GSIS increases life insurance coverage of health workers by P500,000
MANILA, Philippines – The Government Service Insurance System (GSIS) said on Tuesday, April 14 that it has added P500,000 to the life insurance coverage of its members working as medical frontliners against the COVID-19 pandemic.
GSIS president and general manager Rolando Macasaet announced this during the virtual technical working group meeting of the House Defeat COVID-19 committee on Tuesday, April 14. (WATCH: LIVE: House committee for COVID-19 virtual meeting)
“I am also happy to announce that GSIS has increased the life insurance of our medical frontliners. Today...a GSIS frontliner, medical frontliner has a life insurance of about P300,000 to P500,000. We increased it by an additional P500,000,” Macasaet said.
“This is the first time that the GSIS is doing this in recognition of the heroic acts that our frontliners are doing for our country and for our people,” he added.
Under the new “Bayanihan Fund for Frontliners,” GSIS members who are medical frontliners will get an additional P500,000 life insurance coverage, at no cost to the member.
The insurance period is between March 1 to December 31 of this year and covers deaths due to COVID-19 as well as accidental deaths.
“Meaning, any frontliner when he...goes to the hospital or goes to his way back home and something happens to him, he is also covered by this insurance,” Macasaet said.
He said the additional insurance is on top of the P1 million provided by Republic Act No. 11469 or the Bayanihan to Heal as One Act to families of health workers who died in the line of duty.
Macasaet also announced that GSIS members nationwide can borrow up to P20,000 each, payable over 3 years at 6% interest per annum.
“GSIS, for the first time in its history, is granting an emergency loan program nationwide. The amount could run up to P30 billion because it will cover about 2.2 million GSIS members,” Macasaet said.
GSIS members may avail of the loan now with amortization worth around P655 a month. With parts of the country under lockdown, members can apply for the loan through GSIS’ official website.
The Department of Health said COVID-19 has infected at least 252 health workers in the Philippines as of April 8. Of this number, 152 are doctors and 63 are nurses. A CNN Philippines report said at least 17 doctors have died while on the front lines of the war against the fast-spreading disease.
The total COVID-19 cases in the country breached the 5,000 mark on Tuesday afternoon, with 5,223 infected with the disease. The DOH said 335 patients died of COVID-19, while 295 have recovered. – Rappler.com