GSIS memorial plan holders may refund cash payments

The Government Service Insurance System (GSIS) has extended the deadline of the application for the Enhanced Optional Exit Mechanism (EOEM) for its memorial plan holders until December 31, 2013.

              

 According to GSIS President and General Manager Robert G. Vergara, the four-month extension is expected to attract more memorial plan holders to convert their memorial plans to cash.  

                

“The GSIS is implementing the exit mechanism to protect our memorial plan holders from problems that may arise in the future and to pay for their other expenses,” Vergara added.

                

The EOEM is a program that allows plan holders to refund their cash payments not lower than the contract price, depending on the type of memorial plan. Qualified to avail of EOEM  are policy holders who have fully paid their accounts; have not yet availed of memorial benefits,  Optional Exit Mechanism or  EOEM.

                

Plan holders of Genesis Plan and Special Plan may refund 100 per cent of the plan’s contract price, while plan holders of the Genesis Plus Plan may refund 125 per cent and Genesis Flexi Plan, 150 per cent.

                

So far, a total of  3,981 plan holders have already availed of the EOEM program.

Plan holders who wish to  avail of the EOEM must submit the following: (1) a fully accomplished application form; (2) photocopy of the GSIS Memorial Plan Agreement or the affidavit of loss if lost; (3) photocopies of the plan holder’s two valid government-issued IDs;  and (4) certificate of full payment, if any.

Application forms are available at any GSIS branch office or downloaded from the GSIS website at www.gsis.gov.ph.

For more information on the exit mechanism, plan holders may call the GSIS Contact Center at 847-4747.