Frequently Asked Questions (FAQs) Directors’ and Officers’ Liability Insurance (DOLI) Policy

Date published: Sep 17,2013September 17, 2013

1. What is the DOLI policy? The Directors’ and Officers’ Liability Insurance (DOLI) policy is an insurance cover designed to protect the government-owned and -controlled corporation (GOCC), government financial institution (GFI), agency, or commission – and its directors/trustees and officers – against the cost of litigation and liability in the course of performing the official acts of its governing Board and Management. 2. Why do GOCC directors/trustees and officers need the DOLI? GOCC directors/trustees and officers can be held personally liable for the actions they perform in relation to their duties in the corporation. Thus, they have to be protected...

Life Endowment Policy ( LEP )

Date published: Aug 06,2013August 6, 2013

Who are members under LEP? 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...

Enhanced Life Policy (ELP)

Date published: Aug 06,2013August 6, 2013

The ELP seeks to enhance the death benefits of your family and, at the same time, to simplify the administration of the compulsory life insurance component of the GSIS benefit program. What are the features of the ELP? The insurance coverage shall be a yearly term renewable life insurance cover based on your fixed monthly compensation. The policy shall have neither a maturity value nor fixed insurance cover. The computation of insurance cover shall be based solely on your annual compensation while you are in government service, multiplied by a predetermined amount of insurance (AOI) factor. Your age and length...

Policy Loan

Date published: Jul 30,2013July 30, 2013

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...

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