GSIS members to receive P930M

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12:07 AM December 15th, 2012

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By: Ronnel W. Domingo, December 15th, 2012 12:07 AM

MOST members of the Government Service Insurance System will collectively receive P930 million in cash dividends by Christmas Day.

This year’s dividend is 13.7 percent more than the P818 million given out in 2011.

The GSIS said in a statement that its board of directors had approved the grant of cash dividends after the state pension fund again posted a surplus in revenue from its Social Insurance Fund.

At least one million GSIS members are entitled to the payout, including holders of the compulsory life insurance policy, life endowment policy (LEP), and enhanced life policy (ELP).

LEP holders are those who started work for the government earlier than Aug. 1, 2003, while ELP holders are those who entered service from the same date.

To be entitled to the dividend, compulsory life insurance policyholders must have active status and their policies should have been in force for at least one year as of Dec. 31, 2011.

“Active members whose LEP matured after Dec. 31, 2011, and [who renewed and converted their policy into ELP] are likewise entitled to cash dividends based on their LEP,” the GSIS said.

However, GSIS members who have defaulted on their consolidated loans and salary loans for at least 12 months or have unpaid premiums for at least 12 months are not entitled to the dividend.

The same goes for those whose policies lapsed or matured in 2011, as well as those working for agencies that the GSIS suspended as of end-2011.

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