GSIS LIFE INSURANCE BENEFIT – You can check here the details about the benefit offer of the Government Service Insurance System.
What sets the benefit offers of the Government Service Insurance System (GSIS) different from the benefit offers of the Social Security System (SSS) is that it includes an insurance benefit. Actually, there are two (2) GSIS life insurance benefit offers for the members.
GSIS Insurance Benefits under the “Life Endowment Policy” (LEP)
Guide on GSIS Insurance Benefits under the LEP
GSIS INSURANCE BENEFITS – Here is a guide on the insurance benefits under the Life Endowment Policy or LEP.
In the Philippines, millions of Filipinos are members of the Government Service Insurance System. More popularly called GSIS, the members are entitled to life insurance benefit offers depending on the chosen policy.
There are two (2) life insurance policy offers — the Life Endowment Policy or LEP and the Enhanced Life Policy or ELP. Let us first tackled the LEP.
The Life Endowment Policy or LEP covers all employees who entered the government service before August 1, 2003 “and receiving monthly compensation irrespective of employment status and who have not reached the mandatory retirement age”.
The LEP is also open for the Judiciary members and its equivalent rank and the Constitutional Commissioners who entered government service prior to and after August 1, 2003.
According to GSIS, the type of endowment plans depend on the age nearest to the birthday of the member. Here is a guide on the age bracket and the plan of insurance:
| Age Bracket | Plan of Insurance |
| 30 years and below | Endowment at 45 |
| 31 years to 40 | Endowment at 55 |
| 41 years to 59 | Endowment at 65 |
| 60 years and over | Ordinary Life |
With regards to the GSIS insurance benefits, here are the benefit offers under the Life Endowment Policy (LEP):
- Maturity Benefit — This is payable upon the endowment policy and it is equivalent to the original amount of insurance plus the supplementary/ies added to the original amount of insurance
- Surrender Benefit — According to GSIS, the amount is based on the cash value of the policy minus the indebtedness of the member.
- Death Benefit — Also one of the GSIS insurance benefits is the Death Benefit which is equivalent to the total amount of the policy less the total indebtedness.
- Policy Loan — A member insured under the LEP can loan up to 50% of the earned Cash Value subject to interest of 8% per annum compounded monthly and renewable yearly.
- Dividends — This is granted for policy accounts that is active for more than a year already.
