Updated and complete list of GSIS benefits in the Philippines and how to avail them. The GSIS (Government Service Insurance System) supports terrific benefits to all government employees and members, including insurance, retirement, pension, loans, scholarship, and many more.
We share the complete list of GSIS benefits for its members and pensioners. We don’t know if they have been discussed with you when you became a member or a beneficiary of the GSIS, but we are sure you will love to know your benefits.
Types of GSIS Members:
- Active Members – government employees at present who are working in any government agency or government office
- Old Age Pensioners – these are retired government employees or officials who are already receiving a pension from GSIS
- Survivorship Pensioners – these are beneficiaries or dependents of deceased GSIS member or old age pensioner (example: spouse of a deceased pensioner or member, minor child of the deceased)
What are the benefits of GSIS Members?
- Life Insurance Benefits
- Retirement Benefits
- Survivor Benefits
- Loan Benefits
- Funeral Benefits
- Disability Benefits
- EC Benefits
- Housing Benefits
- Affordable Insurance Products
- Scholarship Program
1. GSIS Life Insurance Benefits
As a member of the GSIS, maybe you’re wondering what that stuff, such as policy and insurance coverage, are. There is a reason why you’re paying your GSIS monthly contributions. It’s because you are paying for insurance, too.
With insurance, you or your eligible beneficiaries will be getting benefits. The following are two types of life insurance benefits you will get from the GSIS:
Enhanced Life Policy (ELP)
ELP is an enhanced life insurance coverage that gives death benefits to the member’s family or beneficiaries and cash in the form of termination value which you can withdraw upon retirement or separation of service.
In a nutshell, with ELP, you’ll get Cash Termination Value + death benefits + policy loan + dividends, if any. If you entered the government service after July 31, 2003, you are automatically covered by this policy. Members with the old LEP policy (see below) can also opt for ELP, according to GSIS.
Life Endowment Policy (LEP)
LEP is the old insurance policy offered to members who entered the government service before August 1, 2003. This insurance policy will give maturity benefit + cash surrender value + death benefit + policy loan + dividends, if any. If you are under LEP, you can also convert your policy into ELP according to GSIS approval.
2. GSIS Retirement Benefits
Maybe you’re wondering, too, why you are being deducted every month for your GSIS contributions. It is like investing money every month. Your GSIS contributions will accumulate and appreciate in value. That is why members can receive dividends when the board declares some depending on the revenue the whole GSIS has earned.
You will also be entitled to retirement or pension benefits in the future. The following are the types of retirement plans offered to GSIS members.
What are the Different Types of GSIS Retirement Plans?
1. Retirement under RA 8291 (5 year lump sum cash payment or instant pension plus monthly pension for life)
This is the most common type of retirement plan and pension chosen by many government retirees in the Philippines because you will get a lump sum amount of money and monthly pension for life.
It has 2 options when you avail. To qualify for this retirement plan, you must have rendered at least 15 years of service and must be at least 60 years old upon retirement. Your last 3 years of service must also be continuous.
2. Retirement under RA 660 a.k.a. Magic 87 (annuity plus lifetime pension)
If your age + years of service = 87, then you can avail of this retirement plan. It offers 3 options: automatic pension, initial 3-year lump sum and 5-year lump sum.
3. Retirement under RA 1616 (refund all your GSIS premiums plus gratuity payment from employer)
Under this retirement option, you must have rendered at least 20 years of service regardless of age and employment status. You must also have entered the government service before June 1, 1977.
4. Portability Law RA 7699 (Combine your GSIS Plus SSS Creditable Year of Service)
You have the option to combine both your GSIS and SSS creditable years of service to qualify for retirement programs offered by both pension funds
5. Retirement under Presidential Decree 1146 (Basic monthly Pension or Cash Payment)
This retirement plan is for those who have been working in the government after May 31, 1977 but before June 24, 1997. You have the option if you want to receive pension every month and cash payment.
3. GSIS Survivor Benefits
These are cash and or pension benefits provided for the surviving legal spouse (as long as he/she doesn’t remarry), dependent minor children, or incapacitated beneficiary, when a member or a pensioner dies.
4. GSIS Loan Benefits
Members of the GSIS also have available loan benefits. However, loans are still loans, so we don’t suggest anyone avail them unless they need them badly. Loans bear interest payable. Focus on income-bearing investments, not loans.
Enhanced Consolidated Loan
It is a consolidation of 5 loans into 1 – Salary Loan, Restructured Salary Loan, Enhanced Salary Loan, Emergency Loan Assistance, and Summer One-month Salary Loan. This type of loan is payable in 6-10 years.
Applying for a GSIS conso-loan is straightforward: just place your GSIS eCard Plus in the G-W@ps Kiosk and follow the on-screen procedure. How much can you avail of this GSIS loan? It depends upon your minimum premium payments. Check out the data below:
| Minimum Premium Payments Required | Maximum Loan Amount (Basic Monthly Salary) |
|---|---|
| 25 years | 14-month loan |
| 15 years | 12-month loan |
| 10 years | 10-month loan |
| 5 years | 7-month loan |
| 40 months | 4-month loan |
| 20 months | 3-month loan |
Policy Loan
Since every member of the GSIS is automatically covered with a life insurance policy, you’re also eligible for a policy loan benefit. You can apply for this loan if you have been insured for at least one year, provided you have updated premium payments and has an active policy.
What’s the catch? It bears compounded 8% interest annually (for LEP) and 8% interest compounded monthly (for ELP).
Emergency Loan
GSIS Emergency loan is so special because not everyone can avail of this. You must be a resident of a declared calamity area before applying for an emergency loan. Your place must be declared under “State of Calamity” by the city council and approved by the GSIS Board of Trustees.
5. GSIS Funeral Benefit
Burial benefits are funeral benefits given to GSIS retiree’s survivors (spouse, child) or any person who shouldered the funeral expenses of the deceased GSIS member.
6. GSIS Disability Benefits
These are benefits resulting from disability or incapacity to work because of physical or mental injury, impairment, or disease. GSIS assigns a medical evaluator for members who avail disability benefits.
7. GSIS EC Benefits
It is also known as the Employees’ Compensation benefit. It is another disability benefit provided for public and private sector workers and their dependents in the event of work-related injury, sickness, disability, or death.
8. GSIS Housing Benefits
Their acquired assets are available on a cash basis and “as is where is” policy for interested members.
9. Affordable Insurance Products of GSIS
The GSIS also offers affordable insurance products such as personal accident insurance coverage, fire and comprehensive vehicle insurance, and other traditional insurance products like aviation, bonds, property floater, marine cargo, and marine haul.
10. GSIS Scholarship Program
The Government Service Insurance System also offers a scholarship program every academic year for children of low-income GSIS members. The selected qualified scholars will receive up to P 40,000 in tuition and miscellaneous fees per academic year plus a monthly allowance of P3,000.
There you have them, folks. I hope you have learned about your benefits and privileges as a GSIS member. Cheers and kudos to all government employees for their dedicated service! You deserve all the best in the world.
