MANILA, Philippines - The Government Service Insurance System has allocated over P950 million to cover benefit payouts to qualified life insurance policy holders.
Qualified life insurance policyholders are expected to receive their corresponding yearly cash benefits from Dec. 17 to 22.
Of the total, P915 million will go to compulsory life insurance policyholders while P42 million has been earmarked for life insurance policyholders.
GSIS members whose compulsory and optional life insurance policies have been in force for at least one year as of Dec. 31, 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 Dec. 31, 2013,” GSIS 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, 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 Dec. 31, 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.