Date Posted: December 10, 2014
State pension fund Government Service Insurance System (GSIS) today announced that its qualified life insurance policyholders will receive their corresponding yearly cash benefits from December 17 to 22.
GSIS members whose compulsory and optional life insurance policies have been in force for at least one year as of 31 December 2013 are entitled to the payout.
“This year, we have included as additional beneficiaries, holders of compulsory life insurance policies that matured in 2013 and whose agencies were suspended as of 31 December 2013,” President and General Manager Robert Vergara said.
The GSIS, in an unprecedented move in July last year, restored the loan and dividend privileges of members working in suspended agencies.
However, GSIS members whose compulsory and optional life insurance policies lapsed in 2013 are ineligible to receive the benefit.
Compulsory life insurance policyholders whose policies were terminated due to death, retirement, or separation, as well as those with unpaid consolidated loans or premiums for at least 12 months as of 31 December 2013, are likewise excluded.
Optional life insurance policyholders whose policies were terminated due to death, maturity, or surrender in 2013 are similarly disqualified.
GSIS will automatically credit the benefits of qualified GSIS members to their GSIS eCard or unified multipurpose identification (UMID) card.
GSIS is allocating Php915 million for the benefit payout to compulsory life insurance policyholders, while Php42 million is allotted for optional life insurance policyholders.
In addition, the GSIS is set to distribute cash gifts to pensioners starting December 10.
For inquiries on the grant of cash benefit, members may call the GSIS contact center at 847-4747.