Smile Life Extra Plus

Smile Life Extra Plus is MSIG Life’s entry-level return-of-premium endowment — a “dwiguna” contract (Asuransi Jiwa Dwiguna Kombinasi) that pairs a basic death benefit with a promise to hand the customer’s premium back at a fixed milestone. The customer pays premium for 6 years, the policy stays in force for 12 years, and at the end of policy year 8 the insurer returns 100% of total premium paid plus a bonus factor that can run from 0% to 12%. It is sold off a low entry point — premium starts at Rp 1,000,000 per year and the minimum sum assured (Uang Pertanggungan, “UP”) is Rp 100,000,000 — with simplified underwriting and no medical exam.

Structurally this is a savings-shaped product wearing a thin layer of life cover. The death benefit is 100% of UP only during policy years 2 to 8; it drops to 50% of UP after year 8, and in year 1 the policy merely returns the premium paid. The headline “100% + bonus” return is a return of the customer’s own money, not a yield on it — and the bonus portion is explicitly non-guaranteed. For Legacy Income’s agents this matters because the product competes for the same risk-averse, savings-minded customer that an Allianz or Tokio Marine endowment targets — but it does so with a short cover window, a modest death benefit, and a return that, stripped of the bonus, is simply the customer’s deposit returned eight years later.

In one line for the field: the customer locks up six years of premium, gets it back at year 8 with a small uncertain bonus, and carries a modest death benefit in the meantime — a disciplined-savings wrapper, not a protection plan and not an investment.

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The RIPLAY carries one official worked illustration (persona “Andi”, age 35). Both the RIPLAY and brochure use the same case. Decoded below.

Critical insight for the agent narrative: decode the “100% + bonus” headline honestly. In the official illustration the customer pays in Rp 72,000,000 over six years and receives Rp 75,600,000 back at the end of year 8 — a total gain of Rp 3,600,000 across what is effectively an eight-year hold. The bonus factor Z is the only “return” element, it is explicitly stated as a non-guaranteed range of 0% to 12%, and at the floor (Z = 0%) the customer simply gets their own Rp 72,000,000 back with no gain at all. Two further points the agent should internalise. First, the death benefit halves after year 8 — the customer keeps paying nothing but the cover silently drops to 50% of UP for policy years 9 to 12. Second, early exit is punishing: the cash value is 0% for the first four policy years, so a customer who stops in year 3 forfeits everything paid in. This is a hold-to-milestone product or it is a loss.

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This section is framed for Legacy Income agents: who the competitor product genuinely suits (so the agent does not over-claim against it), and where it is weak enough that a Legacy Income endowment or protection plan should win.

Sweet Spot — where Smile Life Extra Plus is a genuine fit

• The risk-averse saver who wants a forced-savings discipline with a fixed end date — six years of premium, money back at year 8, no decisions in between
• Customers who distrust market-linked products and want to know in advance that they will not lose their principal (subject to holding to milestone)
• Mass-market budgets — the Rp 1,000,000 per year entry premium and Rp 100,000,000 minimum UP keep the door low
• Bank customers presented the product at the counter who want a “better than a deposit, with some life cover attached” structure and will commit to the full term
• Customers who value simplified issuance — no medical exam — and want to be covered quickly

Borderline Fit — qualify carefully before conceding the customer

• Customers whose real goal is investment growth — the product returns the premium plus at most a 12% bonus over an eight-year hold; framed as an investment it underperforms and the agent should redirect
• Customers who may not sustain six years of premium — the 0% cash value through year 4 makes early exit a total loss; if income is uncertain this is the wrong product
• Customers who think the “return” is guaranteed profit — the bonus Z is non-guaranteed; a customer expecting a fixed 12% will feel mis-sold
• Customers who want meaningful life cover past year 8 — the death benefit drops to 50% of UP, so a customer relying on this for long-horizon family protection is under-covered

Do Not Pitch (and where Legacy Income should win the customer outright)

• Customers without basic health / medical insurance — an endowment is the wrong first rupiah; the medical layer comes first
• Customers who need a large death benefit to protect dependents — the cover here is sized to a savings goal and halves after year 8; a term-life or whole-life plan from Legacy Income gives far more protection per rupiah of premium
• Customers seeking lifetime or long-horizon cover — this contract ends at year 12; a whole-life product is the honest answer
• Customers with genuinely volatile cash flow — the punitive early-exit table makes this unforgiving; Legacy Income should not match it, it should offer a more flexible structure
• Customers chasing real returns — they are a unit-linked or mutual-fund prospect, not an endowment prospect at all

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Rule of thumb: if the customer opens with “mau nabung yang aman” (want to save safely), “uangnya balik” (the money comes back), or “biar disiplin nabung” (so I save with discipline), a return-of-premium endowment is genuinely in the conversation — and Legacy Income should compete on cover quality and transparency rather than dismiss the category. If the customer opens with “untung” (profit), “imbal hasil” (yield), or “investasi yang berkembang” (an investment that grows), this is not their product — and neither is any endowment; steer to unit-linked or mutual funds. If the customer opens with “kalau saya meninggal” (if I die) and a concern for dependents, lead with protection, not this.

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The Indonesian endowment category is structurally heterogeneous, spanning four sub-types: (a) return-of-premium term endowments, where 100% of premium is returned at a milestone year; (b) staged-cash “dwiguna” endowments that release scheduled cash sums; © whole-of-policy endowments; and (d) investment-linked savings-endowment hybrids. Smile Life Extra Plus is a clear sub-type (a) — a return-of-premium term endowment. The comparison below is qualitative. Quantitative population benchmarking across the agency endowment set is not yet possible: category PDF coverage sits below the 60% threshold, and most peer premiums are quoted off unpublished age / sex / sum-assured / term matrices that cannot be normalised. Treat the readings below as directional category positioning, not measured statistics.

Confidence note: structural and economic claims about Smile Life Extra Plus itself are high-confidence — they are read directly from the RIPLAY and brochure, which agree with each other and include a worked illustration and a surrender table. Category-comparison claims are qualitative analyst assessment, not measured benchmarks: agency endowment category PDF coverage is below 60%, and peer premiums sit behind unpublished rate matrices. One source caveat: the catalog stub on file records an “8-year policy term”, but both the RIPLAY and the brochure state a 12-year coverage term (Masa Pertanggungan Asuransi 12 Tahun) with the premium return at year 8 — this brief uses the RIPLAY/brochure figure and the stub should be corrected. Refresh trigger: re-run this brief if the agency-edition RIPLAY is obtained, or when agency endowment category PDF coverage exceeds 60%.

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These are positioning lines for Legacy Income agents pitching their own Allianz / Tokio Marine endowment against Smile Life Extra Plus. The frame is competitive — acknowledge the MSIG product fairly, then redirect to where the Legacy Income offering is stronger. No exclamation marks, no hyperbole; the tone is grounded and consultative.

Opening — establish the right frame

“A return-of-premium savings plan is a reasonable idea — you set money aside, and at a fixed point it comes back to you. The question worth asking before you commit is a simple one: across the years you are covered, how much protection are you actually carrying, and does it stay steady the whole time. That is where these plans differ from one another.”

“Rencana tabungan dengan premi kembali itu ide yang masuk akal — Anda sisihkan uang, dan di titik tertentu uangnya kembali. Pertanyaan yang perlu ditanyakan sebelum berkomitmen sederhana: selama Anda dilindungi, sebenarnya seberapa besar perlindungan yang Anda bawa, dan apakah tetap stabil sepanjang waktu. Di situ rencana-rencana seperti ini berbeda satu sama lain.”

The structural value prop — where Legacy Income’s plan differs

“Look closely at what happens to the life cover after the money is returned. In the plan you are comparing, the death benefit is full only for the years leading up to the year-8 payout — after that it drops to half. You keep the policy, but the protection quietly halves. The plan I want to show you is built so the cover you signed up for stays at that level for the whole term, not just the first stretch. And on the savings side, ask exactly what is guaranteed: a return that is described as ‘one hundred percent plus a bonus’ can, at the low end, simply be your own money handed back with nothing added.”

“Coba perhatikan apa yang terjadi pada perlindungan jiwanya setelah uangnya dikembalikan. Pada plan yang Anda bandingkan, manfaat meninggalnya penuh hanya untuk tahun-tahun sampai pembayaran di tahun ke-8 — setelah itu turun jadi setengahnya. Polisnya tetap jalan, tapi perlindungannya diam-diam menyusut separuh. Plan yang ingin saya tunjukkan dirancang supaya perlindungan yang Anda ambil tetap di tingkat itu sepanjang masa polis, bukan hanya di bagian awal. Dan untuk sisi tabungannya, tanyakan dengan jelas apa yang dijamin: pengembalian yang disebut ‘seratus persen plus bonus’ bisa saja, di titik terendah, hanya uang Anda sendiri yang dikembalikan tanpa tambahan apapun.”

The close — commitment and certainty

“Both plans ask you to commit your premium for several years, and both are honest forced-savings structures — that part is fine. What I want you to be certain of before you sign are two things: the exact protection you carry in every year of the policy, and exactly what you would get back if you ever needed to stop early. Let me put both plans on one page with the real numbers, so you decide on full information rather than on a headline.”

“Kedua plan sama-sama minta Anda berkomitmen membayar premi selama beberapa tahun, dan keduanya struktur menabung yang jujur — bagian itu wajar. Yang ingin saya pastikan sebelum Anda tanda tangan ada dua hal: berapa persis perlindungan yang Anda bawa di setiap tahun polis, dan persis berapa yang Anda terima kembali kalau suatu saat perlu berhenti lebih awal. Biar saya letakkan kedua plan dalam satu halaman dengan angka sebenarnya, supaya Anda memutuskan berdasarkan informasi lengkap, bukan hanya dari judulnya.”

Product-specific extra — the bancassurance-channel angle

“One practical note. The version of that plan most people see is sold across a bank counter. There is nothing wrong with that — but a bank teller has minutes with you, and a savings-and-protection plan deserves more than minutes. What I offer is the time to walk you through every figure, the early-exit table line by line, and the answer to any question your family raises afterward. Take whichever plan you choose, but take it with that level of explanation.”

“Satu catatan praktis. Versi plan itu yang paling sering dilihat orang dijual lewat loket bank. Tidak ada yang salah dengan itu — tapi petugas bank hanya punya beberapa menit dengan Anda, dan rencana tabungan sekaligus perlindungan layak dapat lebih dari beberapa menit. Yang saya tawarkan adalah waktu untuk menjelaskan setiap angka, tabel nilai tebus baris per baris, dan jawaban atas pertanyaan apapun yang muncul dari keluarga Anda nanti. Ambil plan manapun yang Anda pilih, tapi ambil dengan tingkat penjelasan seperti itu.”

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These are the objections a Legacy Income agent will most often hear when a customer is weighing Smile Life Extra Plus. Each has full EN + ID parity. The customer line is given in natural Bahasa Indonesia, as it would actually be spoken.

1. “If I survive past year 8, what do I get — is there a catch?”

Customer “Kalau saya hidup terus lewat tahun ke-8, saya dapat apa? Ada jebakannya nggak?”

Don't say “There is no catch, you get everything.” — overpromises and hides the post-year-8 reduction.

Don't say “Nggak ada jebakan kok, Anda dapat semuanya.”

Do say “There is no hidden catch, but there is one thing you should know clearly. At the end of year 8 you receive your premium back plus a bonus, and that is real. What changes afterward is the life cover: from year 9 to year 12 the death benefit is half of what it was before. So the plan does not end at year 8 — but the protection part of it steps down. If your concern is being well protected for the full term, that is exactly the point worth comparing between plans, and I can show you one where the cover does not step down.”

Do say “Tidak ada jebakan tersembunyi, tapi ada satu hal yang sebaiknya Anda tahu dengan jelas. Di akhir tahun ke-8 Anda menerima premi kembali plus bonus, dan itu nyata. Yang berubah setelahnya adalah perlindungan jiwanya: dari tahun ke-9 sampai ke-12, manfaat meninggalnya separuh dari sebelumnya. Jadi plan-nya tidak berakhir di tahun ke-8 — tapi bagian perlindungannya turun. Kalau yang Anda pikirkan adalah terlindungi dengan baik untuk seluruh masa polis, justru itu hal yang layak dibandingkan antar plan, dan saya bisa tunjukkan plan yang perlindungannya tidak turun.”

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2. “The return is small — a bank deposit or a mutual fund would give more.”

Customer “Returnnya kecil — deposito atau reksa dana kan bisa lebih besar.”

Don't say “Deposits and mutual funds are risky and worse.” — untrue, and the customer will stop trusting you.

Don't say “Deposito dan reksa dana itu berisiko dan lebih jelek.”

Do say “You are reading it correctly, and I will not argue with the arithmetic. Over an eight-year hold the return on that plan is the bonus only, and the bonus is not guaranteed. A deposit or a fund can do more on the savings side. The honest difference is that the endowment also carries a death benefit during those years — a deposit does not. So the real question is whether you want a pure savings vehicle or a savings-plus-protection one. If protection matters, let me show you a plan that gives you a stronger, steadier death benefit for a similar commitment — so you are not trading away protection to chase a thin return.”

Do say “Anda membacanya dengan benar, dan saya tidak akan membantah hitungannya. Selama delapan tahun ditahan, return dari plan itu hanya bonusnya saja, dan bonusnya tidak dijamin. Deposito atau reksa dana memang bisa lebih besar di sisi tabungan. Bedanya yang jujur, endowment juga membawa manfaat meninggal selama tahun-tahun itu — deposito tidak. Jadi pertanyaan sebenarnya, Anda mau alat menabung murni atau menabung sekaligus perlindungan. Kalau perlindungan penting, biar saya tunjukkan plan dengan manfaat meninggal yang lebih kuat dan lebih stabil untuk komitmen yang mirip — supaya Anda tidak mengorbankan perlindungan demi mengejar return yang tipis.”

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3. “The death benefit is too small for a life insurance policy.”

Customer “Manfaat meninggalnya kecil untuk sebuah asuransi jiwa.”

Don't say “It is enough for your needs.” — dismisses a fair and accurate observation.

Don't say “Sudah cukup kok untuk kebutuhan Anda.”

Do say “You are right, and that is the honest nature of this kind of plan. A return-of-premium endowment is a savings product first; the death benefit is sized around the savings goal, not around replacing your income for your family. And in this particular plan the cover is full only in years 2 to 8, then halves. If your main concern is making sure your family is properly provided for if something happens to you, that is a different job — a term-life or whole-life plan gives far more protection per rupiah of premium. The right answer is often both: a protection plan for your family, and a savings plan for the money you want returned. Let me size both for you.”

Do say “Anda benar, dan itu memang sifat jujur dari plan jenis ini. Endowment dengan premi kembali adalah produk tabungan lebih dulu; manfaat meninggalnya disesuaikan dengan target tabungan, bukan untuk menggantikan penghasilan Anda bagi keluarga. Dan di plan ini perlindungannya penuh hanya di tahun ke-2 sampai ke-8, lalu turun separuh. Kalau kekhawatiran utama Anda memastikan keluarga benar-benar tercukupi jika terjadi sesuatu pada Anda, itu pekerjaan yang berbeda — asuransi term life atau whole life memberi perlindungan jauh lebih besar per rupiah premi. Jawaban yang tepat sering kali keduanya: plan perlindungan untuk keluarga, dan plan tabungan untuk uang yang ingin Anda terima kembali. Biar saya hitungkan keduanya.”

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4. “If I need to stop early, how much do I lose?”

Customer “Kalau saya harus berhenti di tengah jalan, rugi berapa?”

Don't say “You will not lose anything, do not worry.” — false for this product, and a mis-selling exposure.

Don't say “Nggak akan rugi kok, tenang saja.”

Do say “I will be straight with you, because this is the part most likely to hurt if it is not explained. On this plan the cash value is zero for the first four policy years — if you stop in year 1, 2, 3, or 4, you get nothing back. It begins building only from year 5, and even then it is below what you paid in until close to the milestone. An endowment is designed to be held to the end; if there is a real chance your cash flow cannot sustain six years of premium, this is not the plan to take, and I would tell you that honestly. For any plan you do take, I will walk you through the surrender table year by year before you sign, so there are no surprises later.”

Do say “Saya akan jujur, karena bagian ini yang paling mungkin menyakitkan kalau tidak dijelaskan. Pada plan ini nilai tunainya nol selama empat tahun polis pertama — kalau Anda berhenti di tahun ke-1, 2, 3, atau 4, tidak ada yang kembali. Nilai itu baru mulai terbentuk dari tahun ke-5, dan bahkan setelah itu masih di bawah yang Anda bayarkan sampai mendekati tahun milestone. Endowment dirancang untuk dipegang sampai akhir; kalau ada kemungkinan nyata arus kas Anda tidak sanggup enam tahun premi, ini bukan plan yang tepat, dan saya akan katakan itu dengan jujur. Untuk plan apapun yang Anda ambil, saya akan jelaskan tabel nilai tebusnya tahun per tahun sebelum Anda tanda tangan, supaya tidak ada kejutan nanti.”

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5. “Why not just keep my money in the bank?”

Customer “Kenapa nggak saya simpan saja di bank?”

Don't say “The bank gives you nothing.” — untrue and dismissive of a sensible instinct.

Don't say “Di bank nggak dapat apa-apa.”

Do say “Keeping money in the bank is a perfectly sound thing to do, and I would never tell you otherwise. The bank gives you full access to your money any time, which an endowment does not. What the bank does not give you is two things: a death benefit while the money is set aside, and the discipline of a fixed plan that most people find easier to stick to than a savings account they can dip into. So it comes down to what you actually want — pure flexible savings, or savings with a protection layer and a commitment structure. If it is the second, the question becomes which plan does the protection part properly, and that is where I would want to compare options with you side by side.”

Do say “Menyimpan uang di bank itu langkah yang sangat masuk akal, dan saya tidak akan mengatakan sebaliknya. Bank memberi Anda akses penuh ke uang Anda kapan saja, yang tidak diberikan endowment. Yang tidak diberikan bank ada dua hal: manfaat meninggal selama uang itu disisihkan, dan disiplin dari rencana yang tetap, yang bagi kebanyakan orang lebih mudah dijalani daripada rekening tabungan yang bisa diambil sewaktu-waktu. Jadi ini soal apa yang sebenarnya Anda mau — tabungan murni yang fleksibel, atau tabungan dengan lapisan perlindungan dan struktur komitmen. Kalau yang kedua, pertanyaannya jadi plan mana yang mengerjakan bagian perlindungan dengan benar, dan di situ saya ingin membandingkan pilihan dengan Anda berdampingan.”

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These are the issues most likely to trigger an OJK complaint or a customer churn-back when this product — or a Legacy Income equivalent positioned against it — is sold. Build agent training around all seven.

1. “100% + bonus” headline overpromise. The premium-return benefit is 100% of premium paid plus a bonus factor Z that the RIPLAY explicitly defines as a non-guaranteed range of 0% to 12%. Presenting “you get 112% back” — or any fixed figure above 100% — as a certainty is misrepresentation. The agent must state plainly that the only guaranteed element is the 100% return of the customer’s own premium, and that the bonus may be zero. A customer who was led to expect a fixed gain and receives only their principal back has a legitimate mis-selling complaint.

2. Post-year-8 death-benefit halving must be disclosed. The death benefit is 100% of UP only in policy years 2 to 8; it falls to 50% of UP for years 9 to 12, and in year 1 the policy returns only premium paid. A customer told they are “covered for the full 12 years” without being told the cover halves after year 8 has been given selectively favourable information. The full year-by-year cover profile must be presented.

3. Surrender-table walk-through is mandatory. The cash (surrender) value is 0% of premium paid for policy years 1 to 4, then 25% (year 5), 45% (year 6) and 85% (year 7). Showing a customer the attractive year-8 premium-return figure without walking them through this early-exit table line by line is unbalanced disclosure. The agent must take the customer through the full surrender schedule before the application is signed and retain the customer’s acknowledgement on file. A customer who exits in year 3 and discovers they receive nothing is a near-certain complaint.

4. POJK 36/2025 co-payment regime does NOT apply here. The 2025 OJK co-payment / cost-sharing rules apply specifically to health insurance products. Smile Life Extra Plus is a life endowment — it has no co-payment feature, and agents must not reference, explain, or apply the co-payment regime to this product. Misapplying a health-insurance rule to a life endowment confuses the customer and is itself a conduct error.

5. OJK conduct-of-business and bancassurance transparency rules are the relevant frame. OJK’s market-conduct and consumer-protection rules require balanced, non-misleading product information, a documented suitability assessment, and — for bancassurance distribution specifically — transparent disclosure of the commission paid by the insurer to the distributing bank. The RIPLAY itself states that premium includes insurance cost, administration cost, and commission paid to marketing agents and the bank. Any pitch of this product class must rest on a documented suitability assessment and full, balanced disclosure, with the customer’s acknowledgement retained.

6. Bancassurance-edition RIPLAY caveat. The RIPLAY on file is the bancassurance edition — its Jalur Distribusi field names a specific bank (Bank BJB). The product is genuinely dual-channel: the same RIPLAY confirms premium includes commission paid to marketing agents as well as the bank, so it is in scope for an agency conversation. However, figures in this brief — the worked illustration, the surrender table, the bonus factor — are read from the bancassurance edition and must be re-verified against the agency-edition RIPLAY before this brief is deployed in field training. Do not quote specific numbers to a customer until that cross-check is done.

7. Insured-vs-policyholder and channel-status confusion. The product can be issued with an insured (tertanggung) and policyholder (pemegang polis) who are different people, with different eligible age bands (insured 30 days to 50 years; policyholder 18 to 85 years). It is also explicitly a life-insurance product and not a bank product — the distributing bank carries no risk on it. When sold across a bank counter, customers sometimes assume it is a bank deposit or a guaranteed bank product. Agents must state clearly that this is life insurance, that it is not covered by the government guarantee programme or the Deposit Insurance Agency (LPS), and that the bank does not underwrite it.

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1. Build a side-by-side endowment comparison sheet (one page, EN + ID) placing Legacy Income’s Allianz / Tokio Marine endowment against Smile Life Extra Plus. Lead the comparison on two points where the MSIG product is structurally weaker: the death benefit halving to 50% of UP after year 8, and the non-guaranteed 0-12% bonus that can leave the customer with only their principal returned. Show where the Legacy Income plan holds cover steady across the full term.

2. Obtain the agency-edition RIPLAY for Smile Life Extra Plus. Task the market-intelligence pipeline with sourcing it from an MSIG Life agency contact. The on-disk document is the bancassurance edition; until the agency edition is verified, the illustration, surrender table and bonus factor in this brief carry an open caveat and confidence stays at Medium-High rather than High. This is the single highest-value research action.

3. Correct the catalog stub. Update by-insurer/sinarmas-msig-life/conventional/smile-life-extra-plus.md — the stub records an 8-year policy term, but the RIPLAY and brochure both state a 12-year coverage term with the premium-return milestone at year 8, and the maximum UP is Rp 1,200,000,000. Fix the Coverage section so downstream analysis does not propagate the error.

4. Train agents on the “bonus is not guaranteed” talking point. Equip every agent with the line that a return described as “100% plus a bonus” must be checked for what is actually guaranteed — and that on this competitor product the guaranteed element is only the return of the customer’s own premium. This is both a fair competitive point and a mis-selling safeguard for Legacy Income’s own endowment pitches.

5. Embed a surrender-table walk-through into the endowment sales flow. In line with OJK conduct-of-business expectations, require that every endowment pitch — Legacy Income’s own included — includes an explicit, signed walk-through of the year-by-year surrender table before the application is completed. Distribute as a one-page EN + ID acknowledgement form to be retained with every application; this directly counters the most common endowment complaint, the customer who exits early and discovers a 0% cash value.

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