jadi pertimbangan utama, untuk yang lain sekunder. Saya cuma ingin Anda memilih dengan informasi yang lengkap.”

—

2. “Why pay this monthly contribution when I could just buy gold or sukuk?”

Customer “Kenapa saya bayar Kontribusi bulanan kalau saya bisa beli emas atau sukuk aja?”

Don't say “Gold/sukuk doesn’t protect your family.” — true but blunt; it makes the customer defensive.

Don't say “Emas dan sukuk tidak melindungi keluarga.”

Do say “Both choices are legitimate Sharia-compliant. The question is what each one does. Gold and sukuk grow your wealth — if you live, you have a bigger pile of assets. PRUAnugerah Syariah does something they cannot do: it takes a small Kontribusi today and converts it into a guaranteed 150% Sum Assured the day your family needs it most. If you have Rp 1 billion in gold and you pass away in year 3, your family inherits Rp 1 billion. With this product, the same Rp 60 million in Kontribusi paid by year 3 yields Rp 1.5 billion to the family. Most affluent Muslim families I work with end up doing both — gold and sukuk for wealth growth, this product for the protection layer that gold and sukuk structurally cannot provide.”

Do say “Dua-duanya pilihan yang halal dan masuk akal. Pertanyaannya apa fungsi masing-masing. Emas dan sukuk menumbuhkan kekayaan — kalau Anda hidup, aset Anda lebih banyak. PRUAnugerah Syariah melakukan hal yang tidak bisa mereka lakukan: dengan Kontribusi kecil hari ini, dia langsung mengubahnya jadi 150% Santunan Asuransi di hari yang paling dibutuhkan keluarga. Kalau Anda punya emas Rp 1 miliar dan meninggal di tahun ke-3, keluarga mewarisi Rp 1 miliar. Dengan produk ini, Kontribusi Rp 60 juta yang sudah dibayar di tahun ke-3 menghasilkan Rp 1,5 miliar untuk keluarga. Banyak nasabah Muslim afluent yang saya bantu akhirnya pakai dua-duanya — emas dan sukuk untuk pertumbuhan kekayaan, produk ini untuk lapisan perlindungan yang emas dan sukuk secara struktural tidak bisa berikan.”

—

3. “I don’t want my premium to disappear if I don’t claim.”

Customer “Saya tidak mau Kontribusi saya hilang kalau tidak ada klaim.”

Don't say “Premium never disappears in Sharia.” — overclaim; the Tabarru’ portion really is gifted to the pool and doesn’t come back to you.

Don't say “Di syariah, premi tidak pernah hilang.”

Do say “Let me be precise about how this works. Your Kontribusi is split. The Iuran Tabarru’ portion — that’s your contribution to the tolong-menolong pool — is genuinely gifted, by Akad Tabarru’. It doesn’t come back as cash even if you don’t claim. But the Porsi Nilai Tunai portion is yours, sits in your own cash-value account managed under Mudharabah, and pays out three ways: as the Maturity Benefit at age 60, as a top-up to the Death Benefit, or as cash if you surrender after Year 3. And specifically for the Maturity Benefit: if your cash-value account is short on that day, the insurer is contractually committed to top it up to 100% of contributions paid (entry-age 1–55 tier) under Akad Hibah Mu’allaqah bi al-Syarth. So the contribution doesn’t disappear — but I want to be clear-eyed about which slice does what.”

Do say “Saya jelaskan tepatnya. Kontribusi Anda dipisah. Bagian Iuran Tabarru’ — itu sumbangan Anda ke dana tolong-menolong — memang dihibahkan dengan Akad Tabarru’. Tidak kembali sebagai cash walaupun tidak ada klaim. Tapi Porsi Nilai Tunai itu milik Anda, ada di Dana Nilai Tunai Peserta sendiri, dikelola dengan Akad Mudharabah, dan bisa keluar lewat tiga jalur: sebagai Manfaat Dana Usia Mapan di usia 60, sebagai tambahan Santunan Meninggal, atau sebagai cash kalau Anda Surrender setelah tahun ke-3. Khusus untuk Manfaat Dana Usia Mapan: kalau Dana Nilai Tunai Anda ternyata kurang di hari itu, pengelola wajib menambah sampai 100% dari Kontribusi yang sudah dibayar (tier usia masuk 1–55) lewat Akad Hibah Mu’allaqah bi al-Syarth. Jadi Kontribusi tidak hilang — tapi saya mau jujur soal bagian mana yang melakukan apa.”

—

4. “Why not just buy from BSI or another bank-syariah product?”

Customer “Kenapa tidak beli dari BSI atau produk bank syariah lain saja?”

Don't say “Bank channels aren’t real insurance experts.” — territorial and condescending.

Don't say “Bank itu bukan ahli asuransi.”

Do say “Bank-syariah products are a valid choice — many of them are issued by reputable underwriters and the Akad structures are similar. The difference is mostly in three places. First: bank channel products tend to be packaged with deposits or financing — the protection is a small embedded layer rather than the main product. Second: face values are usually smaller — often capped well below Rp 500 million. Third: the structural features here — the 150% pre-maturity SA, the 350% Hari Raya / Hajj / Umrah multiplier, the Hibah Mu’allaqah top-up, the 80% Surplus Underwriting share — are designed for a customer who treats this as the primary protection layer, not as an attachment to a bank product. If your need is small protection bundled with a deposit, the bank channel is fine. If your need is structured legacy + Maturity Benefit, this product is built for that purpose.”

Do say “Produk bank syariah pilihan yang valid — banyak yang dikeluarkan underwriter yang reputable dan struktur Akad-nya mirip. Bedanya ada di tiga hal. Pertama: produk channel bank biasanya dibundel dengan deposito atau pembiayaan — perlindungannya adalah lapisan kecil yang ditempelkan, bukan produk utama. Kedua: Santunan Asuransi-nya biasanya lebih kecil — sering dibatasi jauh di bawah Rp 500 juta. Ketiga: fitur struktural di sini — 150% Santunan Asuransi pre-maturity, 350% multiplier untuk Hari Raya / Haji / Umrah, top-up Hibah Mu’allaqah, 80% Surplus Underwriting — didesain untuk nasabah yang menjadikan produk ini lapisan perlindungan utama, bukan tempelan ke produk bank. Kalau kebutuhan Anda perlindungan kecil yang dibundel dengan deposito, channel bank cukup. Kalau kebutuhan Anda warisan terstruktur plus Manfaat Dana Usia Mapan, produk ini dibangun untuk tujuan itu.”

—

5. “What if Prudential Syariah underperforms — will the cash value really come back?”

Customer “Bagaimana kalau hasil investasi Prudential Syariah jelek — apakah Dana Nilai Tunai saya benar-benar kembali?”

Don't say “Prudential always performs.” — empty promise.

Don't say “Prudential pasti perform.”

Do say “Honest answer: cash-value performance follows the Sharia-compliant fund result, and that varies year to year. The illustration uses a 6% per year net assumption, which is illustrative, not guaranteed. But the Maturity Benefit is structured differently from cash value — it is set at 100% of contributions paid (for entry-age 1–55), and if your cash-value account is short on that day, the insurer is contractually committed under Akad Hibah Mu’allaqah bi al-Syarth to top it up from the Pengelola’s own funds. So the floor on the Maturity Benefit is the contribution-total promise; the cash-value upside is the variable layer on top. That’s why I structure my pitch around the floor first.”

Do say “Jujur saja: performa Dana Nilai Tunai mengikuti hasil investasi syariah, dan itu bervariasi setiap tahun. Ilustrasi menggunakan asumsi 6% per tahun, sifatnya ilustratif, bukan jaminan. Tapi Manfaat Dana Usia Mapan disusun berbeda dari Nilai Tunai — angkanya ditetapkan 100% dari Kontribusi yang sudah dibayar (untuk usia masuk 1–55), dan kalau Dana Nilai Tunai Anda ternyata kurang di hari itu, pengelola wajib menutupi selisihnya dari dana pengelola sendiri lewat Akad Hibah Mu’allaqah bi al-Syarth. Jadi lantai Manfaat Dana Usia Mapan adalah janji total Kontribusi; sisi Nilai Tunai adalah lapisan variabel di atasnya. Itu sebabnya saya susun pitch dari lantainya dulu.”

—

These are the issues most likely to trigger an OJK complaint or future repudiation in 2026. Build agent training around all six.

1. Illustration return assumption mis-positioning. The official illustration assumes 6% net investment return per year. This is an assumption, not a guarantee — Sharia-fund returns can be materially below or above 6%. Selling the IDR 647.4M end-of-period cash value as a forecast is mis-selling. Always present it as “illustrative under a 6% assumption — actual results will vary.” Reference: POJK 23/2015 conduct-of-business duty of care; OJK 2024–2025 conduct guidelines have tightened illustration disclosure expectations across both Sharia and conventional life.

2. Maturity Benefit confusion at entry-ages 56–60 and 61–70. The Maturity Benefit drops to 80% at 56–60 entry and 20% at 61–70 entry. Customers in these age tiers who hear “100% kembali” without the qualifier will feel mis-sold at maturity 25 years later. Customer must verbally acknowledge the entry-age tier on the Ilustrasi Manfaat at SPAJ stage; document it.

3. Hibah Mu’allaqah top-up scope clarity. The Hibah Mu’allaqah bi al-Syarth top-up commitment applies only to the Maturity Benefit shortfall — not to general cash-value performance and not to Death Benefit calculations. Selling it as “Prudential guarantees 6% return” is a serious mis-statement. Walk the customer through what is guaranteed (floor on Manfaat Dana Usia Mapan) and what is not (year-to-year cash-value performance).

4. CI premium-waiver scope — end-stage 60 conditions. The premium-waiver trigger requires diagnosis of one of 60 end-stage (tahap akhir) Critical Illness conditions during the PPT. Customers who think early-stage CI triggers waiver will be disappointed. Also: 90-day waiting period from inception or last reinstatement applies. If the customer has undiagnosed symptoms at SPAJ stage and discloses them later, a future repudiation is very likely.

5. Surrender penalty + cash-value back-loading combination. Year 1 surrender penalty is 50% of cash value formed; Year 2 is 25%. Combined with the back-loaded cash-value formation (only 25% of contribution flows to cash-value bucket in Y1), early surrender produces severe loss. Customers without realistic 10-year payment commitment must be discouraged from issuance — or written into a 5-year PPT only after explicit affordability discussion.

6. Akad disclosure obligation at SPAJ stage. Sharia products must have all Akad explained to and acknowledged by the participant at SPAJ stage. The 4-Akad structure here (Tabarru’, Wakalah bil Ujrah, Mudharabah, Hibah Mu’allaqah bi al-Syarth) is more comprehensive than typical — meaning there is more to explain. Skipping the Akad walk-through to save time is a Sharia-compliance breach and an OJK conduct-of-business breach. Use the Ilustrasi Manfaat as the structured walkthrough document.

7. POJK 36/2025 product-suitability obligation (where applicable to Sharia agency channel). The agent’s profil risiko (risk profile) assessment must match the product to the customer’s stated objective and capacity. Selling a 15-year PPT to a customer with declared income volatility is a documented suitability breach. Keep the profil risiko on file and make notes about the trade-offs discussed.

---

---

1. Build a one-page “What is guaranteed vs what is illustrative” handout in EN + ID. Separate the guaranteed layer (150% pre-maturity SA, 100% Maturity Benefit floor for entry-age 1–55, Hibah Mu’allaqah top-up, 60-condition premium waiver, 90-day CI waiting period) from the illustrative layer (cash-value projections at 6% net return). Have every prospect initial it before SPAJ submission. This is the highest-leverage compliance investment for this product.

2. Build an Akad walk-through script (4 Akads) and embed it in the standard SPAJ-stage explanation. Make the Akad walkthrough mandatory, not optional. Many Sharia-product complaints originate from customers feeling they were not told why the structure works the way it does. Specifically address the Hibah Mu’allaqah bi al-Syarth — many customers will not have heard of this Akad and the agent should be able to explain it in 2 minutes.

3. Define the Hemat Kontribusi sweet-spot quote sheet. The product economics work hardest at SA Rp 850M–Rp 1.7B (30% discount tier) for entry ages 30–45. Build a quote-sheet module that defaults to this range when prospect inputs match — and surfaces a deliberate “downscale” or “upscale” prompt only when justified. This tightens case quality and reduces the rate of mis-priced mid-pipeline cases.

4. Pair-sell discipline: every PRUAnugerah Syariah pitch should open with “Apakah Anda sudah punya kartu kesehatan / asuransi kesehatan?” If no, defer this product and lead with PRU Sharia Hospital Care or equivalent. If yes, confirm the medical layer is adequate. The pair-sell mindset reduces mis-selling complaints and increases case size per customer.

5. Refresh trigger: when the Indonesia Life Insurance Market Intelligence project’s traditional-life category exceeds 60% PDF parsing coverage on shared metrics, re-run this brief against an actual quantitative benchmark. Until then, this brief plus direct PDF reading of the closest Sharia peers (Allianz Syariah, AIA Syariah, AXA Mandiri Syariah, BSI/bank-syariah bundles) is the primary internal reference. Target rerun: Q3 2026 if PDF-extraction sweep proceeds on schedule.

---