GSIS
Benefits and
Privileges
RETIREMENT
RA 1616-Gratuity/Optional
Retirement
Conditions :
Must be in the gov’t service before
June 1, 1977
Last 3 yrs. of service must be
continuous
LWOP must not exceed 1 yr.
With at least 20 yrs of service
regardless of age
Example:
TCS = 35 YRS
20 X 1 month = 20
10 X 1.5 months = 15
5 X 2 months = 10
45 (Gratuity Months)
X HSR*
Gratuity Pay
Payable and computed by last
employer subject to availability
of funds.
* Highest Salary Received
GSIS – Refund of all retirement
contributions
Personal Share with interest
Gov’t Share without interest.
RA 660-Annuity/Pension
Retirement
Conditions :
Must be in the service before
06/01/77.
Last 3 yrs of service must be
continuous.
LWOP not to exceed 1 yr.
Must meet age & service
requirement.
BMP = 75% AMS BMP = 80% AMS
AGE: 52 53 54 55 56 57 58 59 60 61 62 63 64 65
SVC: 35 34 33 32 31 30 28 26 24 22 20 18 16 15
BMP for Life 3 Yr Lump Sum
2 Yr Lump Sum
5 Yr Lump Sum
after 5 years from date
of retirement, BMP for life
RA 8291 (Effective 06/24/97 )
Conditions :
Those who entered the gov’t
service on or after 6/01/77
Last 3 yrs of service need not be
continuous
With at least 15 yrs service
Must be 60 yrs old
Not receiving BMP under PTD
BMP = 90% AMC
2 Options:
1. 5 yrs Lump Sum after 5 yrs BMP for life
2. Cash Payment = 18 X BMP immediately
upon retirement, the following
month BMP for life.
Separation Benefit (Voluntary )
2 Types :
1. Cash Payment = 100 % AMC
=
3 < 15 x YOS @ age 60.
Unemployment Benefit
( Involuntary)
Permanent Status at the time of
unemployment w/ at least 1 yr.
correct premium contributions.
MCP = 50 % AMC
YOS Duration of Benefit
1<3 2 Months
3<6 3 Months
6<9 4 Months
9 < 11 5 Months
11 < 15 6 Months
Survivorship Benefit
BMP = BSP
50 % Legal Spouse
50 % Dependent Children
Prescriptive period of filing –
within four (4) years from death
of member or pensioner
Disability Benefit
(Non-Work Related )
1. Permanent Total Disability ( PTD ) -
Arises when recovery from impairment is
medically remote.
2. Permanent Partial Disability (PPD) -
Arises when there is functional loss of any
part of the body, internal or external with
exhausted leave credits.
3. Temporary Total Disability (TTD) -
Arises when impairment of mental / physical
can be rehabilitated to normal function w/
exhausted leave credits.
Employees Compensation
(Work Related)
Arises when injury , sickness ,
accident or death is work related.
Employer pays contribution, no
personal share.
Effective 01/01/03 EC
contribution increased from
P30.00 to P100.00/mo.
Funeral / Burial Benefit
All active members and
retirees are entitled
P20,000.00 - amount of
benefit
PENSION LOAN
Eligibility Requirements :
Old-age or disability pensioner who
has no outstanding stock purchase loan
Amount of Loan :
Up to 6 months of monthly old-age or
disability pension but not more than
P100,000.00
Term of Payment :
Monthly amortization shall be deducted
from the Pensioner-Borrower’s monthly
pension payable within the term selected
which may be either one (1) or two (2) years.
Interest Rate :
8% per annum computed in advance
Maturity of Loan :
Automatically matures upon the death of the
Pension-Borrower. The entire principal amount
of the loan including all interest and other
charges shall be due and payable w/o the need
of demand or further notice.
Renewal of Loan :
Only after the end of the chosen term by the
Pension-Borrower
Loan Pre-termination :
The loan may be pre-terminated during its
term subject to the full payment of
outstanding balance of the principal amount,
including all interest & other charges
payable.
Loan Cancellation :
Once loan is approved & proceeds have been
released through check or through any other
Mode of disbursement, the BP has no more
option to cancel the loan but only to pre-
terminate it.
COMPULSORY LIFE
INSURANCE
BENEFITS
Compulsory Life Insurance
Benefits
Maturity - upon maturity of the life insurance,
the total face value less any
indebtedness shall be paid to the
member.
Cash Surrender Value ( CSV ) - a member
separated from the service, retired or
resigned prior maturity of the insurance
may be paid cash value less any
indebtedness.
Policy Loan - a member who has been
insured for at least one (1) yr may be
granted a policy loan equivalent to
50% of the cash value.
Disability - when a member is separated
from the service due to PTD, as
determined by GSIS, the premiums due
and payable during the period of
disability shall be deemed waived and
considered paid. The TFV shall be
paid upon maturity.
Death Benefit - when a member dies
prior to the maturity of his insurance
and during its continuance , the GSIS
shall pay to the designated
beneficiaries equally.
DB = TFV - Indebtedness
Accident Death Benefit - when the
death of the member is accidental
an additional amount equivalent to TFV
of the regular policy.
ADB = (TFV X 2 ) - Indebtedness
Dividend - granted to all GSIS members
whose policy is enforced for two (2).
The benefit is given once a year every
December, and every year thereafter.
Privileges :
Enhanced Salary Loan :
Amount of 1 Mo. 2 Mos. 3–5 Mos. 6-8 Mos.
Loan BMS BMS BMS BMS
No. of Mos. in 20 40 60 120
Gov’t Service
Renewal of Loan :
The loan may be renewed anytime for as
long as there are net proceeds.
Interest Payment :
12% per annum effective based on
diminishing balance.
Repayment Period :
The borrower shall have the
option to repay the loan in 12, 24, 36 or 48
mos which should be indicated in the
application , failure to specify the
repayment term shall be interpreted as a
preference to pay in 48 mos.
Salary Loan Restructuring
Program (SLRP)
Purpose : to give members who
have arrearages in their salary
loan account the opportunity
to update or put said accounts
in current status.
Two Major Features :
1. Allows for the condonation of
surcharges already incurred on
accounts that are in arrears or in
default.
2. The remaining outstanding balance
on the principal and the interest
thereon after the surcharges have
been dropped is restructured over
a repayment period of 24, 36 or 48
months.
Other Features :
-There are no proceeds under the program
-An arrear of one month qualifies for SLR
-Only surcharges shall be condoned, no
part of the principal nor the interest
shall be condoned.
-Interest rate is at 12% per annum
-One time availment only
Calamity/Emergency Loan
maybe availed by member in cases
of calamity , payable in 2 yrs with 8%
interest.
Educational Loan
2-year vocational course , payable in
2 yrs with 8%interest. P3,200.00 per
semester for 2 yrs.
OPTIONAL LIFE INSURANCES
- Aggregate amount of Php500,000.00
Non-Medical for UOLI & CEAP
- 51 yrs. Old & above subject to medical exam
1. Unlimited Optional Life Insurance
(UOLI)
Benefits : 1. Maturity 5. Death Benefit
2. CSV 6. ADB
3. PL – 90% CV 7. Dividend
4. Disability
2. College Educational Assurance Plan
(CEAP):
- annual allowance
- children from age 1 - 13
3. Hospitalization Insurance Plan (HIP) :
- reimbursement of hospital
expenses only
Plan A – P6,500.00/ SPC
Plan B – P9,500.00/SPC
THE ENHANCED LIFE POLICY (ELP)
August 01,2003 - Effectivity
Features:
Insurance coverage is a yearly renewable term
life insurance cover based on the member’s
fixed monthly compensation.
No need of AGE and LENGTH OF SERVICE
in determining amount of insurance coverage.
Cash Value in the form of Termination Value,
yearly cash dividends and a Policy Loan of
up to 90% of accumulated TV.
Automatic Premium Loan facility secured
against the policy’s termination value.
In case ELP lapsed due to non-payment of
premiums, it may be automatically reinstated
without the need of issuing a new policy in
case the policyholder resumes payment.
Benefits :
Termination Value - Equivalent to 25% of
every monthly life insurance premiums
due & paid in full.
Death Benefit – Based on the last monthly
salary of the policyholder to which salary
the corresponding life insurance
premiums were paid and remitted to the
GSIS as of the date of death of the
policy holder.
Annual Dividends – Based accumulated
termination value of the policy in relation
to the total earnings of the entire ELP
fund of the GSIS.
Thank You
&
Have a nice day