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Manila Bulletin devider Business devider CLASP eases burden for deceased GSIS pensioners' relatives

CLASP eases burden for deceased GSIS pensioners' relatives

Published Dec 19, 2023 08:10 am

At A Glance

  • The Government Service Insurance System (GSIS) has announced that relatives of deceased pensioners who availed of the Choice of Loan Amortization Schedule for Pensioners (CLASP) program are not obligated to settle the remaining loan balance.<br>Wick Veloso, GSIS president and general manager, highlighted that the CLASP program includes loan redemption insurance, ensuring that the remaining balance will be fully paid in the event of the pensioner's passing.<br>The redemption insurance covers the remaining balances of deceased borrowers, alleviating surviving family members from the burden of the outstanding loan balance.<br>CLASP serves as a loan restructuring facility for pensioners with outstanding loans who have chosen the immediate monthly pension benefit, offering flexible repayment options.

The Government Service Insurance System (GSIS) said that the relatives of deceased pensioners who had availed of the Choice of Loan Amortization Schedule for Pensioners (CLASP) are not obliged to settle the remaining loan balance.

In a virtual briefing on Tuesday, Dec. 19, Wick Veloso, GSIS president and general manager, said the pension fund's CLASP program includes loan redemption insurance, which effectively absolve pensioners' remaining loan obligations upon their passing.

“There is a loan redemption insurance in CLASP,” Veloso said. “Therefore, the remaining balance will be fully paid if the pensioner dies and they have yet to complete their payments.”

The redemption insurance covers the remaining balances of deceased borrowers, relieving surviving family members from shouldering the financial burden.

Meanwhile, CLASP is a loan restructuring facility for pensioners with a remaining loan who have availed of the immediate monthly pension benefit.

Eligible applicants will have their basic monthly pension deducted.

According to the GSIS chief, retiring members may either repay their balances whole or in partial structures, from 25 percent to 50 percent or 75 percent made in equal installments.

Veloso noted that the restructured payable loans will have a maximum period of three years.

“Under the CLASP [program], all the retiring GSIS members can be included in the restructuring [of the loan], excluding housing because that will be placed in a different collection scheme to avoid larger deduction in the monthly pension,” he explained.

Moreover, an interest rate of 10 percent per annum will be computed in advance for the CLASP borrowers.

Those who wish to avail of the loan amortization option program can present their retirement benefit application form to GSIS.

Related Tags

Government Service Insurance System Wick Veloso GSIS pensioners GSIS President and General manager
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