Updated list of GSIS benefits in the Philippines and how to avail them. GSIS a.k.a. Government Service Insurance System supports amazing benefits to all government employees and members including insurance, retirement, pension, loans, scholarship and many more.
We are sharing here the complete list of GSIS benefits for its members and pensioners. We don’t know if they have been discussed to 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 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)
Updated List of GSIS Benefits in the Philippines:
- Life Insurance Benefits
- Retirement Benefits
- Survivor Benefits
- Loans Benefits
- Burial Benefits
- Disability Benefits
- EC Benefits
- Housing Benefits
- Affordable Insurance Products
- Scholarship Program
Complete Guide in Application for GSIS Benefits:
1. GSIS Life Insurance Benefits
As a member of GSIS maybe you’re wondering what are those stuff such as policy and insurance coverage. There is a reason why you are paying premiums, it’s because you are paying for insurance.
With insurance, you or your eligible beneficiaries will be getting benefits. The following are the main 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 with this policy. Members with the old policy called LEP (see below) can also opt for ELP according to GSIS.
Life Endowment Policy (LEP)
This is known as 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. It is like investing every month. Your GSIS contributions will accumulate and appreciate in value that is why you are receiving dividends when the board made them available 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 Retirement Plans Available in GSIS?
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.
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.
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
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
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 Loans Benefits
Members of the GSIS also have available loans benefits. However, loans are still loans so I don’t suggest anyone to avail them unless they really need it badly. Loans bear interests payables. Focus on income bearing investments, not loans.
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 years.
It is very easy to apply for this loan, just place your GSIS eCard Plus in the G-W@ps Kiosk and follow through the screen. How much can you avail in this loan? It depends upon your RCS (Record of creditable Service). Check out the data below:
|RCS||Maximum Loan Amount|
|Less than 20 months||None|
|20 months or more||3 BMS|
|40 months or more||4 BMS|
|5 years or more||7 BMS|
|10 years or more||10 BMS|
Since every member in the GSIS is covered with life insurance policy automatically, you also have this policy loan benefit. You can apply for this loan if you have been insured at least one year provided you have updated premium payments and has an active policy. What’s the catch? It bears compounded 8% interest per annum.
This kind of loan is so special because not everyone can avail of this. You have to be a resident of a declared calamity area before you can avail 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 Burial Benefit
Burial benefits are funeral benefits given to GSIS retiree’s survivors 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 medical evaluator for members who avail disability benefits.
7. GSIS EC Benefits
It is also known as Employee’s 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 for cash basis and “as is where is” policy for interested members
9. Affordable Insurance Products of GSIS
GSIS also offers very cheap insurance products such as personal accident insurance coverage, fire, comprehensive insurance for vehicles, 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 scholarship program every academic year for children of low-income GSIS members. The selected qualified scholars will receive up to P 200,000 tuition and miscellaneous fees per semester plus monthly allowance of P2000.
There you have them folks. I hope you have learned about your benefits and I hope you’re happy about them. I give my cheers and kudos to all government employees for their terrific service! You deserve all the best in the world.
Note: If you have personal queries about your GSIS account, please contact GSIS.