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Government Service Insurance System

GSIS. Government Service Insurance System. GSIS (Government Service Insurance System). Commonwealth Act No. 186 November 14, 1936 To provide and administer the following social security benefits for all employees of the Philippine government Compulsory life insurance

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Government Service Insurance System

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  1. GSIS Government Service Insurance System

  2. GSIS(Government Service Insurance System) • Commonwealth Act No. 186 • November 14, 1936 • To provide and administer the following social security benefits for all employees of the Philippine government • Compulsory life insurance • Optional life insurance • Retirement benefits • Disability benefits for work-related contingencies • Death benefits.

  3. GSIS(Government Service Insurance System) • The GSIS covers all government workers irrespective of their employment status, except: • Members of the Judiciary and Constitutional Commissions • Contractual employees • Uniformed members of the Armed Forces of the Philippines and the Philippine National Police

  4. GSIS(Government Service Insurance System) • 3,104 employees • 52% of whom are in the Head Office • 48% are in the Branches. • 15 Regional Offices • 25 Branch Offices • 18 Satellite Offices nationwide. 

  5. GSIS(Government Service Insurance System) CLAIMS AND BENEFITS

  6. GSIS(Government Service Insurance System) CLAIMS AND BENEFITS • LIFE INSURANCE • CUMPOLSARY • OPTIONAL

  7. LIFE INSURANCE (COMPULSARY) • Life Endowment Policy (LEP) • Coverage against death • Permanent total disability and • Other benefits upon maturity or separation from the service.

  8. LIFE INSURANCE (COMPULSARY) • Benefits • Maturity Benefit • Surrender Benefit • Death Benefit • Policy Loan • Dividends

  9. LIFE INSURANCE (COMPULSARY) • Unlimited Optional Life Insurance (UOLI) • Any policyholder may secure to increase without any limit to his life insurance coverage.

  10. LIFE INSURANCE (OPTIONAL) • Benefits • Death Benefit • Maturity • Cash Surrender Value • Dividends • Policy Loan • Accident Death Benefit •  Waiver of Premiums in case of Permanent & Total Disability

  11. GSIS(Government Service Insurance System) CLAIMS AND BENEFITS • RETIREMENT • Retirement Under RA 8291 • Retirement under Presidential Decree 1146 • Retirement under Republic Act 660 • Retirement under Republic Act 1616 or Gratuity • Retirement Benefit

  12. RETIREMENTRetirement Under RA 8291 • This retirement mode provides two options: The Lump-sum plus Age Pension and the Cash payment plus Pension. • Lump-sum and Old Age Pension (Option1) • 60 months of the Basic Monthly Pension (BMP) payable at the time of retirement, • old age pension benefit payable monthly for life • if the retiree is still living after the 5 year guaranteed period. • Cash payment and Basic Monthly Pension (Option2) • Cash payment is equivalent to 18 times the Basic Monthly Pension (BMP) • payable upon retirement • monthly pension for life payable from date of retirement. 

  13. RETIREMENT Retirement under Presidential Decree 1146 •  The retirement mode applicable if you have been in service after May 31, 1977 but before June 24, 1997 • The retiree must have rendered at least 15 years of service, regardless of age. • If retiree is below 60 years old upon retirement, he/she may avail of retirement benefits only upon attaining his 60th birthday.

  14. RETIREMENTRetirement under Republic Act 660 • The retirement mode applicable if you were in the service on or before May 31, 1977 • Automatic Pension • Retirees below 60 years old shall be qualified to a monthly annuity guaranteed for 5 years with the option to request for a one-year lump sum every six months. • If the retiree is still living after the 5-year guaranteed period, he/ she shall be entitled to a monthly pension for life. • .

  15. RETIREMENTRetirement under Republic Act 660 • Initial three-year lump sum  • At least 60 years old but less than 63 years on date of retirement, the benefit is a 3-year lump sum. • The subsequent two -year lump-sum shall be paid to the retiree on his 63rd birthday. • If the retiree is still living after the 5-year guaranteed period, he shall be entitled to a monthly pension for life • Five-year lump sum  • At least 63 years of age or over on the date of retirement. • If still living after the 5-year guaranteed period, the retiree shall be entitled to a monthly pension for life.

  16. RETIREMENTRetirement under Republic Act 1616 or Gratuity Retirement Benefit • The retirement mode applicable if you were in the service on or before May 31, 1977. • At least 20 years of service regardless of age and employment status. • His/her last 3 years of service prior to retirement must be continuous

  17. GSIS(Government Service Insurance System) CLAIMS AND BENEFITS • SEPARATION • new benefit given to employees who have not reached the retirement age (60) but have been separated from the service. • RA 8291 (June 24, 1997) • The benefit is in the form of: • Cash payment   • Cash payment and Pension

  18. SEPARATION • QUALIFICATIONS  • At least 3 years but less than 15 years service •  Below 60 years of age Cash payment equivalent to 100% of the Average Monthly Compensation (AMC) for every year of service payable upon reaching age 60  •  BENEFITS • At least 15 years service •  Below 60 years of age Cash payment equivalent to 18 times the Basic Monthly Pension, payable upon separation and Monthly pension for life starting at age 60

  19. GSIS(Government Service Insurance System) CLAIMS AND BENEFITS • DISABILITY BENEFIT • Due to the loss or reduction in earning capacity • caused by a loss or impairment of the normal functions of the employee's physical and/or mental faculties as a result of an injury or disease.

  20. DISABILITY BENEFIT • The loss in earning capacity shall be determined on the basis of the following: • the employee's actual loss of income from the usual occupation • the capacity to engage in any other gainful occupation because of impairment • Kinds of Disability • Permanent Total  • Permanent Partial • Temporary Total

  21. DISABILITY BENEFIT • Injuries resulting in any of the following are deemed Permanent Total Disability (PTD) •  Complete loss of sight of both eyes • Loss of two limbs at one or above the ankle or wrist • Permanent complete paralysis of two limbs • Brain injury resulting in incurable imbecility, insanity or other irreversible conditions

  22. GSIS(Government Service Insurance System) CLAIMS AND BENEFITS • UNEMPLOYMENT • permanent government employee • has paid the required 12 months • integrated contributions under RA 8291 is involuntarily separated from the service as a result of the abolition of his office or position usually resulting from reorganization. • The benefit is in the form of monthly cash payments equivalent to 50% of the average monthly compensation (AMC). • The duration of the benefit depends on the length of service and ranges from 2 months to a maximum of 6 months.

  23. GSIS(Government Service Insurance System) CLAIMS AND BENEFITS • EMPLOYEES COMPENSATION • disability benefits • compensation package for public and private sector employees and their dependents • During event of work-related injury, sickness, disability or death.

  24. GSIS(Government Service Insurance System) CLAIMS AND BENEFITS • FUNERAL BENEFIT • Beneficiaries are entitled to a P20,000 funeral benefit • payable upon the death of a member or old age pensioner.

  25. GSIS(Government Service Insurance System) CLAIMS AND BENEFITS • SURVIVORSHIP • When a member or pensioner dies • beneficiaries are entitled to cash and/or pension benefits • Beneficiaries who qualify for survivorship pension are entitled fifty percent (50%) of the basic monthly pension of the member or pensioner.

  26. GSIS(Government Service Insurance System) PENSIONERS

  27. GSIS(Government Service Insurance System) PENSIONERS • Pension Loan   • loan window • addresses the clamor • to create a loan facility that caters to the needs of pensioners who fall prey to usurious lending.  • granted the opportunity to borrow one to six times the amount of their monthly pension but not to exceed P100,000. • It is open to old-age and disability pensioners under R.A. 660, P.D. 1146 or R.A. 8291.

  28. GSIS(Government Service Insurance System) PENSIONERS • Pensioners’ Privileges • GSIS Old Age Pensioner • Cash Gift • The cash gift, which is given to pensioners once a year, • is equivalent to a one month pension up to a maximum of P12,600.  • Recipients of the cash gift are old-age/retirement pensioners including joint-life retirees, disability pensioners and joint-life beneficiaries under R.A. 8291, P.D. 1146 and R.A. 660. 

  29. GSIS(Government Service Insurance System) PENSIONERS • GSIS Hospitalization Support Program • active GSIS members and old-age pensioners • 30 percent discount on room rates, medicines and supplies and a 10 percent discount on doctors’ fees, • Aside from their PhilHealth benefits, • in many GHSP partner-hospitals. • They also get up to 40 percent discount on other medical procedures. • 50-percent discount when using the state of the art medical equipment provided by the GSIS. • Dependents of active members get a 10 percent discount on all services.

  30. GSIS(Government Service Insurance System) INSURANCE

  31. GSIS(Government Service Insurance System) INSURANCE • Traditional Product Lines • Property Floater • Marine Hull and Cargo • Aviation Hull and Cargo • Bonds • Miscellaneous.

  32. PROPERTY FLOATER • Follows the property wherever it may be, subject to policy limitations and is not confined to a particular location. • The property is constantly changing in either value or location. • insure movable properties against direct physical loss or damage.

  33. Marine Hull and Cargo • GSIS covers ship against loss or damage • due to: Heavy weather Fire Lightning Explosion Grounding Stranding Collision Machinery damage Ranging Piracy Labor • It also protects cargo in transit by water including land transportation and dock storage

  34. Kinds of Cargo Insurance • Open Policy   • provides automatic cover for all shipments of the Assured, who is obligated to declare all shipments.   • Individual or Voyage Policy   • covers only one shipment at one time per voyage.   • The Assured must declare the policy prior to shipment. 

  35. Aviation • Covers all risks of direct physical loss or damage to the aircraft while it is: • Flight • Taxiing • on ground • passenger personal accident • crew and pilot personal accident • including but not limited to war • hijacking • It also protects air bound cargo, or baggage.

  36. BONDS • A contract whereby a party called the Surety for a valuable consideration binds itself or himself to guarantee the obligation or undertaking by another party. • Typical types offered are but not limited to: • bidders bond • performance bond • surety bond • millers bond • haulers bond • customs bond.

  37. Miscellaneous • Includes: • livestock • fidelity guarantee • comprehensive triple "D" (dishonesty, disappearance, and destruction) • Comprehensive General Liability (CGL) • The latter policy includes damages for death and care and loss of services resulting from bodily injury and damages for loss of use of property resulting from property damage.

  38. The General Insurance Group’s Miscellaneous Insurance covers the following Lines: • Comprehensive General Liability Insurance • Insurance against loss due to all claims against the insured for damages arising from his business premises of operations.  • Fidelity Insurance • Protects the insured against the defalcations of the employees and agents. • Fine Arts Insurance • Insures against all risks for works of arts, paintings, etc. 

  39. Mercantile Robbery And Safe Burglary • This covers felonious and forcible taking of insured property from within the insured’s premises; insurance coverage against loss of or liability for loss of contents of a safety deposit box. • Money, Securities And Payroll Robbery • Insurance contract for protection of a business against losses of securities and money except from forgery and dishonesty of employees. Loss may occur either outside or inside the premises.  • Bankers Blanket Bond Policy • Insurance coverage for losses caused by robbery, burglary, or dishonesty of employees and officers of the Bank.  • Directors And Officers Liability • Insurance coverage against the liability of Directors and Officers for any wrongful act in the insured’s capacity as a director, officer or employee of the company.

  40. GSIS(Government Service Insurance System) INSURANCE • G – CARE PLANS • Secure: • AUTO SHIELD • your investments • MY SHIELD • yourself • HOME SHIELD • your loved ones

  41. GSIS(Government Service Insurance System) THE END

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