Philippine employees are mandated by law to be covered with social insurance through the Social Security System. However for government employees, they have GSIS (Government Service Insurance System) to provide them with benefits and privileges.
All government personnel, regardless of their employment status should be covered by GSIS. As a GSIS member here are the benefits and privileges that you can take advantage of:
LIFE INSURANCE
Members of GSIS have compulsory life insurance coverage into two types:
1. Life Endowment Policy (LEP)
This life insurance is designed to provide members with coverage while still in active service. It provides maturity benefits to policy holders upon reaching maturity.
2. Enhanced Life Policy (ELP)
The more recent life insurance, only effective last August 2003, this provides automatic yearly insurance coverage to new members of GSIS based on monthly compensation. It is also designed to give enhanced death benefit to the family of a deceased member.
The following members are covered under this program:
- Those who entered the service starting August 1, 2003;
- Those whose policies matured on or after July 31, 2003, and who will continue to be active members after the maturity date; and
- Those who opted or will opt to convert their LEP into ELP.
RETIREMENT
GSIS members who are retiring can choose from various retirement programs depending on their age and length of service.