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Life Endowment Policy ( LEP )

Coverage and Date of effectivity

All employees who entered government service prior to August 1, 2003 and receiving monthly compensation irrespective of employment status and who have not reached the mandatory retirement age.

Members of the Judiciary and its equivalent rank and the Constitutional Commissioners who entered government service prior to and after August 1, 2003.

Age bracket

The type of insurance plans issued to members depends on the age nearest the member’s birthday at the time of effectivity, as follows:

Age Bracket   Plan of Insurance
30 years and below   Endowment at 45
31 years to 40   Endowment at 55
41 years to 59   Endowment at 65
60 years and over   Ordinary Life


Maturity benefit – As defined in the policy contract, this benefit is payable upon maturity of the endowment policy and is equivalent to the original amount of insurance plus the supplementary/ies added to the original amount of insurance. Outstanding balances in the member’s policy loan and automatic premium loan will be deducted from the proceeds.

Surrender benefit – The amount to be paid is the cash value of the policy at the time of separation less all indebtedness of the member.

Death benefit – This is equivalent the total amount of insurance (original plus supplementaries) less total indebtedness will  be paid to the designated beneficiaries or legal heirs as the case may be.

Policy Loan – A member who has paid more than one year’s premium contributions will be entitled to avail of the policy loan up to 50% of the earned Cash Value subject to interest of 8% per annum compounded monthly and renewable yearly.

Dividends – A policyholder whose policy has been in force for at least one year may receive dividends as may be determined by the Actuary and approved by the Board.