Openai/693d9381-2330-8009-a7bb-7ef5e9777a3f

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User: do you have information on "Sun Enrich Extra-i "

do you have information on "Sun Enrich Extra-i "

Assistant: Yes — Sun Enrich Extra-i is a specific takaful Islamic insurance savings and protection plan offered in Malaysia, devel…

Yes — Sun Enrich Extra-i is a specific takaful (Islamic insurance) savings and protection plan offered in Malaysia, developed by Sun Life Malaysia Takaful Berhad and distributed through CIMB Islamic Bank. It’s designed to help individuals combine long-term protection with structured savings and wealth-building features. sunlifemalaysia.com

Here’s a breakdown of what it is and how it works:

Sun Enrich Extra-i is a limited-pay universal takaful plan that:

• Provides protection coverage (for death and total permanent disability, including extra benefits for accidental death/TPD, even overseas).
• Helps you build savings via a universal account with annual cash payouts.
• Lets you reinvest the payouts into investment-linked funds to grow your wealth further.
• Is structured to suit various financial goals (e.g., education, major purchases, emergency funds, and legacy planning). sunlifemalaysia.com

Flexible Contribution & Contract Terms

You can choose how long you want to pay contributions and how long you want coverage, e.g.:

• 5-year pay / 15-year coverage
• 5-year pay / 18-year coverage
• 10-year pay / 20-year coverage
• 20-year pay / 30-year coverage This flexibility helps tailor the plan to your budget and goals. sunlifemalaysia.com

Protection Benefits

• On death or total permanent disability (TPD), the plan pays a benefit that’s the higher of total contributions paid (less payouts) or a percentage of your universal account value — plus additional amounts for accidental causes (especially overseas accidents). sunlifemalaysia.com

Cash Payouts

• You receive annual cash payouts from your universal account starting from the end of the first contract year.
• You can choose to receive the cash or reinvest it into investment-linked funds for growth. sunlifemalaysia.com

Final Maturity Benefit

• At the end of the contract term, you receive the value of your universal account, including any reinvested payouts (minus any indebtedness). sunlifemalaysia.com

Eligibility Notes

• Entry ages vary depending on the plan option (typically from 30 days old up to 60–70 years old depending on term).
• No medical underwriting (health checks) usually required, making enrollment easier — except for certain cases like foreign applicants. CIMB Malaysia

- This is a takaful product, meaning it follows Shariah principles (including features like hibah nomination for wealth distribution to beneficiaries). TrendGrnd

• The details above are a summary — the full terms, conditions, limits, and exclusions are in the contract documents. It’s best to speak directly with a financial advisor or the distributor (e.g., a CIMB Islamic branch) for tailored advice. sunlifemalaysia.com

If you want, I can also outline the differences between Sun Enrich Extra-i and the older Sun Enrich-i plan!

User: i got told that "RM20k each year bare minimum to be deposited into a portfolio for 5 years with 9% annual interest payo…

i got told that "RM20k each year (bare minimum) to be deposited into a portfolio for 5 years with 9% annual interest payout in cash. Here's the catch: if the money is withdrawn during the first 5 years, the penalty would be 30% (out of RM20k or whatever amount that was initially deposited) if withdrawn in the first year, 25% during the 2nd year and so on.

After the first 5 years, the RM100k (RM20k x 5) can be withdrawn at any time but they're offering 18% interest for the initial RM20k per year for another 10 years if the money remains within the portfolio for the decade-long duration."

Assistant: Thanks for sharing the exact pitch — this is very important to unpack, because the way it’s being described is not how …

Thanks for sharing the exact pitch — this is very important to unpack, because the way it’s being described is not how licensed takaful / insurance products are normally structured.

I’ll break this down clearly and flag what is realistic vs what is a red flag, especially since this sounds like it’s being linked to Sun Enrich Extra-i (or something marketed alongside it).

1️⃣ The “RM20k per year × 5 years” part

✅ This part is plausible

Sun Enrich Extra-i does commonly use:

• RM20,000 per year
• 5-year limited contribution
• Total contributions = RM100,000

So far, this aligns with real takaful structures.

2️⃣ “9% annual interest payout in cash”

⚠️ This is where wording becomes misleading

What takaful products actually do:

• They do NOT guarantee “interest”
• They pay non-guaranteed surplus / cash payouts
• Returns depend on: - Universal account performance - Company surplus declaration - No fixed “interest rate” like a bank FD

👉 If someone says “9% interest payout”, what they really mean is:

“Illustrated (projected) annual payout assuming good performance”

📌 Key point: 9% is NOT guaranteed and not contractual

3️⃣ Early withdrawal penalty (30%, 25%, etc.)

✅ This is realistic, but misunderstood

Most limited-pay takaful plans:

• Have high surrender charges in early years
• Penalties decrease over time
• Exist to recover: - Wakalah fees - Distribution & admin costs

⚠️ BUT:

• The penalty is not a “fine”
• It’s a low surrender value, not money being taken arbitrarily
• It’s usually based on account value, not strictly “RM20k deposited”

If they said “30% out of RM20k” — that’s an oversimplification, not contract wording.

4️⃣ “After 5 years, RM100k can be withdrawn anytime”

⚠️ Half-truth

Reality:

• You can withdraw after the contribution period
• BUT: - Full RM100k depends on account value - Early cash payouts already received reduce remaining value - There may still be partial charges or lower value if withdrawn too soon

👉 It is not equivalent to a fixed deposit maturity.

5️⃣ “18% interest for another 10 years” 🚩🚩🚩

This is the BIGGEST RED FLAG

❌ Why this is NOT realistic:

• No licensed takaful or insurance product in Malaysia guarantees 18%
• Even illustrated returns rarely exceed 8–10%
• Bank Negara regulations do not allow guaranteed high returns

What this might actually mean:

One of these:

1. Cumulative illustrated return, not annual
2. Internal rate of return (IRR) misrepresented
3. Reinvestment illustration, assuming: - All payouts reinvested - Strong market performance
4. A sales tactic mixing multiple projections

📌 If 18% were real and guaranteed:

• EPF, insurers, and banks would all be obsolete
• It would violate financial product regulations

6️⃣ Bottom line — how to interpret this offer

✅ What is likely TRUE:

• RM20k/year × 5 years structure
• Cash payout concept
• Early surrender penalties
• Optional reinvestment

❌ What is MISLEADING or WRONG:

• Using the word “interest”
• Quoting 9% or 18% as if guaranteed
• Suggesting FD-like certainty
• Oversimplifying penalties

7️⃣ What you should ask BEFORE committing (very important)

Ask for these in writing:

1. Guaranteed vs non-guaranteed benefits table
2. Benefit Illustration (BI) — low (4%) & high (6–8%) scenarios
3. Exact: - Surrender value year by year - Cash payout amount year by year
4. Confirmation: - “Is 9% or 18% guaranteed?” (If yes → walk away immediately)

My honest take

This sounds like a high-pressure sales pitch that exaggerates projections. The underlying product may be legitimate, but the returns are almost certainly overstated.

If you want, you can:

• Paste the Benefit Illustration numbers
• Or upload a screenshot (remove personal details)

I can then tell you exactly what the real return looks like — no sales spin.