The Government Service Insurance System (GSIS) on Thursday, Nov. 16, explained its compulsory life insurance titled Enhance Life Policy (ELP) for every government employee who’s a member of the state pension fund.
“Ang compulsory life insurance sa GSIS ay effective from the first day na inyong pagtatrabaho sa pamahalaan. Life insurance po ito,” GSIS President and General Manager Jose Arnulfo “Wick” Veloso said in an episode of GSIS Ginhawa For All.
“Kung kayo ay mamatay, makakatanggap ang pamilya ng death benefits kahit ang sanhi ng pagkamatay ay aksidente o sakit at compulsory ito [...] Automatic ito. Kasama ang life insurance sa binabayad na premium ng member,” he added.
Veloso explained that those considered under ELP are members who entered government service on or after August 1, 2003 and those whose mature Life Endowment Policy (LEP) automatically converted to ELP starting 2003.
“Ang insurance na ito ay may death benefit, termination value, mayroon din annual dividend at policy loan,” the GSIS chief said.
“Ang death benefit sa ELP ay equivalent sa latest annual salary multiplied by 1.5 years or 18 times the current monthly salary of the member [...] Ang focus ng ELP ay financial support para sa naiwang pamilya ng miyembro,” he added.
When asked who will be the beneficiaries of ELP, Veloso said the death benefit proceeds will be portioned based on the provision of intestate succession in the Civil Code.
“Sa ilalim ng ELP, ang proceeds ng death benefit ng member ay hahatiin ayon sa provision sa intestate succession ng Civil Code. Under the civil law ng Pilipinas, ang intestate succession where the decedent left no will, the compulsory heirs will automatically inherit the estate of the decedent at the time of death,” Veloso said.
“Kung may primary beneficiaries, paghahatian nila yun. Kung walang asawa at anak, [sa] surviving legal heirs mapupunta ayon pa rin sa intestate succession ng civil code,” he added,
Veloso also listed the beneficiaries of GSIS members under ELP who are Muslim:
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For male Muslim members, given to surviving legal spouse/s and legitimate and acknowledged children.
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For female Muslim members, surviving husband and legitimate and illegitimate children.
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If not married and no child, dependent parents and legitimate descendants
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If parents are deceased, parental grandfather and grandmother
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If grandparents are deceased, full sisters and brothers
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If no full sister or full brother, consanguine brother or sister
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If no consanguine brother or sister, uterine brother or sister
When asked what about the surviving heirs of a GSIS member based abroad, Veloso said they must submit a special power of attorney authenticated by the Philippine Consular Office if they are overseas.
