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GSIS unveils 'improved' financial benefits for members, pensioners

Business

GSIS unveils 'improved' financial benefits for members, pensioners

By Chino S. Leyco

The Government Service Insurance System (GSIS) has improved its financial benefits for its members and pensioners, propelled by robust financial growth last year.

Wick Veloso, GSIS president and general manager, said the pension fund is giving back the financial success to its members and pensioners through enhancements and the implementation of more responsive programs.

One of the improved benefits for members and pensioners is the "living benefit" health insurance, which offers additional coverage for critical illnesses to members and their dependents.

These critical illnesses include cancer, stroke, renal failure, end-stage lung cancer, liver failure, and heart attack.

Veloso added that other improved GSIS benefits are enhanced loan products, such as MPL Flex, providing flexible terms and having already disbursed over P120 billion to nearly 500,000 members.

In 2023, GSIS posted a 33 percent surge in revenue to P311.3 billion, a 70 percent increase in net income to P113.3 billion, and a 3,903 percent rise in total comprehensive income to P43.4 billion.

With total assets now reaching P1.7 trillion and significant achievements in general insurance, GSIS has solidified its position as the country's largest non-life insurer.

Veloso also noted GSIS' focus on delivering a seamless customer experience through digitalization.

Furthermore, GSIS announced plans to introduce digital IDs to replace UMID cards, enhancing accessibility for members.

Finally, Veloso urged stakeholders to provide feedback to help enhance products and services, reaffirming GSIS's dedication to excellence and responsiveness.

Related Tags

Government Service Insurance System GSIS pensioners GSIS MEMBERS

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