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Life Insurance Benefit

















Life Insurance coverage is compulsory for all elected or appointed official or employee, regardless of appointment status with the exception of uniformed personnel of the AFP, BFP, PNP and BJMP. The benefits under the Life Insurance are as follows:


TYPE OF BENEFIT QUALIFYING CONDITIONS AMOUNT

a) Maturity Benefit
Maturity date indicated in the policy must be reached
Total face value written on the policy, including supplementaries, less indebtedness thereon
b) Cash Surrender Value (CSV)
  1. Separation from service due to retirement or resignation;
  2. Policy must be in force for at least one year
Total cash value earned by the policy , including supplementaries, less indebtedness thereon unless the terms of his separation provide otherwise
c) Dividends Policy must be in force for at least one year Amount shall be in accordance with a dividend allocation formula to be determined by the Chief Actuary of the GSIS
d) Waiver of premiums due to Permanent Total Disability (Premiums are deemed waived and considered paid) Separation from service due to permanent disability as determined by the GSIS Equivalent to the premiums that may become due and payable during the period of disability
e) Death Benefit Death of a member due to natural causes prior to the maturity of his insurance and during its continuance The designated beneficiaries or legal heirs shall receive an amount equivalent to the face amount less indebtedness.
f) Accidental Death Benefit (ADB) Cause of death is accidental in nature as determined by the System and in conformity with the policies of the System
*Notice of death must be filed with the System within 90 days from the death of the member		 Equivalent to the total gross amount of the face value of the compulsory life insurance
g) Free Accidental Death Insurance (FADI) Death of a member due to accidentThe benefit is not given to optional policy holders P10,000 to be paid to the designated beneficiaries/legal heirs
h) Funeral / Burial

Funeral benefit shall be paid upon the death of :

  1. an active member or
  2. a member who has been separated from the service but who may be entitled to future separation or retirement benefit; or
  3. a pensioner (excluding survivorship pensioner); or
  4. a retiree who at the time of his retirement is at least 60 yrs. old but who opted to retire under RA 1616; or a member who retired under RA 1616 prior to the effectivity of RA 8291 with at least 20 yrs. of service, regardless of age.

P20,000 * payable to one of the following, in the order in which they appear below:

  1. the surviving spouse or the legitimate child who spent for the funeral services or
  2. any other person who can show incontrovertible proof of having borne the funeral expenses

*Effective January 1, 2001 Amount of benefit is subject to Board approval


 



© 2001. GSIS. Financial Center, Reclamation Area, Roxas Boulevard, Pasay City, PHILIPPINES. Tel. Nos. 8916120 to 8916161