TM Global SavePro

TM Global SavePro is not a guaranteed endowment — read that first, because the product is filed under the endowment category and the marketing leans on the word “save.” Structurally it is a regular-premium, USD-denominated, investment-linked savings vehicle with a life-cover wrapper. The premium you pay is allocated into investment funds that hold global blue-chip equities (“Penempatan Dana Investasi pada Saham Perusahaan Terkemuka Seluruh Dunia”), and the policy accumulates a Nilai Investasi (investment value) that rises and falls with markets.

What that means in one line for the agent: the customer’s family is protected by a fixed Uang Pertanggungan (sum assured, “UP”) plus whatever the investment value happens to be — and at maturity, the customer receives only the investment value, which is not guaranteed. The headline “savings” outcome depends entirely on fund performance.

The genuine structural attractions are real and worth pitching honestly: (1) a USD policy for customers with USD-relevant lives; (2) no administration fee (“Bebas Biaya Admin”); (3) a Bonus Loyalitas worth a total of 50% of one year’s regular premium, credited into the investment value at the end of policy years 10 and 15; (4) death benefit of 100% UP plus 100% of accumulated investment value. Pitch it as a disciplined long-horizon USD investment plan that also pays out if the customer dies early — never as a savings account with a guaranteed maturity number.

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The brochure contains one official Plan A illustration. The figures below are reconstructed from that brochure illustration — they are projection figures at a 7% assumed annual growth rate, not guarantees. There is no published full quote with the customer’s own age, gender and health loadings; the agent must produce a binding quote from the TMLI illustration system before any sale.

Critical insight for the agent narrative. The USD 34,820 / USD 94,778 / USD 915,239 figures are projections at a fixed 7% assumption over 10, 25 and 60 years. The brochure’s own fund history shows the matching fund (TM USD Managed Fund) returned -0.19% in 2024 and only ~13.2% cumulative since its measurement start — well short of 7% compounded. Present the projection as “this is what compounding can do,” immediately followed by “and here is what the fund actually did last year.” An agent who shows only the upside number is exposing the customer and the agency to a mis-selling complaint.

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Sweet Spot — Lead with TM Global SavePro

• Age 28–45, in stable peak-earning years, comfortable committing for 15+ years
• Genuinely USD-relevant life: USD income, USD savings/deposits, children studying or expected to study abroad, overseas property, or a plan to retire/relocate outside Indonesia
• Already holds basic health/medical cover and pure-protection life cover — this is a wealth-accumulation layer, not the family’s first safety net
• Risk-tolerant and market-literate — understands that the maturity value floats with global equities and is not guaranteed
• Disposable income to fund at least USD 2,400/year without strain, and the discipline to never take a premium holiday
• Wants a structured, long-horizon savings habit in hard currency rather than self-managing a brokerage account

Borderline Fit — Discuss but qualify carefully

• Customers with only partial USD relevance (e.g. one child might study abroad) — qualify whether the USD exposure is real or aspirational before recommending a USD policy over an IDR alternative
• Prospects who want this as a child education fund — workable, but the maturity timing must be matched honestly to the child’s university age, and the customer must accept market risk on an education goal that has a hard deadline
• Customers in their late 40s to 50s — the policy still issues (Plan A entry to age 70), but the runway to the year-10 and year-15 loyalty bonuses and to meaningful compounding shrinks; qualify the horizon carefully
• Customers attracted purely by the “Bebas Biaya Admin” message — explain that policy cost, acquisition cost and fund management fees still apply; “no admin fee” is not “no fees”

Do Not Pitch

• Anyone who needs or expects a guaranteed maturity amount — this product cannot promise one; sell a traditional guaranteed endowment instead
• Customers with no USD relevance earning purely in rupiah — a USD policy creates a currency mismatch with no offsetting benefit
• Households without basic health and pure-protection cover — fix the protection gap first
• Customers with volatile or uncertain income likely to need a premium holiday — a single premium holiday or reinstatement permanently voids the entire loyalty bonus, and early-year surrender/withdrawal fees are severe (Year 1 surrender fee is 80% of the regular-premium investment value)
• Customers looking for a short-term parking spot for cash — early exit destroys value; this is a 15-year-plus commitment
• Anyone who would interpret the USD 915,239 “legacy” projection as a promise — if they cannot separate projection from guarantee, they are a complaint waiting to happen

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Rule of thumb. If the customer’s own words include “dolar” (dollar), “anak sekolah di luar negeri” (child studying abroad), “investasi jangka panjang” (long-term investment), “nabung rutin” (save regularly) or “pensiun” (retirement) — and they understand markets move — SavePro belongs in the conversation. If their words include “dijamin” (guaranteed), “pasti dapat berapa” (exactly how much will I get), “uangnya aman” (the money is safe), or “bisa diambil kapan saja” (can withdraw anytime) — it does not, and forcing it is a mis-selling risk.

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The Indonesian endowment category is structurally heterogeneous: four distinct sub-types coexist under the same regulatory label — (a) return-of-premium term endowments, (b) staged-cash “dwiguna” endowments, © whole-of-policy endowments, and (d) investment-linked savings-endowment hybrids. TM Global SavePro is sub-type (d). Comparing it line-for-line against a guaranteed dwiguna product is comparing two different financial instruments that share only a filing label.

Confidence note. Quantitative population benchmarking for the endowment category is limited — catalogued category coverage is below 60%, so the comparison above is qualitative, drawn from category structural knowledge rather than a parsed population of competitor RIPLAYs. SavePro’s own figures are brochure-derived; the RIPLAY (which would carry full surrender factors, the rate basis and complete exclusions) is not publicly published. Refresh trigger: re-run when endowment category PDF coverage exceeds 60% and the TMLI RIPLAY becomes available.

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Opening — establish the right frame

“Before we talk numbers, let me be clear about what this is. This is not a savings account with a fixed return — it is a way to invest, every month, into global companies, in US dollars, with life protection built around it. The upside can be meaningful. It also moves with the market. If that sounds right to you, it is worth twenty minutes.”

“Sebelum kita bahas angka, saya mau jelas dulu soal produk ini. Ini bukan tabungan dengan return tetap — ini cara untuk investasi rutin tiap bulan ke perusahaan-perusahaan global, dalam dolar AS, dengan perlindungan jiwa di sekelilingnya. Potensi hasilnya bisa cukup besar. Tapi nilainya juga ikut naik-turun mengikuti pasar. Kalau itu terdengar cocok buat Bapak/Ibu, ini layak kita bahas dua puluh menit.”

The structural value prop — what the customer is actually buying

“Three things come in one contract. One: your money is invested in US-dollar funds holding leading global companies — so you are building wealth in hard currency. Two: if anything happens to you, your family receives the full sum assured plus whatever the investment value has grown to — not one or the other, both. Three: there is no administration fee, and if you stay disciplined to year 10 and year 15, the company adds a loyalty bonus into your investment value.”

“Ada tiga hal dalam satu polis. Pertama: uang Bapak/Ibu diinvestasikan ke dana berdenominasi dolar AS yang berisi perusahaan-perusahaan global terkemuka — jadi Bapak/Ibu membangun kekayaan dalam mata uang yang kuat. Kedua: kalau terjadi sesuatu pada Bapak/Ibu, keluarga menerima Uang Pertanggungan penuh ditambah nilai investasi yang sudah terkumpul — bukan salah satu, tapi dua-duanya. Ketiga: tidak ada biaya administrasi, dan kalau Bapak/Ibu disiplin sampai tahun ke-10 dan ke-15, perusahaan menambahkan Bonus Loyalitas ke dalam nilai investasi Bapak/Ibu.”

The loyalty-bonus pitch — reward for discipline, framed honestly

“There is a loyalty bonus — a total of half of one year’s premium, added into your investment value: 20% at the end of year 10, another 30% at the end of year 15. But I want to be straight with you about the condition: it only works if you never skip a premium and never take a premium holiday. One missed stretch and the bonus is gone — for good. So I only recommend this if you are confident you can keep the premium going for the full term. If there is any doubt, tell me now and we will size the premium smaller.”

“Ada Bonus Loyalitas — totalnya setengah dari premi satu tahun, ditambahkan ke nilai investasi Bapak/Ibu: 20% di akhir tahun ke-10, lalu 30% lagi di akhir tahun ke-15. Tapi saya mau jujur soal syaratnya: ini hanya berlaku kalau Bapak/Ibu tidak pernah telat bayar premi dan tidak pernah ambil cuti premi. Sekali saja terlewat, bonusnya hilang — permanen. Jadi saya hanya menyarankan ini kalau Bapak/Ibu yakin bisa menjaga preminya sampai akhir masa pembayaran. Kalau ada keraguan sedikit pun, bilang sekarang, dan kita atur premi yang lebih kecil.”

The USD pitch — only when the customer’s life is genuinely USD-relevant

“Your child will study overseas. Some of your savings are already in dollars. Your future plans cross borders. Yet your investment plan is in rupiah, which means a currency gap between what you are building and what you will spend. This policy is in US dollars from the first premium — you save in the same currency you will one day need to use.”

“Anak Bapak/Ibu akan sekolah di luar negeri. Sebagian tabungan sudah dalam dolar. Rencana ke depan melintasi negara. Tapi rencana investasi Bapak/Ibu masih dalam rupiah — artinya ada selisih mata uang antara apa yang dibangun dan apa yang nanti akan dipakai. Polis ini dalam dolar AS sejak premi pertama — Bapak/Ibu menabung dalam mata uang yang sama yang suatu hari nanti akan Bapak/Ibu butuhkan.”

The close

“Here is how I would summarise it. If you have a long horizon, you are comfortable that markets move, and your life genuinely touches US dollars — this is a disciplined way to build dollar wealth with protection around it. If you need a guaranteed number, this is not it, and I would tell you so honestly. Where do you see yourself? That answer tells us whether to proceed, and at what premium.”

“Begini ringkasan dari saya. Kalau Bapak/Ibu punya horizon panjang, nyaman dengan pasar yang naik-turun, dan kehidupan Bapak/Ibu memang bersentuhan dengan dolar AS — ini cara yang disiplin untuk membangun kekayaan dolar dengan perlindungan di sekelilingnya. Kalau Bapak/Ibu butuh angka yang dijamin, ini bukan produknya, dan saya akan bilang terus terang. Bapak/Ibu ada di posisi yang mana? Jawaban itu menentukan apakah kita lanjut, dan dengan premi berapa.”

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1. “Is the maturity value guaranteed?”

Customer “Nilai di akhir nanti dijamin tidak?”

Don't say “Yes, you’ll get a good return.” — this is a direct mis-selling statement.

Don't say “Iya, nanti hasilnya pasti bagus kok.”

Do say “No — and I want to be completely clear about that. The maturity benefit is 100% of your investment value, and that value moves with global markets. It can be higher than what you paid in, or lower. The brochure shows projections at a 7% assumption, but those are illustrations, not promises. If you need a guaranteed amount, I should show you a different, guaranteed product instead. The honest trade here is: no guarantee, in exchange for real upside potential and a US-dollar structure.”

Do say “Tidak — dan saya mau benar-benar jelas soal ini. Manfaat akhir adalah 100% dari nilai investasi Bapak/Ibu, dan nilai itu bergerak mengikuti pasar global. Bisa lebih tinggi dari yang disetor, bisa juga lebih rendah. Brosur menunjukkan proyeksi dengan asumsi 7%, tapi itu ilustrasi, bukan janji. Kalau Bapak/Ibu butuh angka yang dijamin, saya justru harus menunjukkan produk lain yang memang dijamin. Pertukaran yang jujur di sini: tidak ada jaminan, sebagai gantinya ada potensi hasil yang nyata dan struktur dalam dolar AS.”

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2. “Why pay USD premiums when I earn rupiah?”

Customer “Kenapa bayar premi dolar kalau penghasilan saya rupiah?”

Don't say “The dollar always goes up, so you’ll profit.” — false certainty, and a currency-mismatch sale.

Don't say “Dolar kan selalu naik, jadi pasti untung.”

Do say “That is exactly the right question, and the honest answer is: this product only makes sense if your life genuinely involves dollars — a child studying abroad, dollar savings, overseas plans. If your income and your future spending are both in rupiah, paying in dollars just adds currency risk for no benefit, and I would not recommend it to you. So let me ask directly: where in your life do US dollars actually show up?”

Do say “Itu justru pertanyaan yang tepat, dan jawaban jujurnya: produk ini hanya masuk akal kalau kehidupan Bapak/Ibu memang melibatkan dolar — anak sekolah di luar negeri, tabungan dolar, rencana ke luar negeri. Kalau penghasilan dan pengeluaran masa depan Bapak/Ibu dua-duanya rupiah, bayar dalam dolar hanya menambah risiko mata uang tanpa manfaat, dan saya tidak akan menyarankannya. Jadi izinkan saya tanya langsung: di bagian mana dalam hidup Bapak/Ibu dolar AS benar-benar muncul?”

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3. “Why not just buy mutual funds directly?”

Customer “Kenapa tidak beli reksa dana saja langsung?”

Don't say “Mutual funds are risky and unreliable.” — untrue, and the customer will distrust you.

Don't say “Reksa dana itu berisiko dan tidak bisa diandalkan.”

Do say “If pure investment return is all you want, a direct mutual fund can be a sensible, lower-cost choice — I would not argue against that. What this policy adds on top is three things a fund cannot: a life-protection layer that pays your family the sum assured plus the investment value, a forced-savings discipline that keeps you contributing through the years you would otherwise skip, and a loyalty bonus for staying the course. If you genuinely do not value those three things, a direct fund is the cleaner answer, and I will say so.”

Do say “Kalau yang Bapak/Ibu mau hanya hasil investasi murni, reksa dana langsung bisa jadi pilihan yang masuk akal dan lebih murah biayanya — saya tidak akan membantah itu. Yang ditambahkan polis ini di atasnya ada tiga hal yang tidak bisa diberikan reksa dana: lapisan perlindungan jiwa yang membayar keluarga sebesar Uang Pertanggungan ditambah nilai investasi, disiplin menabung yang menjaga Bapak/Ibu tetap setor di tahun-tahun yang biasanya terlewat, dan Bonus Loyalitas untuk yang bertahan sampai akhir. Kalau Bapak/Ibu memang tidak membutuhkan tiga hal itu, reksa dana langsung adalah jawaban yang lebih bersih, dan saya akan mengatakannya.”

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4. “What if I need to skip a premium one year?”

Customer “Bagaimana kalau suatu tahun saya perlu berhenti bayar premi?”

Don't say “No problem, you can just take a break.” — this hides the loyalty-bonus consequence.

Don't say “Tidak masalah, Bapak/Ibu bisa cuti saja.”

Do say “Technically you can request a premium holiday after the minimum payment period — but I have to be honest about the cost. A premium holiday, or any reinstatement, permanently cancels your entire loyalty bonus — both the year-10 and year-15 portions. Charges also continue against your investment value while you are not paying. So a premium holiday is an emergency exit, not a planning tool. This is exactly why we should size your premium at a level you can sustain even in a difficult year — let us set it conservatively now.”

Do say “Secara teknis Bapak/Ibu bisa mengajukan cuti premi setelah masa wajib bayar — tapi saya harus jujur soal konsekuensinya. Cuti premi, atau pemulihan polis apa pun, membatalkan seluruh Bonus Loyalitas Bapak/Ibu secara permanen — baik bagian tahun ke-10 maupun ke-15. Biaya-biaya juga tetap berjalan memotong nilai investasi selama Bapak/Ibu tidak bayar. Jadi cuti premi itu pintu darurat, bukan alat perencanaan. Justru karena itu kita sebaiknya menetapkan premi di tingkat yang bisa Bapak/Ibu pertahankan bahkan di tahun yang sulit — mari kita atur secara konservatif sekarang.”

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5. “The market is uncertain right now — is this the wrong time?”

Customer “Pasar lagi tidak menentu — apa ini waktu yang salah?”

Don't say “Don’t worry, the market will recover soon.” — a market-timing promise you cannot make.

Don't say “Tenang saja, pasar akan segera pulih.”

Do say “I cannot tell you what the market does next year — nobody honestly can. But this is a regular-premium plan, not a lump sum. You invest the same amount every month for many years, which means in down months you buy at lower prices and in up months at higher prices — the timing risk is spread out, not concentrated on one day. The far bigger risk for this kind of plan is starting and then stopping. If you commit, commit for the horizon. If you are not ready to commit for the horizon, this is the wrong product, not the wrong week.”

Do say “Saya tidak bisa memberi tahu apa yang akan dilakukan pasar tahun depan — sejujurnya tidak ada yang bisa. Tapi ini rencana premi rutin, bukan setoran sekaligus. Bapak/Ibu menyetor jumlah yang sama tiap bulan selama bertahun-tahun — artinya di bulan-bulan turun Bapak/Ibu membeli di harga lebih murah, di bulan-bulan naik di harga lebih tinggi — risiko waktunya tersebar, tidak menumpuk di satu hari. Risiko yang jauh lebih besar untuk rencana seperti ini adalah memulai lalu berhenti. Kalau Bapak/Ibu berkomitmen, berkomitmenlah untuk seluruh horizonnya. Kalau belum siap berkomitmen untuk horizon itu, ini produk yang salah — bukan minggu yang salah.”

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These are the issues most likely to trigger an OJK complaint or a customer churn-back under the tightened 2026 conduct rules. Build agent training around avoiding every one.

1. Selling an investment-linked product as a guaranteed endowment. TM Global SavePro is a PAYDI (Produk Asuransi yang Dikaitkan dengan Investasi — insurance product linked to investment). Under OJK’s PAYDI conduct framework and the broader 2026 tightening of conduct-of-business rules on investment-linked products, presenting the maturity value, the loyalty bonus, or the projected figures as guaranteed outcomes is mis-selling. The maturity benefit is 100% of an investment value that floats with global equities. Every illustration must be presented with the explicit statement that returns are not guaranteed and the value can fall below the premiums paid — language the brochure itself carries.

2. Publishing-gap B — the RIPLAY is not publicly available. Only the brochure is published publicly; the RIPLAY (Ringkasan Informasi Produk dan Layanan) for TM Global SavePro is distributed to agents through the TMLI internal portal, not posted on the public site. Practical consequence: this brief is built from a brochure, which is a marketing document and explicitly states it is “not part of the policy.” Surrender-value factors, the full fee schedule mechanics, the complete exclusions list and the rate basis must be confirmed against the actual RIPLAY and policy before any sale — agents must not quote figures this brief could not verify. The brochure is not a contract; the policy is the binding document.

3. The “Bebas Biaya Admin” half-truth. “No administration fee” is literally accurate but easily misheard as “no fees.” The product still carries an acquisition cost (5% of regular premium in year 1), a policy cost of 0.67% per month of the regular-premium investment value for the first 36 months, fund management fees of up to 3% per year, and transaction/switching charges. Presenting the product as low-cost or fee-free without walking through the real cost stack is a misleading representation.

4. USD currency-mismatch sale. Selling a USD-denominated policy to a customer with rupiah-only income, no USD savings, no USD obligations and no FX literacy is mis-selling. When the rupiah weakens, the customer’s premium in rupiah terms rises and they will feel misled. The customer’s genuine USD-relevance reason must be established and documented on the application before the case is written.

5. Loyalty-bonus conditionality concealment. The Bonus Loyalitas (20% at year 10, 30% at year 15) is voided permanently if the customer ever takes a premium holiday, undergoes a reinstatement, or withdraws regular-premium investment value — and the insured must be alive with the policy in force and all premiums paid through the bonus year. Quoting the 50% bonus as a near-certain benefit without walking through every condition is mis-selling. Document the customer’s understanding of these conditions.

6. Past fund performance presented as future performance. The brochure shows the TM USD Global Equity Fund and TM USD Managed Fund histories, including negative years (e.g. TM USD Managed Fund returned -0.19% in 2024; the equity fund returned -23.93% in 2022). Using past performance — or the 7% / 10% projection assumptions — to imply future returns is prohibited. Every illustration must state that past performance does not reflect future performance.

7. Early-exit / surrender value misrepresentation. Early termination is punishing: the surrender fee is 80% of the regular-premium investment value in policy year 1, 60% in year 2, 40% in year 3. Withdrawal fees follow the same Y1-3 schedule. The brochure’s own warning states that early termination usually returns less than premiums paid. Presenting this product to a customer who may need liquidity, without showing the year 1-3 exit costs in full, is mis-selling. If the customer cannot commit for the long horizon, do not write the case.

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1. Obtain the TM Global SavePro RIPLAY from the TMLI agent portal and file it. This brief is brochure-only and Medium-Low confidence until the RIPLAY is in hand. Once retrieved, verify the surrender/withdrawal factors, the complete fee schedule, the full exclusions list and the rate basis, and re-issue this brief at higher confidence. This is the single highest-leverage item on the list.

2. Build a one-page “Projection vs Guarantee” customer handout in EN + ID. It must place the brochure’s 7% projection figures side by side with the funds’ actual recent performance (including the negative years), and carry a plain-language statement that the maturity value is not guaranteed. Have every prospect sign it at SPAJ stage. This is the primary defence against a PAYDI mis-selling complaint.

3. Add a USD-relevance qualification step to the sales process. Before any TM Global SavePro illustration is run, the agent must record the customer’s specific, genuine USD-relevance reason (USD income, USD savings, child studying abroad, overseas property/plans). No documented USD relevance means no USD policy — route the customer to an IDR alternative instead.

4. Run a loyalty-bonus and early-exit briefing for all agents pitching this product. Agents must be able to explain, without prompting, that one premium holiday or reinstatement voids the entire 50% loyalty bonus permanently, and that surrender/withdrawal fees are 80% / 60% / 40% in policy years 1-3. Pair this with a premium-sizing discipline: size the regular premium at a level the customer can sustain through a difficult year.

5. Set a refresh trigger. Re-run this brief when (a) the TMLI RIPLAY has been obtained and parsed, and (b) the Indonesia Life Insurance Market Intelligence project’s endowment-category PDF coverage exceeds 60%, enabling a quantitative rather than qualitative benchmark. Until both conditions are met, treat this brief as the primary internal reference with its Medium-Low confidence flag intact.

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