Presentation on theme: "Government Service Insurance System"— Presentation transcript:
1 Government Service Insurance System GSISGovernment Service Insurance System
2 GSIS (Government Service Insurance System) Commonwealth Act No. 186November 14, 1936To provide and administer the following social security benefits for all employees of the Philippine governmentCompulsory life insuranceOptional life insuranceRetirement benefitsDisability benefits for work-related contingenciesDeath benefits.GSIS
3 GSIS (Government Service Insurance System) The GSIS covers all government workers irrespective of their employment status, except:Members of the Judiciary and Constitutional CommissionsContractual employeesUniformed members of the Armed Forces of the Philippines and the Philippine National Police
4 GSIS (Government Service Insurance System) 3,104 employees52% of whom are in the Head Office48% are in the Branches.15 Regional Offices25 Branch Offices18 Satellite Offices nationwide. The GSIS workforce consists of 3,104 employees, 52% of whom are in the Head Office while the remaining 48% are in the Branches. To date, the GSIS has 15 Regional Offices, 25 Branch Offices and 18 Satellite Offices nationwide.
5 GSIS (Government Service Insurance System) CLAIMSANDBENEFITS
6 LIFE INSURANCE CUMPOLSARY OPTIONAL GSIS (Government Service Insurance System)CLAIMS AND BENEFITSLIFE INSURANCECUMPOLSARYOPTIONAL
7 LIFE INSURANCE (COMPULSARY) Life Endowment Policy (LEP)Coverage against deathPermanent total disability andOther benefits upon maturity or separation from the service.
8 LIFE INSURANCE (COMPULSARY) BenefitsMaturity BenefitSurrender BenefitDeath BenefitPolicy LoanDividends
9 LIFE INSURANCE (COMPULSARY) Unlimited Optional Life Insurance (UOLI)Any policyholder may secure to increase without any limit to his life insurance coverage.Members who want to provide more protection for themselves and their loved ones can also get additional life insurance coverage, apart from their existing policies
10 LIFE INSURANCE (OPTIONAL) BenefitsDeath BenefitMaturityCash Surrender ValueDividendsPolicy LoanAccident Death Benefit Waiver of Premiums in case of Permanent & Total Disability
11 GSIS (Government Service Insurance System) CLAIMS AND BENEFITSRETIREMENTRetirement Under RA 8291Retirement under Presidential Decree 1146 Retirement under Republic Act 660Retirement under Republic Act 1616 or GratuityRetirement Benefit
12 RETIREMENT Retirement 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 lifeif 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 retirementmonthly pension for life payable from date of retirement. The retiree must have rendered at least 15 years of service and must be at least 60 years of age upon retirement.He/she must not be a permanent total disability pensioner.
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, 1997The 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 RETIREMENT Retirement under Republic Act 660 The retirement mode applicable if you were in the service on or before May 31, 1977Automatic PensionRetirees 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 RETIREMENT Retirement 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 lifeFive-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 At least 20 years of service regardless of age and employment status. RETIREMENT Retirement under Republic Act 1616or Gratuity Retirement BenefitThe 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 continuousexcept in cases of death, disability, abolition or phase out of position due to reorganization.
17 GSIS (Government Service Insurance System) CLAIMS AND BENEFITSSEPARATIONnew 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 BENEFITS 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 BENEFITSAt 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 BENEFITSDISABILITY BENEFITDue to the loss or reduction in earning capacitycaused 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 BENEFITThe loss in earning capacity shall be determined on the basis of the following:the employee's actual loss of income from the usual occupationthe capacity to engage in any other gainful occupation because of impairmentKinds of DisabilityPermanent Total Permanent PartialTemporary Total
21 DISABILITY BENEFITInjuries resulting in any of the following are deemed Permanent Total Disability (PTD) Complete loss of sight of both eyesLoss of two limbs at one or above the ankle or wristPermanent complete paralysis of two limbsBrain injury resulting in incurable imbecility, insanity or other irreversible conditions
22 GSIS (Government Service Insurance System) CLAIMS AND BENEFITSUNEMPLOYMENTpermanent government employeehas paid the required 12 monthsintegrated 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.The unemployment benefit is paid when a permanent government employee who 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 BENEFITSEMPLOYEES COMPENSATIONdisability benefitscompensation package for public and private sector employees and their dependentsDuring event of work-related injury, sickness, disability or death.The employees' compensation benefits or disability benefits is a compensation package for public and private sector employees and their dependents in the event of work-related injury, sickness, disability or death.
24 GSIS (Government Service Insurance System) CLAIMS AND BENEFITSFUNERAL BENEFITBeneficiaries are entitled to a P20,000 funeral benefitpayable upon the death of a member or old age pensioner.
25 GSIS (Government Service Insurance System) CLAIMS AND BENEFITSSURVIVORSHIPWhen a member or pensioner diesbeneficiaries are entitled to cash and/or pension benefitsBeneficiaries 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) PENSIONERSPension Loan loan windowaddresses the clamorto 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 or R.APension Loan The GSIS Pension Loan Program is a loan window that addresses the clamor to create a loan facility that caters to the needs of pensioners who fall prey to usurious lending. Under this program, qualified retirees shall be 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 or R.A who do not have any outstanding stock purchase loans.
28 GSIS (Government Service Insurance System) PENSIONERSPensioners’ PrivilegesGSIS Old Age PensionerCash GiftThe 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 and R.A. 660.
29 GSIS (Government Service Insurance System) PENSIONERSGSIS Hospitalization Support Programactive GSIS members and old-age pensioners30 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.
31 GSIS (Government Service Insurance System) Traditional Product LinesProperty FloaterMarine Hull and CargoAviation Hull and CargoBondsMiscellaneous.
32 PROPERTY FLOATERFollows 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.A policy in which the coverage 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.This is an insurance coverage designed to insure movable properties, which are commonly known as mobile equipment, heavy equipment or contractor's equipment against direct physical loss or damage.
33 Marine Hull and Cargo GSIS covers ship against loss or damage due to: Heavy weather FireLightning ExplosionGrounding StrandingCollision Machinery damageRanging PiracyLaborIt also protects cargo in transit by water including land transportation and dock storage Types of Marine Insurance:1. Hull Insurance – insurance of vessels, craft, hull machinery including builders risks. 2. Cargo Insurance - includes goods, cargoes, merchandise including air cargo and parcels.
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 AviationCovers all risks of direct physical loss or damage to the aircraft while it is:FlightTaxiingon groundpassenger personal accidentcrew and pilot personal accidentincluding but not limited to warhijackingIt also protects air bound cargo, or baggage.
36 BONDSA 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 bondperformance bondsurety bondmillers bondhaulers bondcustoms bond.
37 Miscellaneous Includes: livestockfidelity guaranteecomprehensive 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 InsuranceInsurance against loss due to all claims against the insured for damages arising from his business premises of operations. Fidelity InsuranceProtects the insured against the defalcations of the employees and agents.Fine Arts InsuranceInsures 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 PolicyInsurance 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) G – CARE PLANSSecure:AUTO SHIELDyour investmentsMY SHIELDyourselfHOME SHIELDyour loved ones
41 GSIS (Government Service Insurance System) THE END