Policy loan is a loan program which you can avail from your GSIS life insurance policy.

There are two kinds of compulsory GSIS life insurance programs which are automatically granted to you the day you enter government service: the Enhanced Life Policy (ELP) and the Life Endowment Policy (LEP).

ELP provides cover for you if you entered the service after July 31, 2003. Members whose policies have matured will also be covered by ELP. The maximum loanable amount you can avail of under ELP is up to 90 percent of the accumulated termination value of this policy.

On the other hand, LEP refers to the life insurance policy issued to you if you entered the service prior to August 1, 2003. The maximum loanable amount you can avail of under LEP is up to 50 percent of the accumulated termination value of this policy.

You can choose to either pay your Policy Loan through monthly amortization or have it count against your existing life insurance policy contract.

The Policy Loan bears an interest of 8% compounded annually.

How can a member apply for the Policy Loan?
A member can apply for the Policy Loan using the GSIS Wireless Automated Processing System (G-W@PS) kiosk installed in all GSIS servicing offices and select government offices nationwide.

Who are eligible to avail of the Policy Loan?
A member who has been insured for at least one year may be granted the Policy Loan. The availing member must also have updated premium payments and has an active policy to be eligible under this loan product.

Optional Policy Loan
A member has an option to avail of an additional life insurance without any limit to his life insurance coverage. When availing of the Optional Policy Loan, a member can choose to either pay it through monthly amortization or have it count against his optional policy life contract.