DAVAO CITY – The Government Service Insurance System (GSIS) announced that starting Tuesday it will start distributing P848 million in 2014 cash benefit to its 1.1 million members.
In a statement, GSIS said members whose compulsory life insurance policies have been in force for at least one year as of December 31, 2014 and those whose policies have matured in 2014 will receive the benefit.
Also entitled to the cash benefit are members whose agencies were suspended as of December 31, 2014.
“This is our way of sharing with GSIS policyholders the earnings of the Social Insurance Fund comprising the contributions of members,” GSIS President and General Manager Robert G. Vergara said.
However, members whose compulsory life insurance policies lapsed in 2014 are ineligible to receive the benefit.
Those whose policies were terminated due to death, retirement, or separation, as well as those with unpaid salary and consolidated loans or premiums for at least 12 months as of December 31, 2014, are likewise excluded.
GSIS will release the cash benefit through the GSIS eCard or unified multipurpose identification (UMID) card of qualified GSIS members. (davaotoday.com)