A GSIS Optional Life Insurance Policy Loan allows GSIS members to borrow against the accumulated value of their life insurance policy for urgent financial needs.
This loan is specifically available to members who hold either a Life Endowment Policy (LEP) or an Enhanced Life Policy (ELP) and have been insured for at least one year.
Members can borrow up to 70% of the termination value of their ELP or 50% of the cash surrender value for LEP holders.
With a fixed interest rate of 8% per annum, the loan offers flexible repayment options through either monthly deductions or payment upon the policy’s maturity or termination.
There is no upfront cost to apply for the loan, but borrowers must meet the eligibility criteria, including having an active GSIS eCard and no pending administrative or criminal cases.
This loan is a practical solution for GSIS members seeking immediate financial support while leveraging the value of their life insurance policies.
What is a GSIS Optional Life Insurance Policy Loan?
The GSIS Optional Life Insurance Policy Loan is designed for GSIS members with life insurance policies who need financial assistance.
The loan is available to members with either the Life Endowment Policy (LEP) or the Enhanced Life Policy (ELP).
Depending on the policy you hold, you can borrow a portion of its accumulated value:
- Enhanced Life Policy (ELP): Borrow up to 70% of the policy’s accumulated termination value.
- Life Endowment Policy (LEP): Borrow up to 50% of the policy’s accumulated cash surrender value.
The loan carries a fixed interest rate of 8% per annum.
Repayment options are flexible, allowing you to choose either fixed monthly payments through salary deductions or a one-time payment upon the maturity or termination of your policy.
Eligibility
To qualify for a GSIS Optional Life Insurance Policy Loan, you must meet the following criteria:
- You must have been insured under a GSIS Life Insurance Policy (LEP or ELP) for at least one year.
- You should be in active government service with an active insurance policy.
- You need to have an activated GSIS eCard.
- You must not have any pending administrative or criminal cases.
If you meet these eligibility requirements, you can proceed with the loan application process.
Loanable Amount and Repayment Terms
The amount you can borrow depends on the type of insurance policy you hold:
- Enhanced Life Policy (ELP): You can borrow up to 70% of the accumulated termination value.
- Life Endowment Policy (LEP): You can borrow up to 50% of the accumulated cash surrender value.
You have two repayment options:
- Fixed Monthly Payments: You can repay the loan through monthly salary deductions.
- Payment Upon Maturity: You can choose to repay the loan when your policy matures, lapses, or terminates, with both the principal and interest deducted from the policy value.
The loan’s interest rate is fixed at 8% per annum, compounded annually.
How to Apply
There are three ways to apply for the GSIS Optional Life Insurance Policy Loan: through a GWAPS Kiosk, online via eGSISMO, or by email.
Each method allows you to process your loan application conveniently.
- Application via GWAPS Kiosk
- Place your UMID-compliant GSIS eCard on the kiosk’s card reader.
- Confirm your identity by placing your finger on the biometric reader.
- Select the “Policy Loan” option from the transaction choices.
- Confirm the loan by placing your finger on the biometric scanner again.
- Press “Logout” to complete the transaction.
- Application via eGSISMO
- Log in to your eGSISMO account using your BP number and password.
- Click the “Loans Application” icon, then select “Policy Loan” (regular or optional), choose the loan type (new or renewal), and select your preferred payment scheme (monthly or upon maturity/termination).
- Upload a picture of yourself holding your UMID or temporary card. If your card is lost, upload two valid government IDs as a JPEG or PDF file.
- Confirm the loan agreement and click “Save.”
- Wait for a confirmation email from GSIS with further instructions.
- Application via Email
- Complete the Policy Loan Application Form.
- Scan or take a photo of your GSIS UMID card and save the files as a JPEG or PDF.
- Email the completed application form and your UMID card to your GSIS handling branch.
- Wait for a confirmation email from GSIS with further instructions.
Required Documents
When applying for a GSIS Optional Life Insurance Policy Loan, make sure you have the following documents ready:
- A fully completed Policy Loan Application Form.
- A scanned photo of your GSIS UMID card (for online and email applications, make sure the files are in JPEG or PDF format).
Application Form
The GSIS Optional Policy Loan Application Form is the official document required to apply for a policy loan against your GSIS life insurance, whether you have a Life Endowment Policy (LEP) or an Enhanced Life Policy (ELP).
This form is easy to download from the GSIS website by visiting this link.
To use the form, simply fill in the necessary details, such as your personal information, policy details, and loan preferences.
Once completed, submit the form via email, through a GWAPS kiosk, or the eGSISMO platform, depending on your preferred method of application.
This form is key to applying for your GSIS Optional Life Insurance Policy Loan and accessing financial assistance based on the accumulated value of your policy.
Additional Tips
Here are a few helpful tips to keep in mind when applying for your GSIS Optional Life Insurance Policy Loan:
- Keep Your Contact Information Updated: Make sure GSIS has your current contact details, so you can receive updates about your application.
- Review Loan Terms Carefully: Always take the time to read through the loan agreement and repayment terms before confirming your application.
- Reach Out for Assistance: If you need help with your application or have questions, contact GSIS through their official website, email (gsiscares@gsis.gov.ph), or their contact center at (02) 8-847-4747.
Conclusion
The GSIS Optional Life Insurance Policy Loan provides a convenient way to access financial support using the accumulated value of your life insurance policy.
By following the steps outlined above, you can successfully apply for the loan through the method that works best for you—whether it’s at a GWAPS Kiosk, online through eGSISMO, or via email.
Make sure to prepare the necessary documents and review the repayment options to select the plan that suits your financial needs.
This loan can offer much-needed relief during challenging times, helping you manage urgent financial needs while maintaining the benefits of your GSIS life insurance policy.