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Enhanced Life Policy (ELP)

Features

  1. ELP insurance coverage is a yearly term renewable life insurance cover based on a member’s fixed monthly compensation. It has neither a maturity value nor a fixed insurance cover.
  2. The computation of insurance cover is based on annual compensation while a member is in government service, multiplied by a predetermined amount of insurance (AOI) factor.
  3. ELP may lapse if no payment of premiums is effected within a prescribed period but may automatically be reinstated or reissued without the need to issue a new policy once a member resumes payment.

Coverage

  1. A government employee who entered the service after July 31, 2003, and hence eligible for GSIS regular membership under RA 8291;
  2. An existing regular GSIS member who opts to convert his/her existing Life Endowment Policy (LEP) into ELP; and
  3. An existing regular GSIS member whose LEP lapsed by reason of nonpayment of life insurance premiums and whose policy matured on or after August 1, 2003. The member will be issued  ELP if he/she continues to be in active service.

Effectivity date of ELP coverage

  1. For newly appointed government employee – date of appointment.
  2. For an employee whose policy matured on or after August 1, 2003 –  day following the date of maturity of LEP.
  3. For an employee who opts to convert from LEP to ELP –  date of GSIS’s approval of the conversion.

Benefits

  1. ELP earns cash value in the form of termination value, which a member may withdraw upon separation or retirement and shall be the basis of the yearly cash dividends and policy loan. An automatic premium loan (APL) facility secured against the policy’s termination value is provided to answer for nonpayment of premiums.
  2. In the event of a member’s death, the proceeds of his/her life insurance coverage will  be distributed in accordance with the provisions on intestate succession of the Civil Code and in the order of the following beneficiaries:
  • Primary beneficiaries: Legal spouse and legitimate children
  • In the absence of primary beneficiaries: acknowledged natural children and surviving ascendants.
  • In the absence of the above relatives: relatives within the fourth degree of consanguinity.

Termination value earned under ELP

The termination value earned under the policy is equivalent to 25% for every monthly life Insurance premiums that have been paid in full, either by direct remittance or through an automatic premium loan (APL). The accumulated termination value will increase at such rates as may be computed by actuary.

Computation of death benefit under ELP

The death benefit will be computed based on a member’s last monthly salary immediately preceding the death and to which salary the corresponding life insurance premiums were paid and remitted to the GSIS.