List of Excellent GSIS Benefits for its Members
GSIS BENEFITS – Here is a list of the excellent benefits of the Government Service Insurance System for its members.
A huge part of the working populace in the Philippines is a member of the Government Service Insurance System. More popularly known as GSIS, it is an institution intended to provide insurance to the employees of the government and the public sector.
To be able to avail the benefits of the institution, the member should pay for the GSIS monthly contribution and reach the required number of limit set on a certain benefit.
With regards to the GSIS benefits, the social insurance institution offers two(2) major benefits to its members. They are the following:
- Retirement Benefit
- Life Insurance Benefit
Based on the official website of the Government Service Insurance System, the members of the social insurance institution have several options in availing their monthly pension.
They can choose any of the following:
- Retirement under Republic Act 8291
- Retirement under Republic Act 660
- Retirement under Republic Act 1616
- Retirement under Presidential Decree 1146
- Retirement under Republic Act 7699 / Portability Law
For the list of the specific features of the aforementioned retirement programs, visit – GSIS Retirement Benefit.
With regards to the life insurance benefit, according to the social insurance institution, its members have a compulsory life insurance. It is either:
- Life Endowment Policy (LEP) – it is a GSIS insurance that covers the member while he or she is still in service.
- Enhanced Life Policy (ELP) – Taking effect on August 2003, this life insurance provides “automatic yearly insurance coverage” to new GSIS members. Its benefit includes a death benefit for the family of the deceased member.
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