Guide on How Much is Loanable Under Each GSIS Policy Loan
GSIS POLICY LOAN – Here is a guide on how much is loanable under the policy loans offered by the Government Service Insurance System (GSIS).
When it comes to insurance institutions offering loans, the Government Service Insurance System or more commonly known as GSIS is one of those that can top the list.
There are a lot of GSIS Loans that the social insurance institution ran by the government offers. Among it are the policy loans that are open for the GSIS members.
A life insurance policy is a compulsory requirements of the GSIS for its members. One can get the Life Endowment Policy (LEP) or the Enhanced Life Policy (ELP).
The LEP covers the member while he or she is still in active service while the ELP provides a death benefit for the family of the deceased GSIS member. The latter is an automatic insurance for the new members of the social insurance institution.
Based on the official website of the Government Service Insurance Institution, to be eligible for the GSIS Policy Loan, a member-applicant must:
- be insured for at least 1 year
- be in active service and have an active insurance policy
- have no pending case
With regards to the loanable amount, the loanable amounts under each GSIS Policy Loan may vary. It depends on the type of insurance policy you have.
If your insurance policy is ELP, you may apply for the 70% of the accumulated termination value. If you will apply for the policy loan with your LEP, you may loan 50% of your cash value. The money will be directed to your eCard or your UMID card account.
To pay for the loan, you may choose a fixed monthly payment or let your loan balance deducted upon the maturity, termination, or renewal of your insurance policy.
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