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Frequently Asked Questions on the Enhanced Optional Exit Mechanism for GSIS Memorial Planholders

What is the Enhanced Optional Exit Mechanism (EOEM) being offered to GSIS memorial planholders?

It is an option given to GSIS memorial planholders to enjoy their investments now by allowing them to refund at least 100% of their plan’s contract price instead of availing of the memorial service or cash component at a future date.

Who are qualified to apply for the EOEM?

Planholders who have fully paid their accounts and have not availed of any benefit under any of the following memorial plans are qualified to apply for the exit mechanism:

  • Genesis Plan;
  • Genesis Plus Plan;
  • Genesis Flexi Plan; and
  • Genesis Special.

Why should planholders apply for the EOEM?

By choosing the exit mechanism, planholders reduce the risk of losing their hard-earned money should the memorial service provider fail to meet its obligations, given the financial difficulty being faced by the preneed industry. More importantly, they get their investments either in full or even higher than the contract price.

How much of the contract price can planholders refund?

The refund will depend on their plan type, as follows:

Plan Type
Enhanced Optional Exit Mechanism
Genesis Plan 100% of contract price
Genesis Plus Plan 125% of contract price
Genesis Flexi Plan 150% of contract price
Genesis Special 100% of contract price

When can they apply for the EOEM?

The application period is from 1 March 2013 to 31 August 2013.

How soon can they receive the proceeds of their EOEM applications?

Provided that all the requirements have been submitted, planholders can receive the proceeds within 30 work days from the date of application.

Will planholders be notified once the refund has been processed?

Yes. GSIS will mail a copy of the voucher to them.

What is the mode of payment for the refund?

The refund will be paid through a check payable to planholders.

What happens to planholders’ memorial plan agreements if they avail of the EOEM?

Once they avail of the EOEM, their memorial plan agreements will be automatically terminated.

What happens to the GSIS memorial plan agreements of planholders who choose not to avail of the EOEM?

They can still avail of the memorial services and cash component depending on the plan type. There is no assurance, however, that memorial services under the Prudential Life Plan Inc. (PLPI) may be restored in the near future in light of the Insurance Commission’s stay order for the said memorial service provider. Converting to cash the memorial plans under the PLPI is therefore highly encouraged.

What are the requirements in applying for the EOEM and where should the planholders submit the application?

Planholders who wish to apply for the EOEM may visit the nearest GSIS branch and bring the following documents:

For presentation
For submission
Fully accomplished application form for the Enhanced Optional Exit Mechanism
Genesis Plus Plan 125% of contract price
Original GSIS Memorial Plan Agreement or, in case of loss, original affidavit of loss Photocopy of the GSIS Memorial Plan Agreement or the affidavit of loss
Planholder’s two original valid government-issued IDs. The following IDs are accepted:

  • GSIS eCard
  • Government agency ID
  • Senior citizen’s ID
  • Postal ID
  • Passport
  • Driver’s license
  • Voter’s ID
  • Social Security System (SSS) ID
  • Philhealth ID
  • Professional Regulation Commission (PRC) ID
  • Bureau of Internal Revenue Tax Identification Number (BIR TIN) ID
Photocopy of the planholder’s two valid government-issued IDs
Certificate of full payment, if any

Where can the planholders get the application form for the EOEM?

Planholders can get a copy from any GSIS branch. They can also download a copy under the Enhanced Optional Exit Mechanism for GSIS Memorial Planholders (PDF file, 261kB).

What are the requirements in claiming the refund check?

If the planholder (payee) will claim the refund check, he/she must bring the following:

For presentation
For submission
GSIS eCard or two valid government-issued IDs
  • Photocopy of the IDs presented
  • Fully accomplished GSIS Memorial Quit Claim Form

If a representative will claim the refund check, he/she must bring the following:

For presentation
For submission
Two valid government-issued IDs of the representative
  • Photocopy of the payee’s IDs
  • Photocopy of the representative’s IDs
  • Payee’s authorization letter
  • GSIS Memorial Quit Claim Form fully accomplished by the payee

GSIS memorial planholders may file for refund until August 31