MANILA, December 17 - - The Government Service
Insurance System (GSIS) has announced that it will pay out P930 million in
dividends to its members this year, 14% higher than in 2011, after posting
surplus earnings from its Social Insurance Funds.
The pay-out includes all active Compulsory Life Insurance
policyholders whose insurance coverage has been in force for at least a year as
of December 31, 2011.
Upon their entry in government service, employees are
automatically covered by a life insurance. Those employed prior to August 1,
2003 are covered by the Life Endowment Policy or LEP while those who entered
after July 31, 2003 are insured under the Enhanced Life Policy or ELP.
Active members whose LEP
matured after December 31 2011, and were issued ELP will still receive cash
dividends based on their LEP.
LEP policyholders who
converted to ELP after December 31, 2011 will also be entitled to cash
dividends based on their LEP.
GSIS members can expect the amount to be automatically credited
to their GSIS eCards on or before December 25, 2012.
Excluded from the cash pay-out are members whose policies
lapsed, matured, or were terminated in 2011; who have defaulted in their salary
and consolidated loans for at least 12 months or have unpaid premiums for at
least 12 months as of December 31, 2011; and whose agencies were
suspended as of December 31, 2011. (GSIS/PIA9/alt)