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What is the Enhanced Optional Exit Mechanism (EOEM) being offered to GSIS memorial planholders?
It is an option given to GSIS memorial planholders to enjoy their investments now by allowing them to refund at least 100% of their plans contract price instead of availing of the memorial service or cash component at a future date.
Plan Type Genesis Plan Genesis Plus Plan Genesis Flexi Plan Genesis Special
Enhanced Optional Exit Mechanism 100% of contract price 125% of contract price 150% of contract price 100% of contract price
How soon can they receive the proceeds of their EOEM applications?
Provided that all the requirements have been submitted, planholders can receive the proceeds within 30 work days from the dat e of application.
What happens to planholders' memorial plan agreements if they avail of the EOEM?
Once they avail of the EOEM, their memorial plan agreements will be automatically terminated.
What happens to the GSIS memorial plan agreements of planholders who choose not to avail of the EOEM?
They can still avail of the memorial services and cash component depending on the plan type. There is no assurance, however, that memorial services under the Prudential Life Plan Inc. (PLPI) may be restored in the near future in light of the Insurance Commission's stay order for the said memorial service provider. Converting to cash the memorial plans under the PLPI is therefore highly encouraged.
What are the requirements in applying for the EOEM and where should the planholders submit the application?
Planholders who wish to apply for the EOEM may visit the nearest GSIS branch and bring the following documents:
For presentation
Genesis Plus Plan Original GSIS Memorial Plan Agreement or, in case of loss, original affidavit of loss Planholder's two original valid government-issued IDs. The following IDs are accepted: GSIS eCard Government agency ID Senior citizen's ID Postal ID Passport Driver's license Voter's ID Social Security System (SSS) ID Philhealth ID Professional Regulation Commission (PRC) ID Bureau of Internal Revenue Tax Identification Number (BIR TIN) ID Certificate of full payment, if any
For submission Fully accomplished application form for the Enhanced Optional Exit Mechanism 125% of contract price Photocopy of the GSIS Memorial Plan Agreement or the affidavit of loss Photocopy of the planholder's two valid governmentissued IDs
Where can the planholders get the application form for the EOEM?
Planholders can get a copy from any GSIS branch. They can also download a copy under theEnhanced Optional Exit Mechanism for GSIS Memorial Plandholders.
For submission Photocopy of the IDs presented Fully accomplished GSIS Memorial Quit Claim Form
If a representative will claim the refund check, he/she must bring the following:
Photocopy of the payee's IDs Photocopy of the representative's IDs Payee's authorization letter GSIS Memorial Quit Claim Form fully accomplished by the payee