GSIS Insurance Benefits under Enhanced Life Policy (ELP)

Guide on GSIS Insurance Benefits under the ELP

GSIS INSURANCE BENEFITS – Here is a guide on the insurance benefits under the Enhanced Life Policy (ELP) for the policy-holders.

While the Life Endowment Policy (LEP) covers members of the Government Service Insurance System, more popularly called GSIS, who entered the government service prior to August 1, 2003, members who entered the public service after July 31, 2003 may be covered under the Enhanced Life Policy or ELP.

Here is the coverage of the Enhanced Life Policy:

Government employee who became part of the service after July 31, 2003, and hence eligible for GSIS regular membership under RA 8291

Existing regular GSIS members whose LEP lapsed by reason of nonpayment of life insurance premiums and whose policy matured on or after August 1, 2003

Existing regular GSIS member who opts to convert his/her existing Life Endowment Policy (LEP) into ELP

The Enhanced Life Policy is a yearly renewable insurance. For newly appointed government employee, it is effective at the date of appointment. For an employee whose policy matured on or after August 1, 2003, the effectivity begins a day following the date of maturity of LEP.

For an employee who opts to convert from LEP to ELP, the effectivity date is the date of GSIS’s approval of the conversion. Here are the GSIS insurance benefits under the Enhanced Life Policy:

Cash value in the form of the termination value which is “equivalent to 25% for every monthly life Insurance premiums that have been paid in full”.

In the event of the member’s death, the insurance coverage will be given to the beneficiaries with observance to the following order:
- Primary Beneficiaties — legal spouse and legitimate children
- In the absence of primary beneficiaries — acknowledged natural children and surviving ascendants
- In the absence of the above relatives — relatives within the fourth degree of consanguinity

Wth regards to the amount of the death benefit, according to GSIS, it will be computed “based on a member’s last monthly salary immediately preceding the death and to which salary the corresponding life insurance premiums were paid”.

To avail the GSIS insurance benefits, there are documentary requirements that must be submitted in the filing of the claim. Here are the requirements for policy maturity claim or the cash surrender value: