The Government Service Insurance System (GSIS) has 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 Php915 million for the benefit payout to
compulsory life insurance policyholders, while Php42 million is allotted
for optional life insurance policyholders. (GSIS)
No comments:
Post a Comment