Life Endowment Policy (CM Policies)

Home Ginhawa for All Life Endowment Policy (CM Policies)

GSIS started with the LEP program. Designated to provide members with life insurance coverage while still in active service, LEP provides maturity benefits to policy holders upon reaching the maturity of their policy.

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 old and below Endowment at 45
31 to 40 years old Endowment at 55
41 to 59 years Endowment at 65
60 years old and above 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. (This benefit has no prescriptive period).

Cash surrender value – The cash value of the policy earned during the term of the insurance and is payable to members, less all outstanding obligations, when they resign or separate from the service before the maturity date of the insurance policy. (This benefit has no prescriptive period).

Death benefit – The amount payable to designated beneficiaries or, in their absence, to legal heirs upon the member’s death while the policy is in force. To qualify for the benefit, the cause of death should not be self-inflicted. (This benefit has no prescriptive period).

Accidental death benefit – additional benefit equivalent to the amount of death benefit (or total gross amount of the insurance value of the compulsory life insurance) if the member’s death is due to accident, as determined by the System based on proofs submitted and in conformity to its policies. This benefit is also known as “double indemnity” for eligible members.

  1. Prescriptive Period (or period of filling under Rule IV, Section 18.4, of the Revised Implementing Rules and Regulations of RA 8291) – Within 4 years from member’s death
  2. 2 Requirements for Payment of Benefit (under Rule XI, Section 11.9.1, of the IRR of the same law)
    • GSIS to receive written notice of member’s death within 30 days from death; and
    • Claimants to submit due (documentary) proof that the member’s death:
      • Resulted – directly and independently of all other causes – from bodily injury;
      • (Took place) while his/her insurance is in force;
      • Was caused solely by external, violent, and accidental means – not intentionally caused or provoked by the member; and
      • Occurred within 90 days from the date of accident.

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.

Requirements for Application

  1. Maturity or Cash Surrender Value (Regular Optional)
    1. Duly accomplished Application Form for Retirement/Separation/Life insurance Benefits
    2. Service Record with LWOP Certification (indicating the specific dates and time of LWOP)
  2. Death Claim/ Accidental Death Benefit – Life Endowment Policy (LEP)
    1. Duly accomplished Application Form for Retirement/Separation/Life insurance Benefits
    2. Service Record with LWOP Certification (indicating the specific dates and time of LWOP)
    3. Death Certificate of member issued by Local Civil Registrar (LCR) or Philippine Statistics Authority (PSA) (formerly National Statistics Office or NSO); or authenticated by Philippine Consular Office, if died abroad.
    4. Affidavit of Surviving Legal Heirs/ Surviving Spouse/ Guardianship Form, if with minor/ incapacitated children (for cases with no designated beneficiaries only)
    5. Court Order, or Affidavit of Surviving Legal Heirs/ Surviving Spouse/ Guardianship Form supported by a Report or Certification Issued by the DSWD Office where the minor/ incapacitated dependent child is residing, if the guardian is not the natural parent
    6. Birth Certificate/s issued by LCR or PSA or valid passport or two (2) valid government-issued IDs with date of birth and signature, if designated beneficiary/ies /payee/s is/are not GSIS member
    7. Marriage Contract of female beneficiary/ies issued by LCR or PSA
    8. Policy Investigation Report, if death is due to accident
Step by Step Procedure on how to apply

Via Dropbox

  1. Prepare all requirements for application
  2. Submit all documents to your AAO.

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