GSIS allots P909-M cash dividends to members

The Government Service Insurance System (GSIS) on Friday said it has set aside cash dividends amounting to P908.96 million for its eligible members. The state-owned pension fund for government employees will be giving away the amount after it made a surplus in revenues from its Social Insurance and Optional Life Insurance funds. GSIS said that annual cash dividends amounting to P828 million will go to Compulsory Life Insurance (CLI) policyholders and P80.96 million to Optional Life Insurance (OLI) policyholders. The cash dividends will be given to CLI and OLI members via GSIS eCard by Dec. 21, the agency said. "Our stakeholders can be assured that we will continue to prudently manage our assets in order to give our members and pensioners additional benefits and meet our obligations to them as they fall due," GSIS president and general manager Robert Vergara said. GSIS said that only active CLI policyholders under the Life Endowment Policy and Enhanced Life Policy, including employees in the Judiciary and the three Constitutional Commissions, will be entitled to the cash dividends. Their life insurance coverage should be in force for at least one year since Dec. 31, 2009 to receive the cash dividends, GSIS said. For active members of the Life Endowment Policy whose insurance agreements matured after Dec. 31, 2009 but renewed or converted to Enhanced Life Policy will also be entitled to the cash dividends, the agency said. According to GSIS, CLI policyholders would not receive their cash dividends if: — They have defaulted on their payments for at least 12 months; — They have unpaid premiums for at least 12 months; — They have lapsed policies in 2009; — They have terminated policies due to death, retirement, and separation; and — Their agencies have been suspended as of Dec. 31, 2009. Meanwhile, OLI policyholders who are entitled to the cash dividend include those whose optional life insurance coverage has been in force for at least one year as of 31 December 2009, the GSIS said. "Those who are disqualified, include policyholders whose policies have lapsed in calendar year 2009, or have been terminated due to death, maturity, or surrender, also in 2009," the agency said. —JE/OMG, GMANews.TV