GSIS offers P50K accident insurance coverage for P50 premium

By Sally Atento - Altea

LEGAZPI CITY --- How far can your ₱50 go?

For just ₱50, active members of the Government Service Insurance System (GSIS) can avail themselves of a ₱50,000 personal accident insurance coverage, while a premium of P600 provides coverage of ₱1 million.

The MyShield Personal Accident Insurance, under the GSIS GCare Plans, is one of three optional non-life insurance (ONLI) products now available to GSIS members, pensioners, and their dependents. This insurance provides indemnity for bodily injuries or loss resulting from accidents.

GSIS also offers the Home Shield Fire Insurance (HSFI) as protection for residential and commercial properties and Auto Shield Insurance coverage for motor vehicles.

According to Eugene Virgo, acting branch head of GSIS Legazpi, these products are particularly relevant to the Bicol region due to its vulnerability to calamities.

“In case of calamity, disaster, or other untoward events, GSIS funds will help restore or replace damaged properties,” Virgo said during the Albay Communicators Network meeting at the GSIS Legazpi Branch.

Cheaper premiums

Victor Doroliat, a junior general insurance specialist at the GSIS Legazpi Special Business Unit, said that non-life insurance services aim to ease the burden of high premium rates charged by private insurance companies.

“GSIS rates are cheaper and our coverage is more comprehensive,” he said.

Discounts are offered for group registrations of five or more active members.

In 2024, the GSIS Legazpi branch disbursed over ₱30 million in non-life insurance claims. Motor vehicle insurance accounted for ₱26 million, followed by fire insurance with ₱2.32 million and personal accident insurance with ₱1.65 million.

“Insured members must notify GSIS of any loss or accident as soon as possible, and no later than 60 days from discovery,” Doroliat said.

Coverage details

HSFI protects residential or commercial units, including furniture, fixtures, and personal fittings.

Auto Shield covers insurance for privately used vehicles, including motorcycles and tricycles, as long as they’re in good running condition.

Personal accident insurance pays 100 percent of the principal sum in the event of death. It also covers unprovoked murder and assault and accidental injuries, permanent total disability, and medical expenses.

The GSIS offers the GCare Plans with a convenient one-time premium payment for one-year coverage.

Paula, a government information officer, explained the convenience and comprehensive coverage of hospital and medication costs following her brother’s minor accident.

“All our medical expenses, including hospital bills, ER medicines, and prescribed take-home medicines, were paid up to the last centavo,” she said.

Doroliat assured members that GSIS funds are sufficient to support non-life insurance services, ensuring affordable, accessible, and comprehensive protection for public servants and their dependents across the country. (Raiza Lucido contributed to this report/PIA5/Albay)

Eugene Virgo, acting branch head of GSIS Legazpi, says during the Albay Communicators meeting that the GSIS non-life insurance products are particularly relevant to the Bicol region due to its vulnerability to calamities.