The Government Service Insurance System (GSIS) is increasing by P500,000 the life insurance coverage of its members who serve as medical frontliners in the fight against coronavirus disease 2019 (COVID-19).
During the virtual meeting of the Economic Stimulus Package subcommittee of the House Defeat COVID-19 committee, GSIS president and general manager Rolando Macasaet said the P500,000 will be added to the life insurance of its member-frontliners, regardless of their insurance policy.
"Today, a GSIS medical frontliner has a life insurance of about P300,000 to P500,000. We've increased by additional P500,000," he said.
"For instance a nurse who earns, say P20,000 to P30,000 a month, if anything happens to that frontliner, the insurance policy would only pay about P500,000. What the GSIS is doing, we added additional P500,000," he added.
Macasaet said the additional P500,000 to the GSIS member's life insurance is on top of the P1 million compensation to be received by the families of public and private workers who got infected with COVID-19 and died under the Bayanihan to Heal As One Act.
"[A frontliner who] passes away gets an insurance of roughly P800,000 or P1 million depending on his basic salary.... This insurance policy will be in addition to what President Duterte gave of P1 million," he said.
"For doctors [who died], they got P1 million already, the GSIS will add another P1 million," he added.
This new GSIS policy will have retroactive effectivity, which would be starting March 1, Macasaet said.
Macasaet, in the same meeting, also said that the GSIS is offering its members a P20,000 emergency loan to help them sustain their needs amid the COVID-19 crisis.
GSIS earlier announced that it would grant a three-month moratorium on the payment of loans of its members and pensioners amid the extended enhanced community quarantine in Luzon.
Under this condition, the collection of loan payments will resume on June 1, 2020 without penalty or additional interest.
All loan terms, as a result of the moratorium, would also be effectively extended by three months. -NB, GMA News