By Marge Jorillo
State
pension fund Government Service Insurance System (GSIS) today announced
that its qualified life insurance policyholders will receive their
corresponding yearly cash benefits from December 17 to 22.
GSIS members
whose compulsory and optional life insurance policies have been in force for at
least one year as of 31 December 2013 are entitled to the payout.
“This year,
we have included as additional beneficiaries, holders of compulsory life
insurance policies that matured in 2013 and whose agencies were suspended as of
31 December 2013,” President and General Manager Robert Vergara said.
The GSIS, in
an unprecedented move in July last year, restored the loan and dividend
privileges of members working in suspended agencies.
However,
GSIS members whose compulsory and optional life insurance policies lapsed in
2013 are ineligible to receive the benefit.
Compulsory
life insurance policyholders whose policies were terminated due to death,
retirement, or separation, as well as those with unpaid consolidated loans or
premiums for at least 12 months as of 31 December 2013, are likewise excluded.
Optional
life insurance policyholders whose policies were terminated due to death, maturity,
or surrender in 2013 are similarly disqualified.
GSIS will
automatically credit the benefits of qualified GSIS members to their GSIS eCard
or unified multipurpose identification (UMID) card.
GSIS is
allocating P915 million for the benefit payout to compulsory life insurance
policyholders, while P42 million is allotted for optional life insurance
policyholders.
In addition,
the GSIS is set to distribute cash gifts to pensioners which starting Dec. 10.
For
inquiries on the grant of cash benefit, members may call the GSIS contact
center at 847-4747.
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