Guide on GSIS Policy Loan 2023 Offer for Qualified Members
GSIS POLICY LOAN 2023 – Here are the features of this loan offer of the Government Service Insurance System and the application.
Are you one of the members of the Government Service Insurance System? More popularly called GSIS, it has millions of members across the nation which are mainly former employees and current workers in the government. A GSIS membership is mandated among the government workers.
The Government Service Insurance System has several offers for its members. Aside from the GSIS Benefits 2023, there are also loan offers that the members can turn to in different situations.
The loan offers of the state-run social insurance institution has helped countless of its members in times of drastic financial needs. You can check one of the offers below.
One of the loans offered by the Government Service Insurance System is the GSIS Policy Loan. It allows a member to avail a loan from his/her life insurance policy which is either the Life Endownment Policy (LEP) or the Enhanced Life Policy (ELP).
Qualifications. The Policy Loan offer is open for members who have been insured under the ELP or LEP for at least a year already, in active service, and have no pending administrative or criminal case.
Loanable Amounts. With regards to the amounts that you may borrow under the GSIS Policy Loan offer, it depends if you are insured under the Life Endownment Policy (LEP) or the Enhanced Life Policy (ELP).
For members who are insured under the ELP, you may borrow up to an equivalent of 70% of the accumulated termination value of your policy. For members who are insured under the LEP, you may borrow up to an equivalent of 50% of your cash value.
Interest. The interest rate under this loan offer is also dependent whether you are insured under the LEP or the ELP. Under the former, an 8% interest rate compounded on a monthly basis is implemented by the state-run social insurance agency. Under the ELP, the 8% interest rate is compounded every year.
The payment for the GSIS Policy Loan can be under a fixed monthly payment or it may also be deducted upon the policy’s renewal, maturity, or termination of the policy.
How To Apply. On the application for the loan offer, you can simply go to a branch office of the Government Service Insurance System (GSIS) and make the application through the GWAPS kiosk. Don’t forget to bring your eCard or UMID Card.