GSIS starts distributing 848-million cash benefits

The Government Service Insurance System (GSIS) will start distributing 848 million in 2014 cash benefits to its 1.1 million members on December 15. GSIS 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. GSIS members whose compulsory life insurance policies lapsed in 2014, however, 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. (CSL)