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Thursday, June 24, 2010

GSIS should Not Be Called Insurance

GSIS stands for Government Service Insurance System. By the term insurance, it means an insurer (GSIS) should pay a designated amount of money to the designated beneficiaries in case of the insured individual’s death. That means, if the GSIS policy owner dies, his or her dependents, regardless of employment status, should receive a designated amount of money from the GSIS.

But through the Section 20 of RA 8291, only “dependent” spouses and children are eligible to receive survivorship benefits. Thus, if your spouse is employed, he or she should retire or resign and be unemployed in order to get survivorship benefits from GSIS. If not, the benefits will be kept by the government and be fed to the GSIS corrupt officials.

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