Page 95 - PARAMETER E

Part 2 - Academic Manual

3.1.6. Medical Benefits
All eligible members of the GSIS under Medicare Program (now Phil. Health) shall
immediately and automatically be made members of the National Health Insurance Program
(NHIP) and are entitled to free medical services. Upon retirement, a member is entitled to the
same benefits, which he/she had as an active member.

3.1.7. Death, Accidental Death and Burial Benefits
The member’s beneficiaries receive this if a member dies prior to the maturity of the
policy. When a member’s death is accidental or death occurred within ninety (90) days after
the accident, the accidental death benefits are twice the value of the insurance. Moreover,
the beneficiaries can claim burial expenses as stipulated by the GSIS.

3.1.8. Survivorship Benefit
This is for non-work connected deaths, which will be paid to primary and secondary
beneficiaries of deceased members or pensioners. The basic survivor pension is equivalent to
50% of the basic monthly pension plus dependent pension not exceeding 50% of the basic
monthly pension.

3.1.9. Cash Surrender Value
This is paid to a member who resigns or is separated from the service, provided that
the insurance has been in force for one year. If the member is dismissed, only half of the value
will be paid.

3.1.10. GSIS Loans
3.1.10.1. A faculty who has been insured for at least one (1) year can obtain insurance loan
in the form of salary.
3.1.10.2. Policy loan is granted to a faculty who has been insured for at least one (1) year
equivalent to sixty percent (60%) of the total contributions, employee-employer
share.
3.1.10.3. Emergency Calamity Loan
When the President of the Philippines declares by law that a specified area
is in a state of calamity, the faculty member residing/working in the area may avail
of the Emergency Calamity Loan equivalent to eighty percent (80%) of his/her total
contribution or the amount as mandated by GSIS.
3.1.10.4. Housing Loan
Through the National Home Mortgage and Finance Corporation (NHFC), any
qualified member may be granted a housing loan by the GSIS.

3.1.11. PAG-IBIG (Home Development Mutual Fund)

3.1.11.1. PAGIBIG or the Home Development Mutual Fund (HDMF) was created on June 11,
1978 by virtue of P.D. No. 1530, later amended by P.D. No. 1752 on December 04,
1980 making membership mandatory effective July 1981. The fund aims to provide
employees with an integrated nationwide savings and housing credit system. Fixed

dividends of 7.55 percent per annum are distributed to all members. These are tax

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IFSU Code