Government Service Insurance System President and General Manager Robert Vergara announced in a press release yesterday that GSIS benefits like retirement, life insurance, survivorship and pre-need claims will be e-credited by GSIS in the members' eCard or UMID card instead of releasing the benefits through checks, starting Monday.
Vergara said GSIS members will no longer have to wait for their claim checks to be printed, deposited and cleared before encashing them in the bank. Claim proceeds will now be electronically credited to the account of the members. This ensures the timely release of benefits to our members and gives them the option to withdraw the amount from the nearest ATM, he added.
This is the third time GSIS is e-crediting payments to members and pensioners.
The first to be released via e-crediting is the proceeds of GSIS loans --- Consolidated loan, emergency loan, pension loan and policy loans -- which have long been released through the eCard of GSIS members and pensioners, the press release said.
The second set of benefits to be electronically released is the monthly old age, disability and survivorship pension. The e-crediting of GSIS pensions solved the long standing problem of lost checks.
To be e-credited starting Monday are the proceeds of retirement, cash surrender value, maturity, pre-need, survivorship, death claim, funeral claim, disability claim, accidental benefit.
However, check payment will be processed for claimants who are neither members nor pensioners and have no e-Card, the press release said.
Vergara also said that the electronic crediting of GSIS claims is yet another move to provide responsive service to our members. It is expected to make the process twice as fast than the traditional check issuance and substantially cut down administrative costs, the press release added.
For more information on the electronic crediting of claims, GSIS members and pensioners may call the GSIS Contact Center at 8474747.*