Asuransi Maxima Anugerah

Asuransi Maxima Anugerah is the pilgrimage-protection sharia unit-link. It is a PAYDI (Produk Asuransi yang Dikaitkan dengan Investasi — investment-linked insurance product) built on a sharia chassis, sold mainly through CIMB Niaga Syariah and Sun Life’s syariah agency. Its single most distinctive structural feature is the one a competitor cannot match casually:

1. 225% Santunan Asuransi (sum assured) if death occurs while performing Hajj or Umrah — versus 100% in any other circumstance. The pilgrimage scenario more than doubles the protection payout.
2. Plus a flat additional death allowance (Manfaat Santunan Tambahan Meninggal Dunia) of Rp 25,000,000 that is paid in every death scenario, pilgrimage or not.
3. Short 5-year contribution window for 25-year cover, with a Manfaat Bonus Kontribusi (contribution bonus) of extra units credited from the end of policy year 8 onward — totalling up to 243% of the first-year regular contribution across the term.

In one line for a Legacy Income agent to understand the threat: this is the product a devout, pilgrimage-minded mass-affluent CIMB Niaga Syariah customer will be shown, and the Hajj/Umrah doubling is the emotional hook that closes them. Neither Allianz nor Tokio Marine markets a Hajj/Umrah-specific death multiplier in the same explicit way — so the counter-pitch has to be built deliberately, not improvised.

The honest framing of the weakness, for our agents: this is still a PAYDI. The investment value is not guaranteed, the year-1 acquisition fee (Ujrah Akuisisi) is 40% of contribution for sub-Rp 50jt cases, and early surrender is punishing. The pilgrimage benefit is real and well-designed; the wrapper around it carries the standard unit-link cost drag.

---

The RIPLAY illustration uses a 35-year-old male, standard risk, Rp 20,000,000 annual regular contribution (KAB), 5-year payment, Rp 100,000,000 sum assured, 100% Fixed Income Syariah fund, 25-year term, 7% assumed positive growth. Decoded:

Critical insight for the counter-narrative: the product’s strength (pilgrimage doubling + a maturity value above paid-in on the 7% assumption) sits on top of a standard PAYDI cost structure. The year-1 to year-5 surrender economics are brutal — a customer who surrenders in year 3 in the official illustration loses roughly two-thirds of what they paid. The 7% growth is an assumption, not a promise. A Legacy Income agent does not attack the pilgrimage benefit (it is genuinely good); the agent surfaces the cost drag, the surrender trap, and the investment-risk transfer to the customer.

---

This section describes who Sun Life will target, so our agents recognise the prospect when they meet one — and know when not to bother trying to convert them away.

Sweet Spot — Sun Life will win these

• Devout Muslim, pilgrimage-aspirational, age roughly 30–50, who talks about haji, umroh, berkah, or syariah unprompted
• Mass-affluent CIMB Niaga Syariah customer — already banking with the partner, comfortable with bancassurance, household income that supports Rp 12jt+/year in regular contribution
• Wants protection and an investment wrapper in one sharia-compliant product, and is emotionally moved by the idea of dying “in a state of pilgrimage” being financially honoured
• Comfortable with the idea that investment value moves with the market, and committed to paying the full 5 years
• Values the Surplus Underwriting sharing concept (policyholder gets 50% of any tabarru’ surplus) as a distinctly sharia feature

Borderline Fit — could go either way

• Customer who wants sharia compliance but is return-sensitive — they may be better served by sharia mutual funds plus a cheap term takaful; the PAYDI fee drag works against them
• Customer who likes the pilgrimage benefit but cannot reliably fund 5 years — the year 1–5 surrender penalty makes them a churn risk
• Customer who already has a tabungan haji (Hajj savings account) and asks “why pay this on top?” — winnable for Sun Life only if the protection (not the savings) is the real need

Do Not Pitch (Sun Life’s poor-fit prospect = our opening)

• Pure protection seeker on a tight budget — a term-life or term takaful gives far more cover per rupiah; the PAYDI acquisition and ongoing ujrah are dead weight for them
• Customer with no health insurance — this is a life/investment product, not medical cover; selling it first is mis-prioritisation
• Customer likely to lapse (income volatility, recent job stress) — the 100% surrender fee in years 1–5 is unforgiving
• Customer who frames everything as “untung” / “imbal hasil” (profit/return) — they are a mutual-fund prospect; the insurance wrapper just taxes their return

---

Built for a Legacy Income agent facing a customer who is comparing Maxima Anugerah against an Allianz / Tokio Marine sharia or term/BPJS alternative.

Rule of thumb: if the customer’s first sentence carries “haji,” “umroh,” “berkah,” or “investasi syariah” and they are emotionally attached to the pilgrimage idea, Maxima Anugerah is a genuine threat and you must lead with respect for the benefit before you reframe on cost. If their first sentence carries “murah” (cheap), “proteksi saja” (protection only), “jaminan” (guarantee), or “untung” (profit), the Sun Life PAYDI is the wrong tool for them and you have a clean opening with a term, guaranteed, or pure-investment alternative.

---

Coverage caveat — read first. The Indonesia unit-linked (PAYDI) category in this project currently has parsed PDFs for only about 3 of ~27 catalogued products — roughly 11% coverage, well below the 60% threshold at which we treat population statistics as reliable. Everything below is therefore descriptive and qualitative, drawn directly from the Maxima Anugerah RIPLAY/brochure for the product’s own facts, and from category knowledge for the comparison. Quantitative category benchmarks will firm up once unit-linked PDF coverage exceeds 60%.

Confidence note: product-level facts (benefits, fees, akad, illustration figures) are high-confidence, drawn directly from the RIPLAY/brochure. Category-comparison statements are analyst assessment from category knowledge, not benchmarked against a 60%+ parsed unit-linked population. Refresh trigger: re-run when unit-linked category PDF coverage exceeds 60%.

---

These are for a Legacy Income agent meeting a customer who has seen, or is weighing, Maxima Anugerah. The aim is honest reframing, never running down a genuinely good benefit.

Opening — establish a fair, trusted frame

“Maxima Anugerah is a respectable product, and the Hajj and Umrah protection in it is genuinely well thought out — I won’t pretend otherwise. What I’d like to do is make sure you’re comparing the whole picture, not just the headline. Because the part that sells the policy and the part that costs you money are not the same part.”

“Maxima Anugerah itu produk yang oke, dan perlindungan Haji serta Umroh-nya memang dirancang dengan baik — saya nggak akan bilang sebaliknya. Yang ingin saya bantu adalah memastikan Bapak/Ibu membandingkan gambaran utuhnya, bukan cuma yang di depan. Karena bagian yang menjual polis dan bagian yang membebani biaya itu beda.”

The structural value prop (what to surface honestly)

“The pilgrimage benefit doubles the payout if something happens during Hajj or Umrah — that’s real. But notice two things. One: the investment value is not guaranteed; the nice numbers you saw assume a 7% return that may or may not happen. Two: in the first five years, if you stop, the surrender fee can take almost everything back. So the question is — do you want the pilgrimage cover wrapped inside a 25-year investment commitment, or do you want it cheaper and separately?”

“Manfaat ibadah haji/umroh itu menggandakan santunan kalau terjadi sesuatu saat Haji atau Umroh — itu nyata. Tapi perhatikan dua hal. Satu: nilai investasinya nggak dijamin; angka bagus yang Bapak/Ibu lihat itu pakai asumsi return 7% yang belum tentu tercapai. Dua: di lima tahun pertama, kalau berhenti, biaya penebusannya bisa menarik hampir semuanya kembali. Jadi pertanyaannya — Bapak/Ibu mau perlindungan ibadah itu dibungkus dalam komitmen investasi 25 tahun, atau mau yang lebih murah dan terpisah?”

The Hajj/Umrah protection counter-pitch (product-specific)

“If pilgrimage protection is what moves you, let’s solve exactly that. We can put proper sharia life protection in place that pays your family a clean, agreed amount no matter how the market is doing — and add dedicated cover for the pilgrimage season itself, without you paying a quarter-century of investment fees for a benefit that matters most during a 40-day trip. You get the peace of mind for the journey, and your money is not locked into one conservative fund.”

“Kalau perlindungan ibadah yang bikin Bapak/Ibu mantap, ayo kita selesaikan persis itu. Kita bisa siapkan proteksi jiwa syariah yang membayar keluarga jumlah yang jelas dan disepakati, apapun kondisi pasar — lalu tambahkan perlindungan khusus untuk musim ibadahnya sendiri, tanpa Bapak/Ibu bayar biaya investasi seperempat abad untuk manfaat yang paling penting selama perjalanan 40 hari. Ketenangan untuk perjalanannya dapat, dan uang Bapak/Ibu nggak terkunci di satu dana yang konservatif.”

The close (decision frame, not pressure)

“My job isn’t to talk you out of a good product — it’s to make sure you don’t pay investment-product prices for protection-product needs. Let’s write down what you actually need: the pilgrimage cover, the family protection, and the savings. Then we match each one to the cheapest honest structure. If after that Maxima still fits best, I’ll tell you so.”

“Tugas saya bukan menjelek-jelekkan produk yang bagus — tugas saya memastikan Bapak/Ibu nggak bayar harga produk investasi untuk kebutuhan proteksi. Ayo kita tulis apa yang benar-benar Bapak/Ibu butuhkan: perlindungan ibadah, proteksi keluarga, dan tabungan. Lalu kita cocokkan masing-masing dengan struktur paling jujur dan paling hemat. Kalau setelah itu Maxima tetap paling pas, saya akan bilang terus terang.”

—

These are the objections a Legacy Income agent will hear from a customer who likes — or already half-believes in — Maxima Anugerah. Full EN+ID parity.

1. “Is this really sharia, or just a conventional product with a sharia label?”

Customer “Ini beneran syariah, atau cuma produk biasa yang dikasih label syariah?”

Don't say “Sun Life’s sharia isn’t real sharia.” — false and reputationally damaging; you will lose trust instantly.

Don't say “Syariah Sun Life itu nggak beneran syariah.”

Do say “It is a properly structured sharia product — it uses Tabarru’ for mutual help, Wakalah bil Ujrah for the management mandate, and shares underwriting surplus with policyholders. I’d never tell you otherwise. The real question isn’t whether it’s sharia — it is — it’s whether a sharia investment-linked product is the right tool for your specific need, or whether a sharia protection product gives you more of what you actually want for less cost.”

Do say “Ini produk syariah yang strukturnya benar — pakai akad Tabarru’ untuk tolong-menolong, Wakalah bil Ujrah untuk pengelolaan, dan ada bagi hasil surplus underwriting ke pemegang polis. Saya nggak akan bilang sebaliknya. Pertanyaan sebenarnya bukan apakah ini syariah — memang syariah — tapi apakah produk investasi syariah ini alat yang tepat untuk kebutuhan Bapak/Ibu, atau justru produk proteksi syariah memberi lebih banyak yang Bapak/Ibu mau dengan biaya lebih rendah.”

—

2. “Why not just put the money in a sharia bank deposit or BSI savings instead?”

Customer “Kenapa nggak taruh aja di deposito bank syariah atau tabungan BSI?”

Don't say “Bank deposits are useless.” — dismissive and wrong; deposits serve a real purpose.

Don't say “Deposito bank itu nggak ada gunanya.”

Do say “A sharia deposit and this product do two different jobs. A deposit protects and grows your money — but the day something happens to you, your family only gets what’s in the account. This product is built to pay a multiple. The honest catch is the cost: in Maxima, the first-year fee is 40% of your contribution, and the investment fund is a single conservative one. So if pure safe growth is the goal, a sharia deposit or sharia mutual fund is cleaner. If protection for your family is the goal, you need insurance — but not necessarily a unit-link with this fee load.”

Do say “Deposito syariah dan produk ini punya tugas berbeda. Deposito menjaga dan menumbuhkan uang — tapi kalau terjadi sesuatu pada Bapak/Ibu, keluarga cuma menerima saldo yang ada di rekening. Produk ini dirancang membayar berkali lipat. Tapi jujurnya ada biayanya: di Maxima, biaya tahun pertama 40% dari kontribusi, dan dananya cuma satu jenis yang konservatif. Jadi kalau tujuannya pertumbuhan aman murni, deposito atau reksadana syariah lebih bersih. Kalau tujuannya proteksi keluarga, perlu asuransi — tapi belum tentu unit-link dengan beban biaya seperti ini.”

—

3. “But the investment value grows — I saw it reach Rp 366 million.”

Customer “Tapi nilai investasinya kan tumbuh — saya lihat sampai Rp 366 juta.”

Don't say “That number is fake.” — it isn’t; it’s a legitimate illustration on an assumption.

Don't say “Angka itu bohong.”

Do say “That Rp 366 million is an illustration at a 7% assumed return, not a guarantee — the document itself says it can be higher or lower, and the value can even fall below what you paid in. The same illustration shows that if you surrendered in year 3, you’d get back under Rp 20 million on Rp 60 million paid. The growth is possible, but the risk sits entirely on you, and the fees eat into it every year. A guaranteed-structure plan trades away that upside for certainty — that’s a real choice worth making consciously, not by accident.”

Do say “Rp 366 juta itu ilustrasi dengan asumsi return 7%, bukan jaminan — dokumennya sendiri bilang bisa lebih tinggi atau lebih rendah, bahkan bisa di bawah yang sudah dibayar. Ilustrasi yang sama menunjukkan kalau ditebus di tahun ke-3, yang kembali di bawah Rp 20 juta dari Rp 60 juta yang sudah dibayar. Pertumbuhannya mungkin, tapi risikonya sepenuhnya di Bapak/Ibu, dan biayanya menggerus tiap tahun. Plan dengan struktur dijamin menukar potensi itu dengan kepastian — itu pilihan nyata yang layak diambil secara sadar, bukan tidak sengaja.”

—

4. “The 40% first-year fee is normal for insurance, right?”

Customer “Biaya 40% di tahun pertama itu wajar kan untuk asuransi?”

Don't say “Every product charges that.” — untrue; it invites the customer to stop comparing.

Don't say “Semua produk ngecharge segitu.”

Do say “It’s common for unit-linked products, yes — but ‘common’ isn’t the same as ‘best for you.’ On Maxima, year one takes 40% of your contribution as acquisition fee, and years two and three take a further 40% each as the ongoing ujrah for the sub-Rp 50 million band. That’s a heavy front load before your money even starts working. A term-takaful protection plan has almost none of that — nearly all your contribution goes to actual cover. So the fair question is: are you buying protection, or are you buying an investment? Because you’re paying investment-product fees here either way.”

Do say “Untuk produk unit-link memang umum — tapi ‘umum’ beda dengan ‘paling pas buat Bapak/Ibu.’ Di Maxima, tahun pertama mengambil 40% kontribusi sebagai biaya akuisisi, dan tahun kedua serta ketiga masing-masing 40% lagi sebagai ujrah berkala untuk pita di bawah Rp 50 juta. Itu beban depan yang berat sebelum uang Bapak/Ibu mulai bekerja. Plan proteksi term takaful hampir nggak ada beban itu — hampir semua kontribusi masuk ke perlindungan nyata. Jadi pertanyaan jujurnya: Bapak/Ibu beli proteksi, atau beli investasi? Karena di sini Bapak/Ibu tetap bayar biaya produk investasi.”

—

5. “Why pay for this when I can just save for Hajj through a tabungan haji?”

Customer “Ngapain bayar ini kalau saya bisa nabung haji lewat tabungan haji aja?”

Don't say “A tabungan haji is worse.” — it isn’t worse, it’s different; this loses credibility.

Don't say “Tabungan haji itu lebih jelek.”

Do say “A tabungan haji and this product solve different problems, and it’s worth being clear which one you’re solving. A Hajj savings account builds the cost of the trip. This product doesn’t fund the trip — it pays your family if you die, with extra if death happens during the pilgrimage. So they don’t replace each other. If your worry is funding the journey, keep saving in tabungan haji — that’s the right tool. If your worry is leaving your family protected, that’s insurance — and we can do that protection more cheaply and flexibly than wrapping it inside a 25-year unit-link. Two clean tools beat one expensive one that tries to do both.”

Do say “Tabungan haji dan produk ini menyelesaikan masalah berbeda, dan penting jelas Bapak/Ibu lagi menyelesaikan yang mana. Tabungan haji mengumpulkan biaya perjalanannya. Produk ini nggak membiayai perjalanan — ini membayar keluarga kalau Bapak/Ibu meninggal, dengan tambahan kalau meninggalnya saat ibadah. Jadi keduanya nggak saling menggantikan. Kalau kekhawatirannya membiayai perjalanan, lanjutkan nabung haji — itu alat yang benar. Kalau kekhawatirannya meninggalkan keluarga terlindungi, itu asuransi — dan proteksi itu bisa kita buat lebih murah dan fleksibel daripada dibungkus dalam unit-link 25 tahun. Dua alat yang bersih lebih baik daripada satu yang mahal dan mencoba melakukan dua-duanya.”

—

These are the conduct risks our agents must understand — both to avoid them in any competing pitch, and to recognise when a competitor’s sale has crossed a line that a customer can later complain about. Anchored to OJK PAYDI conduct rules and the SEOJK unit-linked illustration / RIPLAY Personal requirements.

1. Overstating the 225% Hajj/Umrah benefit. The 225% uplift applies only to death while performing Hajj or Umrah, within tightly defined boundaries — the RIPLAY excludes death before boarding the flight from Indonesia, death after crossing the first international border leaving Saudi Arabia, and death from the standard exclusions. Selling it as “225% if anything happens on your trip” is a misrepresentation. Any agent (ours or theirs) must walk through the exact conditions and document them. We do not repeat the overstatement to win a comparison.

2. Front-loaded acquisition fee disclosure duty. Under OJK PAYDI rules the customer must be shown that year-1 acquisition ujrah is 40% (sub-Rp 50jt) or 35% (Rp 50jt+), plus the 40%/40% Ujrah Berkala in years 2–3 for the lower band. Presenting the maturity value without the fee schedule is mis-selling. If we benchmark against this product, we cite both sides accurately.

3. Investment-risk and negative-value disclosure. This is a PAYDI — the customer carries the investment risk, the 7% is an assumption, and the RIPLAY explicitly tables scenarios where the value is zero or negative. The mandatory PAYDI risk statement (“past performance does not reflect future performance; the investment component carries risk”) must be delivered. Any “guaranteed growth” framing is a red flag.

4. Surrender / early-exit warning. The 100% surrender fee in years 1–5 (the illustrated year-3 case returns under Rp 20jt on Rp 60jt paid) must be disclosed before signing. The RIPLAY’s own Catatan Penting warns surrender can cause substantial loss. A sale to a customer who cannot commit five years is a foreseeable complaint.

5. Wakalah bil Ujrah and Tabarru’ fund transparency. Sharia conduct requires the akad to be clear at SPAJ (sharia life insurance application) stage: the Iuran Asuransi splits 75% Iuran Tabarru’ / 25% Ujrah Pengelolaan Risiko, and the Tabarru’ fund can run a deficit (covered by Qardh) which affects surplus sharing. Selling the “50% surplus sharing” upside without explaining the deficit/Qardh mechanism overstates the sharia benefit.

6. Bank-not-liable / not-LPS-guaranteed disclosure. The brochure and RIPLAY both state plainly that this is a Sun Life product, not a CIMB Niaga product or liability, and is not covered by LPS (deposit guarantee) or any government guarantee programme. A bancassurance sale that lets a customer believe their bank stands behind the policy, or that it is deposit-protected, is a serious mis-selling breach.

7. Akad clarity and free-look discipline. The customer has a 14-day learning period (from policy receipt) / 21-day window (from issuance), and the akad terms must be understood and signed knowingly at SPAJ. Rushing a CIMB Niaga Syariah walk-in customer through signing without genuine akad comprehension is a conduct risk our agents should never imitate and can fairly flag to a comparing customer.

---

---

1. Build a “Pilgrimage Protection Counter-Pitch” one-pager (EN + ID) for prospects who lead with haji/umroh. It should: (a) acknowledge the Maxima 225% benefit as genuinely good, (b) propose a cheaper, more flexible structure that separates pilgrimage cover from a 25-year unit-link commitment, and © carry the honest cost comparison (40% year-1 acquisition fee, years 2–3 ujrah, 100% surrender fee in years 1–5). This is the highest-leverage competitive asset against this product.

2. Document the Allianz / Tokio Marine gap on Hajj/Umrah-specific cover. Confirm in writing whether either of our principals offers an explicit pilgrimage death multiplier or a dedicated Hajj/Umrah takaful rider. If they do not, escalate to leadership: pilgrimage-motivated prospects are a recurring, emotionally-driven segment in the Indonesian sharia market and a structural product gap on our side is a real competitive exposure.

3. Train agents on the surrender-trap reframe. The single strongest, most defensible counter to a Maxima sale is the year-1-to-5 100% surrender fee combined with the non-guaranteed 7% illustration. Build a short script (already drafted in Section 7, objections 3 and 4) and drill it. The reframe is factual, neutral, and compliant — it wins on transparency, not disparagement.

4. Map the CIMB Niaga Syariah distribution overlap. Identify where our agents’ catchment overlaps with CIMB Niaga Syariah branch customers. Where overlap is high, expect Maxima Anugerah in the field; prioritise the counter-pitch training and total-cost-transparency messaging there.

5. Set a refresh trigger. Re-run this brief against a quantitative benchmark when the Indonesia Life Insurance unit-linked category PDF coverage exceeds 60% (currently ~11%). Until then, treat the category comparison in Section 5 as qualitative analyst judgment and lean on the high-confidence product-level facts for field use.

---