Date Posted: December 12, 2013
After posting earnings from its social insurance fund, the Government Service Insurance System (GSIS) will disburse a total amount of Php1.19 billion in cash benefit to its compulsory life insurance policyholders.
“The payout this year is 28% higher than the Php930 million released last year,” President and General Manager Robert G. Vergara said.
Active members whose life insurance coverage have been in force for at least one year as of December 31, 2012 are qualified to receive the cash benefit.
However, members whose policies lapsed, matured, or were terminated in 2012 and who have defaulted in their salary and consolidated loans for at least 12 months and unpaid premiums for at least 12 months as of December 31, 2012 are ineligible to receive their cash benefit.
Likewise, employees working in suspended agencies as of December 31, 2012 are unqualified to receive their cash benefit.
The cash benefit will be automatically credited to the accounts of qualified GSIS members through their GSIS eCards or UMID cards from December 17 to 21, 2013.
“Our servicing banks requested that the release of cash benefit be staggered within the five-day period to ensure that our members receive them before Christmas day and to avoid further delays,” PGM Vergara said.
GSIS earned more than Php93 billion in comprehensive income in 2012, an increase of 27.3% from Php73.2 billion in 2011. The growth was attributed to the pension fund’s heightened effort to collect premium payment as well as the improved performance of the System’s investments.