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[ GSIS RESOLUTION NO. 91, May 24, 2012 ]

REINSTATEMENT OF SECTION XVI – UNAVAILED COLLEGE EDUCATIONAL BENEFITS, OF THE EDU-CHILD PLAN AGREEMENT



WHEREAS, Section XVI of the Edu -Child Plan Agreement allows planholders to refund the contract price upon presentation of a valid cause such as illness or death of the scholar, migration of the scholar abroad, etc.;

WHEREAS, the Lump Sum Refund under Section XVI of the said agreement is the amount corresponding to the number of complete years that the plan has been fully paid less any amount of educational college benefits (ECB) already availed, and shall be determined as follows:

No. of Years after Full
Payment
Lump Sum Refund
(Gross of ECB Already Availed)

 
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15 and over
55% of the Contract Price
60% of the Contract Price
65% of the Contract Price
70% of-the Contract Price
75% of the Contract Price
80% of the Contract Price
85% of the Contract Price
90% of the Contract Price
95% of the Contract Price
100% of the Contract Price
105% of the Contract Price
115% of the Contract Price
120% of the Contract Price
130% of the Contract Price
150% of the Contract Price

WHEREAS, the GSIS discontinued implementing the Lump Sum Refund and offered the Optional Exit Mechanism (OEM), under Provision No. 7 of Office Order No. 13-06 dated 26 January 2006, wherein active or fully paid Edu-Child and Memorial plans are terminated and the total premiums paid are refunded to the planholder without interest;

WHEREAS, the Lump Sum Refund is more cost-efficient for the GSIS, as payment shall be based on the schedule provided therein net of ECB already availed, whereas the OEM provides for 100% refund of the total premiums paid;

RESOLVED, to APPROVE and CONFIRM the reinstatement of Section XVI – Unavailed College Educational Benefits, of the Edu-Child Plan Agreement as recommended by the Vice President, NCR Area Il, in her Memorandum dated 17 May 2012;

RESOLVED FINALLY, to REVOKE Provision No. 7 of Office Order No. 13-06 dated 26 January 2006 which approved the OEM.

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